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  • Rumors have the ECB announcing limitless stimulus...

    In This Issue.

    * ECB to announce limitless stimulus...

    * Sweden cuts rates...

    * Canada's Carney pushes against the tide...

    * Gold tops $1,700...

    ...
  • On the clock.

    In This Issue.

    * European concerns again

    * Another disappointment for manufacturing

    * US data reports kick into high gear

    * Sweden posts higher growth

    ...
  • Who hit the repeat button.

    In This Issue.

    * Spanish bailout talk heats up

    * Yet another day for the dollar

    * Flight to liquidity and risk aversion

    * Sweden plays leap frog

    ...
  • China Changes "May" To "Will".

    In This Issue.

    * China boosts risk assets.

    * Eurozone economy contracts.

    * Sweden to halt rate hike cycle.

    * Aussie bond yields attract buyers.

    ...
  • Euro moves higher after a positive IFO index and a successful Spanish debt auction...

    In This Issue.

    * Euro pushes higher after an upbeat report...

    * Spain's debt auction finds a host of buyers...

    * Sweden cuts .25%...

    * A tax to cap income???

    ...
  • New & Improved!

    In This Issue.

    * The President and Fed Chairman get ignored.

    * A perfect storm is brewing.

    * Gold sees a huge selloff while Chuck types.

    * Better data for Sweden.

    And, Now, Today's Pfennig For Your Thoughts!

    ...
  • US data disappoints . . .

    In This Issue.

    * US data disappoints

    * BOE minutes showed 6-3 split on rates

    * Sweden's move to share the risk of a falling $

    * Japanese economy in 'severe' state

    ...
  • Taking Back Lost Ground.

    In This Issue.

    * Bias to sell dollars remains in play.

    * Norway & Sweden gain.

    * Central Bank meetings today.

    * BOE see inflation pressures.

    ...
  • Big Al Talks Deficit Financing...

    In This Issue..

    * Currencies hold gained ground VS dollar...
    * Swiss franc really shines!
    * Japan borrows a line from the U.S....
    * The Labor problem grows...

    Good day... And a Happy Friday to one and all! A Fantastico Friday, especially if you are a Los Angeles Lakers fan! Me? I've always been a fan of the Celtics, but since it's a long distance directory assistance relationship, it's not that big of a deal to me that they lost. When I was a kid, the Hawks were in St. Louis, and we won a championship, with Bob Pettit... OK, I was only 3... But my dad loved to talk about it!

    Well... We've had a day where the currencies gained VS the dollar, and then held their ground, for the most part... No profit taking, no debt crisis fears trading, just held their ground VS the dollar... Now, some would say... 'that's a sign that they've hit resistance and can't overtake it, which is not good for a rising asset'... But, me? Well, I would say, and will say... 'I find this to be refreshing. The last thing you want to see is an asset, which in this case is a currency like the euro, run up too much, too fast, for that WILL give the markets reason to sell. I prefer the slow gradual, stealth-like moves in currencies, so that they don't gain any attention, until the rally is well established.'

    ...
  • Tale of two trading sessions...

    In This Issue..

    * Tale of two trading sessions...
    * Commodities rally overnight...
    * India raises rates, Sweden next?...
    * Happy Birthday Frank...

    Good day, we have had two very different trading sessions in the past 24 hours, with the dollar benefitting from continued worries about Greece and Goldman Sachs in yesterday's US trading session; but Asia saw things a bit differently and started moving money back into 'risk' assets. Early trading in Europe mirrors the moves in Asia, so the dollar is heading lower as I turn the screens on this morning.

    Only one piece of data was released yesterday here in the US, with the Leading Economic Indicators index climbing 1.4%, the most in 10 months. The index beat economists estimates, and February's figure was revised up to .4%. This data indicated the US economy is on track to continue to recover, but the markets seemed to just ignore this data as they focused on the lawsuit against Goldman Sachs....
  • Stocks Still Retain Some Pull...

    In This Issue..

    * Profit taking supports the dollar...
    * India posts strong data...
    * Sweden's inflation is above target...
    * Bill Gross, and Puru Saxena on a Tuesday!

