Browse by Tags

Daily Pfennig

Blog Subscription Form

  • Email Notifications
    Go

Archives

  • U. of Michigan Spoils The Party...

    In This Issue..

    * Risk Aversion comes back strong!
    * Risk assets get sold...
    * What games will be played with TIC's?
    * 40 years since Woodstock!

    Good day... And a Marvelous Monday to you! A great weekend that was filled with watching my little buddy, Alex, play football, hosting a surprise 30th birthday party for my little girl, Dawn, and a sweep of the Padres by the Cardinals! This week gets cut short with me a the helm, as I head to San Francisco on Thursday. Chris will have the conn on the Pfennig Thursday through Monday.

    Well... Who'd a thunk it? Yes, who would have thought that the U. of Michigan Consumer Confidence could turn the markets upside down and spoil the party? Well... It happened on Friday! The U. of Michigan Confidence Survey for Aug unexpectedly dropped to 63.2, from the previous month's 66 level. The real drop though was from the forecast for this month which was 69! The drop brought the index to a five-month low....
  • A building block...

    * A quiet Friday... * Euro hits 1.30... * Chinese concern... * This week in data... ** A building block... Good day...And a Marvelous Monday to you. Its hard to believe that Monday morning is already upon us, where does the time go? Just as the currency market took a breather, our cold weather from last week decided to follow suit as it turned out to be a nice late winter weekend. Friday was fairly uneventful as the currencies traded in a tight range throughout the course of the day so it will be interesting to see how this week shapes up. Let's see if the currencies can build from last week...

    Volatility was basically non-existent during Friday trading with less than a .50% difference between the high and the low of the dollar index. The overall bias, however, was a weaker dollar and the euro held onto 1.29 for a majority of the day and was near 1.2920 as I left the desk. The pound and Swiss franc were the only two currencies left on the bench last week with losses of about 1% and 2.5% against the dollar respectively. The rest were able to turn in a decent week with the Swedish krona on top of the pile posting a 6.5% gain....
  • Falling Short On Financing...

    * Dollar wages war on euro! * TICs comes up short... * An Oil discussion... * Mexico raises interest rates... ** Falling Short On Financing... Good day... And a Marvelous Monday to you! This week is shaping up to be much like a college fraternity pledge "hell week", as we will be as thin as a razor swim suit, with many people out... All I can ask of World Markets customers is that they be patient when calling this week, the wait could be long. OK... Friday saw some ups and downs but all-in-all a range bound day for the currencies. I'm not going to stick my foot in my mouth again and say that it looks like the euro has applied a tourniquet to the bleeding, like I did last week! I'll simply say that it held 1.47, and has added to that in the overnight trading....
  • Calling Out The Fed...

    * TIC's look funny... * Germany's ZEW is weaker... * A note from the Washington Post! * Tons of data today... **Calling Out The Fed... Good day... And a Terrific Tuesday to you! Well... Someone from the Washington Post is a Pfennig Reader (I think!), as there was a great article in the paper calling out the Fed on their "rate hike" rhetoric... I'll give you snippets of that, and a snippet from my friend, the Mogambo Guru, along with the usual currency talk, on this Terrific Tuesday... Ready, set, let's go! Front and Center this morning is the dollar getting sold all day yesterday, as the euro recovered all the way to 1.5515 in the overnight markets. Unfortunately, the single unit was stopped in its rally tracks by an awful printing of German Investor Confidence, as measured by the think tank ZEW... German Investor Confidence dropped to the lowest level in 15 years this month, as rising inflation is eating away at the economy. I don't expect this report to put too much a dent in the single unit's performance today, but for now it has slipped back below 1.55......