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  • German Investor Confidence Soars!

    In This Issue..

    * ZEW says Germany is on the mend...               
    * UK inflation remains higher than expected...         
    * Safe Haven, what safe haven?                              
    * Housing data remains soft...                                                                     

    Good day... And a Terrific Tuesday to you! Well... I received an injection of steroids into my left knee yesterday, and already today, I can tell that they are working their magic! I guess I'll have to give up my plans to try out for the Cardinals next year, now! HA! So, my knee is recovering from 3-weeks of agonizing pain and swelling... I've got that going for me!

    And the currencies seem to be recovering this morning too, from the recent go around in the ring with the risk aversion campers. The currencies (except yen), were last seen yesterday up against the rope, doing their best imitation of the rope-a-dope.

    ...
  • Chock-Full-O-Data Week!

    In This Issue.. * BNP Paribas weighs on the euro... * China and Treasuries... * Euro forming a base? * Gold continues its rally... ** Chock-Full-O-Data Week! Good day... And a Marvelous Monday to you! And a new week... The last week of one of my least fave months too! A week for us, that's supposed to be snowy, icy and cold, all starting, supposedly, tonight. A fitting way for January to end! I don't have my currency screens again this morning, don't know what happened over the weekend here, but, once again, I could have remained at home to write this, if I "KNEW"! OK... Enough! No whining to start the week, Chuck! There's so much economic happenings, and data this week, that should be enough to get your mind off of not having currency screens! OK, I'll try... Here's goes! OK, right out of the starters blocks this morning, we have the fear of such rotten data due this week, that the Trading Theme that rewards the dollar for this deep, dark, more dangerous data (strange thinking, I know, and against all that I've ever learned about what makes up a value of a currency, which leads me to believe this will end at some time), should be set in stone this week... The euro is trading below 1.30 this morning, but stronger than it was on Friday morning. Let me tell you about a story that hit the news wires (wires that I can't see this morning!) on Friday mid-morning......
  • TARP Testimony Today...

    * What will Paulson say? * Dollar remains well bid... * How long for Safe Haven buyers? * G-20 Schmee 20! ** TARP Testimony Today... Good day... And a Terrific Tuesday to you! I've been away for a few days to deal with something, I want to thank Chris once again for taking the conn on the Pfennig since last Thursday. He'll get it again at the end of this week and the beginning of next week, as I hope to get to Marco Island for the Wealth Masters Conference. Well... Nothing has changed since I left you last Wednesday. The awful economic data just keeps piling on, and the dollar gets bid up on safe haven purchases. We did see the Eurozone and Japan announce that they are in a recession... Chris was kind enough to leave me the following, so here's some more Chris.......
  • Congratulations to Chuck...

    * Great news from Chuck... * FOMC could lower rates... * TIC flows to slow... * Yen and SFR continue to rally... ** Congratulations to Chuck... Good day... I want to start this mornings Pfennig off with a note Chuck sent the trade desk last night: "The doctor called, and I'm CLEAN! My scans were clean, and, I'm officially off the Sutent, and considered a "Cancer Survivor" now! YIPPEE!" I know the markets are in a state of turmoil, but that great news from Chuck took precedence over anything I could write about the currencies. It looks like Chuck's positive attitude along with all of our prayers have beaten back the cancer (I guess his doctors and the new medicines deserve some of the credit also). Congratulations to Chuck, can't wait to shake his hand when he returns from the first week of the FXU tour. But now lets move on to the markets. I was so focused on the Wall Street turmoil yesterday that I failed to mention the FOMC will be meeting today. Just a few weeks ago, the markets were calling for an interest rate increase by the Fed to tackle inflation. But the events of this past weekend, along with a dramatic drop in the price of oil, has many calling for another interest rate cut. The Central Bank has already injected billions of money into the markets to try and calm them after the bankruptcy of Lehman. The Federal Reserve yesterday added $70 billion in reserves, the most since the September 2001 terrorist attacks. The funds were needed as banks and financial firms tightened up their lending in reaction to the financial turmoil....
  • Reigniting Fears...

    * Risk Aversion returns! * Central Bank meeting week... * Looking at dollar / euro... * CFTC gets investigated......