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Heeeeeeee's Baaaaaacccckkkkk...

In This Issue..

* A strong currency move on Friday...
* Data Cupboard gets a work out this week...
* U.K. and ECB meet this week...
* RBA to move to neutral tonight?

Good day... And a Marvelous Monday to you! Heeeeeeee's Baaaaaacccckkkkk... Oh no! Just when you thought it was safe to open the Daily Pfennig and not get lectured on deficit spending... He's back! Oh well, It's been over two weeks, first to Vancouver, then on vacation. We've got a lot of catching up to do, eh? Mike and Chris did a Fantastico job of taking the conn on the Pfennig in my absence... So thanks to them... But it's back to me, and besides a couple of days in San Francisco later this month, I'm all yours! (I bet that just makes you smile like a Cheshire Cat... NOT!)

OK... Rather than beat around the bush this morning, Chris left me this note from Friday's price action, so let's go to the Friday round up and then onto today! Here's Chris!...

Published 08-03-2009 11:25 AM by Chuck Butler

Filed under: Australia, Employment, Currencies, Commodities, China, Recession, Euro, European Central Bank, Nouriel Roubini, Deficit Spending

A "Stock Tip From The Top Guy!"

* Australia's economy contracts.... * Bank of Canada cuts rates to .50% * Meeting margin calls... * TALF... ** A 'Stock Tip From The Top Guy!' Good day... And a Wonderful Wednesday to you! My beautiful bride is getting ready to leave this morning. I'm not used to 'talking' to someone when I get up at my usual early hour! She'll be gone in a few, as I write, and then it will be my little buddy, Alex, and your Pfennig writer on their own for 5 days! YAHOO! Well... After a day of waxing eloquently about the how well the Aussie economy was doing compared to the rest of the world, they go and post a contraction in their economic growth! UGH! That's the way to show me up! The Aussie economy shrank in the 4th QTR by .5% VS the forecast of .2% growth... The news scared the markets into believing the Asian problem will be worse off than previously thought. Oh Come On! Australia is STILL doing better than most countries, especially those that I listed in yesterday's Pfennig!...

Published 03-04-2009 7:51 AM by Chuck Butler

Filed under: Australia, Recession, Gold, Home Sales, Yen, European Central Bank, Bank of Canada, Barack Obama, TALF, Vehicle Sales

The NBER Finally Says So!

* RBA cuts 100 BPS... * It IS a recession! * Paulson to ruffle feathers? * Yen to rally hard? ** The NBER Finally Says So! Good day... And a Terrific Tuesday to you! Quoting one of my all time fave Christmas songs, Baby, it's Cold Out There! Winter has arrived, and I had to drag out the big heavy winter coat this morning. So... The seasons pass us, which is a good thing, because without winter, we couldn't have spring, and spring training! OK... Right out of the starters blocks this morning, the Reserve Bank of Australia (RBA) pulled the rug right out from under the "high yield status" of their economy, with another HUGE rate cut overnight... This time, the RBA cut 100 BPS, to an internal cash rate of 4.25%. This brings the total since September to 300 BPS! WOW! Talk about effectively unwinding seven years of tightening! The statement following the rate announcement leads me to believe that the RBA is probably finished cutting rates for now... It will be a wait-n-see what happens globally, before the RBA entertains any talk of further rate cuts... At least that's my opinion!...

Published 12-02-2008 10:16 AM by Chuck Butler

Filed under: Australia, Employment, Recession, Yen, Interest Rates, Economy, Renminbi, Reserve Bank of New Zealand, Henry Paulson, Automotive Industry, NBER

Data shows just how bad things are...

* Data shows just how bad things are... * Trade deficits narrow... * EU confirms they are in a recession... * RBA intervening again... ** Data shows just how bad things are... Good day... Chuck asked me to go ahead and write the Pfennig this morning, but I got a late start, so this one will be short. We finally had some data releases here in the US which look to steer the markets, so I'll just get right to it. The dollar continued to strengthen yesterday after another round of bad weekly employment figures. Initial jobless claims increased to 516k during the first week of November, and last weeks numbers were revised up to 484k. The employment picture continues to darken here in the US, and it doesn't look like it will improve any time soon. This is just what the US consumers don't need right now. Not only are most consumers living paycheck to paycheck, but now many of those paychecks are being ripped out of their hands....

Published 11-14-2008 12:38 PM by Chuck Butler

Filed under: Australia, Trade Deficit, Oil, Recession, Euro, GDP, Jobs, Consumer Debt, Credit Crisis, European Union, Consumer Spending

FOMC Finally Comes Clean (sort of)

* FOMC finally comes clean... * Pound Sterling to drop with falling consumer confidence... * Bank of Japan holds rates... * AUD$ and NZD$ economies prove resilient......

Published 04-09-2008 9:48 AM by Chuck Butler

Filed under: Australia, British Pound, Recession, New Zealand, Japan, FOMC

Jobs Fall 80,000!

* Labor picture looks awful... * Does this look like a recession now? * Aussie Trade Deficit widens... * China about to trade with a 6!...

Published 04-07-2008 10:21 AM by Chuck Butler

Filed under: Australia, China, Recession, Yen, European Central Bank, Bank of England, Jobs

Another Day of Dollar Depreciation...

* Durable goods fall... * Euro gains... * British concern... * The land down under......

Published 03-27-2008 11:49 AM by Chuck Butler

Filed under: Australia, Dollar, British Pound, Recession, Euro, Durable Goods, Depreciation

Another Bad Week for the Dollar...

* Another bad week for the dollar... * A monoline bailout plan in the works? * Kiwi near a 22-year high! * Precious metals are telling us something......

Published 02-25-2008 1:53 PM by Chuck Butler

Filed under: Australia, Dollar, Bonds, China, Bailout, Recession, Silver, Kiwi, Gold

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