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  • Counting Flowers On The Wall...

    In This Issue..

    * A non-movement day in currencies...
    * Euro gets hit again by Greek debt levels...
    * Asia is bellwether for global growth...
    * Gold rallies!

    Good day... And a Thunderin' Thursday to you! I hear that the "rains" are coming today, and will be around until next Tuesday! We'll be water logged, eh? I want to thank everyone who sent along the 'welcome back' notes yesterday. I need to make something clear... I'm not at the office... Not yet, they won't let me... So, I'm writing from home, and I have to pat myself on the back because I didn't complain one iota about writing from home yesterday! HA!

    Talk about counting flowers on the wall, playing solitaire till dawn with a deck of 51, and all those other things that fall under the category of being bored, and dull... That was the day in currencies yesterday......
  • US data fails to move the markets...

    In This Issue..

    * US data fails to move the markets...
    * EU split on Greek bailout...
    * Rogers is a seller of pounds...
    * Goldman says the renminbi is fairly valued...

    Good day... It is Friday and the end of what seems like a long week for yours truly. While I have enjoyed my time in Florida, I look forward to be able to sit down at my desk to write Monday morning instead of dealing with intermittent access to the internet and a slight lack of market information. You can get the data just fine on the road, but you miss out on the 'feel' of the markets when you aren't on the desk.

    But luckily for me, economic data is what ruled the markets yesterday. We had a plethora of data released in the US, but the markets seemed to be focused on the release of CPI and the weekly jobs numbers. CPI led off Thursday morning's data showing prices in the US were unchanged for the month in February from the .2% gains we saw at the start of the year. The core number was up .1% offsetting a .1% dip in January. The YOY (year on year)number showed a drop in the inflation rate to 2.2% from 2.7%. We all know how manipulated this data is, and our friends over at ShadowStats reported the non-seasonally adjusted number was actually just over 5%, which is certainly more realistic. But while this number is higher than the 'official' number, it showed a similar decline; diffusing a rumor which swirled around the markets yesterday afternoon.

    ...
  • Merkel throws Greece under the bus...

    In This Issue..

    * Merkel throws Greece under the bus...
    * Canadian dollar moves higher...
    * China policy causes carry reversal...
    * Jobs data to move the markets...

    Good day... And good morning to all of you. I arrived in the 'sunshine' state only to find rain and cold. It is actually a bit colder here than back home in St. Louis, but the trip down went well, I got to do my run on the beach, and I had a great dinner with a large group of EverBankers last night; so I'm not going to let the weather get me down.

    The German's broke rank with the rest of the EU and suggested Greece should turn to the IMF for support. The euro had rallied over the past couple of days after it seemed the EU finance ministers had agreed on a loan facility to back the Greek government. But Germany's Angela Merkel threw a cat among the pigeons today when she said Greece should not look to the EU but should turn to the IMF if it needs aid. So traders immediately started selling the euro again as the black cloud of a possible Greek default fell hung back over the market....
  • Back To the Greece Debacle...

    In This Issue..

    * The dollar rallies overnight...
    * Gold loses $10...
    * Retail Sales for December are negative!
    * Chinese games with the renminbi continue...

    Good day... And a Happy Friday to one and all! I said on the way to work, as I hit each stop light on green, that it was going to be a Fantastico Friday! I mean, why not? 1. it's a Friday, 2. it's a payday Friday, 3. it's the start of a 3-day Holiday weekend! Shoot Rudy, I thought to myself, as I drove to work, 'nothing can spoil this day'...

    But... Then I got to work, turned on the currency screens, and it hit me like a slap in the face! The euro has led the non-dollar currencies down VS the dollar overnight... After spending 3 days this week, hovering back and forth over and under the 1.45 handle, the euro finally succumbed to some selling......