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  • German ZEW Underpins The Euro...

    In This Issue..

    * Currencies rally on tariff news...
    * Norway's election doesn't move krone...
    * Canada's Gov't problems to hurt loonies?
    * 1-year since Lehman Bros...

    Good day... And a Terrific Tuesday to you! Well, just as I suspected yesterday in the Pfennig, when the U.S. traders came in and got word of the new Chinese tariffs on tires, the dollar got sold like re-mastered box sets of Beatles albums! So, we've got that to talk about, and some other items I'd like to discuss... So, here we come Terrific Tuesday!

    OK... Well, just as I stated above, the U.S. traders didn't care for the new tariff, feeling that it would project a trade war, and therefore sold the dollar. The Big Dog, euro, traded to 1.4635 by mid-day... There was some profit taking late in the day, which brought the euro back to below 1.46, but then this morning, the euro got another boost from a report on German Investor Confidence, to bring it back to 1.46, as I write......

  • UK data boosts the dollar...

    In This Issue..

    * UK data boosts the dollar...
    * US GDP falls further...
    * Norway cuts rates...
    * Big wins by MIZZOU and BLUES...

    Good day... I want to start this mornings Pfennig with a big congratulations to the MIZZOU Tigers who pulled off what most believed was an unlikely win over Memphis last night. What a game! They move on to the Elite Eight to play powerhouse UCONN on Saturday.

    The currency markets weren't as exciting as the basketball games yesterday, as the dollar held in a fairly tight range. The big move came in early morning trading as a report was released in the UK showing their economy's contraction was worse than previously thought. This news was GDP in the UK fell 1.6% in the 4th quarter of 2008 vs. the previous quarter. And the outlook presented by the Bank of England is not rosy. BOE Chief Economist Spencer Dale said this morning that the British economy's short term prospects are 'bleak'. Chuck has brought up the comparison between the UK and US economies several times, as the UK economy looks like mirror image (albeit smaller) of the US. The UK economy has been slightly ahead of the US in the race toward economic meltdown. Unfortunately the US Fed seems to be shadowing every move by the UK, cutting rates to near zero and then using 'quantitative easing' to force them down even further....

  • Aussie Job Creation Soars!

    * A$ goes to 96-cents! * Foreclosures at 53% * Loonies rise? * A new way to bail out? ** Aussie Job Creation Soars! Good day... And a Tub Thumpin' Thursday to you! I just realized yesterday that July was slip-slidin' away from me just like June did, and I had better get to work on my two presentations for the Vancouver Show coming up in two weeks... I've talked about this Conference for months now, but in case you missed the info... Here is the link... http://www.isecureonline.com/Reports/400SCONF/E400J307/ OK... The currencies, for the most part, remain in a trading range that's tight... The euro pops up to 1.5750, and then falls back to 1.5665, and with the euro in a trading range the other currencies are experiencing the same treatment... That is, except for... Drum roll please... The Aussie dollar!...
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