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  • The Dollar Rides The White Horse.

    In This Issue.

    * ECB & Bundesbank talk supports the euro.

    * Yen rallies.

    * Norway, Canada and others in a bind .

    * Gold on a losing streak.

    ...
  • Currencies Feel The Freezing Rain.

    In This Issue.

    * Tight ranges for the currencies.

    * Except for yen.

    * Fiscal Cliff talks resume?.

    * Norway back on the rally tracks.

    ...
  • A Jobs Jamboree Friday!

    In This Issue.

    * Dollar rally continues

    * Even Japanese yen weakens VS dollar.

    * Good data in Norway.

    * Chile joins Brazil in currency manipulation.

    ...
  • 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....
  • A Horrific Jobs Report!

    * 651K jobs lost in Feb... * Dec. and Jan Job losses revised up... * Talking Norway, Canada, Australia... * Brazil stealthlike for 3 months... ** A Horrific Jobs Report! Good day... And a Marvelous Monday to you! A wonderful weekend here in St. Louis, a taste of spring was in the air. I got to spend some time with some of my closest friends on Friday night, a good time was had by all! Well... Our Fantastico Friday was interrupted by that horrific Jobs Jamboree number that printed Friday morning... 651K jobs were lost in February, which let me remind you is a couple of days shorter than other months. So, it could have been worse! Hard to believe that could be the case, but it's true. The unemployment rate rose to 8.1%, from 7.6% in January. The jobless rate is the highest since 1983. The economy has now shed 4.4 million jobs since the recession began in December 2007, with almost half of those losses occurring in the last three months alone....
  • Shrove Tuesday!

    * No follow through on the Eurozone bond idea... * Mirror, mirror on the wall... * AIG to set record for losses... * Finding another Pfennig Reader! ** Shrove Tuesday! Good day... And a Terrific Tuesday to you! A Shrove Tuesday to boot! Shrove Tuesday you say with a tone of thinking that I have made up another word for a day? Yes... Shrove Tuesday! For Catholics in some regions of the world (Ireland originally), the day before Ash Wednesday is Shrove Tuesday... Or here in the U.S. it's Pancake Day! You see, long ago, pancakes would be served up on this day as a popular way to use up fat, butter and eggs before Lent got underway. So... Happy Shrove Tuesday!...