    Good day... And a Terrific Tuesday to you! We reached the freezing mark yesterday, YAHOO! The first time this year! OK... So, we've got that going for us, here in St. Louis! A HUGE story going around St. Louis, and the country for that matter, yesterday, regarding the admission by Mark McGwire of taking steroids... Has the town buzzing... What? They didn't already have that Idea before? Hmmm...

    Well, the euphoria around the risk assets of currencies and commodities got watered down as the day went on yesterday, and that continued throughout the overnight and morning sessions in Asia and Europe. The currencies and commodities haven't turned on a dime, they just stopped moving higher VS the dollar... Although, now that I've said that, the euro has dipped below 1.45......
  • ECB & BOE leave rates unchanged...

    In This Issue..

    * ECB & BOE leave rates unchanged...
    * Trichet makes a mistake in judgment...
    * Asian central banks defend the $..
    * Gold pauses...

    Good day...Had a horrible night here in St. Louis, as every one of our teams let victory slip away. As you all know, Chuck drove to Columbia to watch his MIZZOU Tigers take on one of their arch rivals in a rare Thursday night matchup. The game went well into the night, as it was delayed due to problems with the lights at the stadium, so Chuck probably didn't get home until early this morning. I'll have the con on the Pfennig today, but Chuck will be back in the saddle again on Monday.

    As predicted, both European central banks kept interest rates unchanged. The European Central Bank and the Bank of England kept their benchmark interest rates at record lows in an effort to keep stimulating their economies. Trichet signaled that the ECB has no plans to raise rates in the near future, stating that the current level is 'appropriate' for the current economic environment. 'The recovery is expected to be rather uneven,' Trichet said. 'It will be supported in the short term by temporary factors but will be hampered in the medium term by balance sheet issues at financial and non-financial institutions.'...
  • Time To Remove Stimulus?

    In This Issue..

    * Chinese stocks rise 5%!
    * Risk Assets follow!
    * OECD forecasts faster global growth...
    * Gold & Silver kicking sand again!

    Good day... And a Tub Thumpin' Thursday to you! Let's hope it remains a Tub Thumpin' Thursday later today, as I head downtown to watch my beloved Cardinals play a day game! For those of you who are baseball fans, you know what I mean when I carry on about how baseball should only be played during the day!

    OK... Before I get to the currencies, economies and the dolts in the world, I wanted to briefly talk about the SEC, who made an announcement yesterday that they had done an investigation of the Madoff audits, and did not find any fraud... Just mistakes... Really? Mistakes? That's what they call them? Even Bernie Madoff himself says that he was "astonished" that the SEC failed to shut him down after interviewing him in 2006!

    ...
  • A Currency Rally Takes Shape...

    In This Issue..

    * Currencies rally overnight...
    * A$'s rally for 7th consecutive month!
    * Will the ECB be vindicated?
    * Sweden tries negative deposit rates...

    Good day... And a happy Friday to one and all! So, yesterday didn't turn out the way I thought it would go, but that's OK... I think my body is trying to tell me something, as I overslept again this morning! I'm heading out the door this morning to go 'fishing'... Should be a ton of fun, with neighbor friends this weekend...

    Well, front and center this morning, we are smack dab in the middle of a currency rally VS the dollar. It has all the makings of such, as the Japanese yen is getting sold, along with the green/peachback. The improved economic data this week, finally caught up with the dollar, as risk assets are back on the table....
  • Dollar continues it’s slide...

    In This Issue..

    * Dollar continues to slide...
    * US GDP contracts but not as fast...
    * Nordic currencies outperform...
    * Japanese yen continues to fall...

    Good day... The last day of July is upon us. Time just seems to keep moving faster as it seems summer just got started. The fall of the dollar also accelerated yesterday as investors moved back out of the 'safe haven' of US$ and continued to shop for more yield. The greenback tried to stage a bit of a rally in early European trading, but has fallen back off again as I sit down to write the Pfennig.

    I got a call from a Reuters reporter yesterday mid morning to ask why the dollar was rallying at the same time stocks were moving higher. I quickly paged through my Bloomberg looking for some sign why both were heading higher. The trading pattern which has been established over the last few months has these two asset classes moving in opposite directions; good news for the US economy sends stocks higher and the dollar lower as investors retreat from defensive 'safe haven' positions in the US$. The opposite occurs whenever there is data which shows the global economic recovery is faltering, stocks move lower and the dollar rallies with safe haven buying....