Daily Pfennig

A free, quick-reading daily e-letter on world currencies, economic trends, and the occasional baseball score.

Daily Pfennig

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  • Rate talk takes over.

    In This Issue.

    * GDP rises 2.3%

    * Consumer spending on the rise

    * Dollar jumps higher

    * Russia cuts rates

    ...
    Filed under: ,
  • Chairman Bernanke says the Fed will be 'flexible' with bond purchases...

    In This Issue.

    * Bernanke says the Fed will be 'flexible'...

    * Markets realize the size of Cyprus...

    * Kiwi posts the biggest gains...

    * Data today may show US housing recovery continues...

    ...
  • Negative Rates & Abolishing Cash For The U.K.?

    In This Issue.

    * The dollar fights back after dust settles...

    * ECB members to talk about additional QE.

    * China's Beige Book says it's not so bad there!

    * Russia buys 1 Million Troy ounces of Gold in August! .

    ...
  • Someone More Negative About Japan Than Chuck?

    In This Issue.

    * More currencies on the rally tracks today.

    * Why would traders move currencies up, ahead of FOMC Minutes?.

    * Chuck looks under the hood on India's idea.

    * Koos Jansen on Chinese Gold accumulation..

    ...
  • RBNZ Cuts, But Could It Be The Last One?

    In This Issue.

    * Currencies are mixed this morning.

    * Euro's rise above $1.10 interrupted by France..

    * Chuck gives out two Gold Stars!

    * And Grant Williams on A TTT!

    ...
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  • FOMC Meeting Minutes, SHMOMC Meeting Minutes!

    In This Issue.

    * All eyes turn to FOMC Meeting Minutes.

    * Bias to sell dollars turns around.

    * Turkey hikes rates, with more to come!.

    * The price of beer gets manipulated too? Heavens to Murgatroid! .

    ...
    Filed under: , ,
  • Paulson Speaks With A "Double Tongue"

    * The U.S. economy in a wreck! * More problems to come... * Funky accounting at the Fed... * SNB leaves rates unchanged... **Paulson Speaks With A "Double Tongue" - Good day... And a Tub Thumpin' Thursday to you! I was alone last night, and decided to write... Oh Boy! Are you, dear reader, in trouble when I begin writing at night for the next morning! My Cardinals were losing again, so my attention turned to putting down all these thoughts that keep coming into my head... Like Michael Keaton in Night Shift (what a great movie!) I need a recorder to put all these thoughts down... Like... Feed the mayo to the tuna! OK... Front and Center this morning, the euro's rally that went on all day yesterday and into the early Asian session (all the way to 1.5580) ended this morning... Someone, somewhere decided that the U.S. will be able to squeeze by this slowdown... Unfortunately, I don't agree! I see the U.S. being involved with the multi-car accident on the highway... But as Pfennig readers you already know that... However, instead of just hearing from me all the time about this meltdown of the U.S. economy, let's hear from an organization that tracks these things......
  • It's All About The FOMC Today...

    In This Issue.

    * Currencies drift ahead of FOMC...

    * Along with Gold.

    * German inflation ticks up, but not enough!.

    * The calls for a Chinese collapse have been overly exaggerated!

    ...
  • Treasury Issuance Hits Record Amounts!

    In This Issue..

    * It's a Risk On Day... Kind of...
    * Gold hits $1,171!
    * Germany's IFO hits a 15-month high!
    * Even the NY Times talks about deficit spending!

    Good day... And a Terrific Tuesday to you! A Risk 'kind of' On Day... Which I believe will be difficult to hold on to as we draw closer to Thursday. The volume will dry up, like I said yesterday like using a Sham Wow (Vince where are you?) and... There will be all kinds of position squaring ahead of Thursday, for many traders, including yours truly, will be making this a 4-day holiday weekend, and good traders do NOT leave themselves out on a line with open trades before leaving for 4 days!...
  • Silver Begins To Show Signs Of A Shortage.

    In This Issue.

    * Petrol Currencies up.

    * Global Growth currencies down.

    * FOMC meeting minutes today. UGH!

    * Euro pops over 1.13 briefly .

    ...
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  • Safe Haven Buying

    * Home sales fall

    * Hawkish Fed members

    * RBNZ leak

    * Upbeat Aussie

    ...
  • Oil Price Slides!

    * Big Ben in a predicament! * The euro retreats after new high... * Retail Sales disappoint! * Yen and francs on the menus again! ** Oil Price Slides! Good day... And a Wonderful Wednesday to you! 3 straight days without rain here in St. Louis! WOW! It did however, rain on the currencies' parade yesterday. About mid-morning, the brakes were applied to the run on the dollar, and the car was put into reverse. Retail Sales disappointed, and PPI is not anything to laugh about... All that and more, as we head into the day after a 15-inning All-Star Game! Front and Center though is the good cop, bad cop thing that played out with Fed Chairman Ben Bernanke (bad cop) and SEC Chairman Cox (good cop)... Big Ben sent the dollar packing in the morning with his statement that highlighted the Fed's predicament... Big Ben noted the parts of financial markets remained seriously disrupted (which screams, no rate hike), but that dollar weakness had helped cause inflation to rise (Here he goes again trying to blame everyone else for the Fed's creation and feeding of inflation... Oh well, this statement screams, no rate cut!). The currencies all took turns taking a swing at the piñata (dollar)... And... It looked like the volcano was about to blow... Oh, I don't know, I don't know, I don't know where I'm a going to go when the volcano blows! (Ahhh, a little Jimmy Buffett on a Wonderful Wednesday!)...
  • Chinese PMI Soars Higher!

    * Global growth hopes return!. * A$ gets double boost! * Gold pushes higher!. * More bad data for Japan!.

    ...
    Filed under: ,
  • Another Day, Another Risk Off Day.

    In This Issue.

    * Euro dips below 1.30.

    * Italy's auction turns around.

    * U.S. Retail Sales disappoint!

    * Norges Bank to cut rates today.

    ...
  • Export Growth Drives GDP!

    * GDP grows 3.3%! * But it's a one and done for GDP! * Plenty O' data today... * A Wall Street Journal interview... ** Export Growth Drives GDP! Good day... And a Happy Friday to one and all! A Fantastico Friday in my books because it will be the end of a bad week for yours truly, and the start of a 3-day Labor Day Holiday weekend! YAHOO! Another storm, Gustav, is headed for the Gulf Coast, and maybe Louisiana, which wouldn't be good. So my thoughts are with those in the path of Gustav. Gustav is causing some problems for the price of Oil, this bubblin' crude, black gold, Texas tea, has posted its weekly gain in two months! The rise in Oil prices has lit a fire under Gold, and put pressure on the dollar once again, along with inflation pressures to say the least! The dollar pushed the euro and other currencies lower yesterday after the 2nd QTR GDP surprised on the upside, posting a gain of 3.3% annualized... I told you twice this week that 2nd QTR GDP would be stronger and yesterday, I laid out the scenario that the boost would come from: 1. stimulus checks, and 2. export growth because of the weak dollar....

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