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  • A Full-On Risk Aversion Day

    In This Issue.

    * Risk assets healing is wiped out.

    * Euro and A$ lead currencies lower.

    * Gold can't find a bid.

    * Chinese renminbi takes baby steps lower.

    ...
  • A questionable flight to safety...

    In This Issue.

    * Flight to safety, but was it necessary???

    * STL Fed Head Bullard says we are at a turning point...

    * China lets the renminbi rise...

    * Australian officials bypass the US$...

    ...
  • Bernanke shakes up the markets

    In This Issue.

    * Bernanke sends the markets in a tailspin

    * Default or no Default?

    * Gold drops over 3%

    * China encourages use of the Renminbi

    ...
  • Greece Disappoints Again!

    In This Issue.

    * Huge Currency rally Friday gets reversed!

    * Latest German proposal is rejected by Greeks.

    * Fed is still concerned about deflation.

    * China returns by marking down renminbi!

    ...
  • Downgrade rumors hit France...

    In This Issue.

    * Downgrade focus shifts back to Europe...

    * BOE keeps rates unchanged & cuts growth forecast...

    * China lets Renminbi trade below 6.40...

    * Crude oil jumps 4.5%...

    ...
  • Becoming Comfortably Numb...

    In This Issue.

    * Dollar rallies as risk is turned off...

    * Big Ben confuses the markets...

    * China and the renminbi...

    * Retail Sales surprise...

    ...
  • The Euro Trades Through Resistance!

    In This Issue..

    * Most currencies rebound...

    * Gold reaches another record high!

    * Tons of data today...

    * Glad they didn't take TARP...

    ...
  • China & Russia Team Up...

    In This Issue..

    * U.S. data is stronger...

    * Loonie rallies on jobs data...

    * krona rallies on IP data...

    * An end to the bond rally?

    ...
  • Flexibility Is The Word Of The Day!

    In This Issue..

    * A Big Currency rally!
    * Renminbi to become flexible...
    * Unintended consequences...
    * Gold flies past line of resistance!

    Good day... And a Marvelous Monday to you! It was Father's Day yesterday, I had a grand time, I hope you did too! It was extremely hot here, but shoot Rudy, it's summer... It's supposed to be hot!

    Well things heated up in the currencies this weekend... Yes, while everyone was wiping the milk from their mouths from their cereal they ate for breakfast on Saturday morning, the Chinese made a BIG announcement... Rather than tell you in my own words... Here is the official statement from the People's Bank of China (PBOC)......
  • 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......
  • The Dollar Rebounds Again...

    In This Issue..

    * Economic data deep sixes currency rally...
    * U.S. Treasury back at the auction window!
    * Yen's rose has faded...
    * Chinese renminbi spikes higher!

    Good day... And a Wonderful Wednesday to you! Not trying to sound like a broken record here, but today is the last Wednesday of 2009... The last 'hump day' and so on... The non-dollar currencies got bushwhacked yesterday by the dollar bulls around mid-day, and there's been no recovery since. The Treasury is back at the auction table, with $32 Billion in 7-year Treasuries for you to buy at the fantabulous yield of.... Drum roll please.... 2.60%! All that and more, so buckle yourself in, and make certain to keep your arms and legs inside the Pfennig at all times during the ride!

    ...
  • U.S. Companies To Repatriate Profits?

    In This Issue..

    * Non-dollar currencies rally...
    * More deficit spending...
    * 10-year yields at 3 month highs...
    * A nice 9-year run for the non-dollar currencies...

    Good day... And a Marvelous Monday to you! The last Monday of 2009! And Yes... I'm Baaaaaacccckkkkk! Bet you were wishing I would remain on vacation through to the New Year... That's OK, I was wishing for the same thing last night! HA! I hope your Christmas or other celebration was grand... Mine was... Little Delaney Grace stole the show... I sat there watching her, thinking, how great it must be to not have a care in the world, except if her 'baby' needed changing!

    To not have to worry about deficit spending, knuckleheads making decisions against the wishes of their constituents, nut cakes running around shooting off missiles, and ramping up nuclear capabilities, and the beat goes on... The beat goes on......
  • Risk Aversion Creeps Back Into The Currencies...

    In This Issue..

    * Comments spook currency traders...
    * A$ hits 15-month high, this time going up!
    * Geithner as the "joker"?
    * China changes statement about the renminbi...

    Good day... And a Tub Thumpin' Thursday to you! It's a Thursday, and it's not raining here! YAHOO! After a week of Indian Summer weather, we're slowly creeping back to the colder weather, but still, better than most Novembers of the past, so far!

    That was a strange feeling yesterday, having a holiday in the middle of the week, but the day was nice, and I got to spend the day with my granddaughter, Delaney Grace, who sang me songs all day long!

    So... Last night, I'm doing some writing, and before I put the laptop to bed for the night, I checked the currencies, and while they had drifted in the early Asian session, the Big Dog, euro was still trading above 1.50, and the Aussie dollar (A$) had set a 15 month high of .9368... But when I turned the currency screens on this morning after arriving to a pitch black office, which is the way I like it this early in the morning, the euro had given back about 1/2 cent, and so had the A$... So, it was my mission to find out what caused this slippage......
  • Renminbi To Become An International Currency?

    In This Issue..

    * Currencies give back ground overnight...
    * Don't look too closely at U.S. data...
    * India posts strong GDP...
    * Lots O'-data this week!

    Good day... And a Marvelous Monday to you! A Wonderful Weekend was enjoyed by your Pfennig writer, with good friends, and Chamber of Commerce weather, on a beautiful lake! It's back to work today though. I don't understand why I didn't plan on taking today and staying an additional day at that beautiful lake! Oh well... Time to go to work!

    When I signed off on Friday morning, the currencies were enjoying a very nice rally, which remained in place the rest of the day. The Consumer Income and Spending data was very much as I describe it would be, and so there was no surprise for the markets to deal with. You may recall, that I told you that Spending would be greater than Income, as the 'Cars for Clunkers' probably had something to do with the Spending be so much stronger than the Income piece......
  • China Is Back On The G-9 Docket...

    In This Issue..

    * Risk Aversion is strong once again...
    * Currencies get sold...
    * What's China really up to?
    * RBA to leave rates unchanged?

    Good day... And a Marvelous Monday to you! Some people have the day off today, so we'll probably not be back in full force until tomorrow... Not that we've been in full force, as a workforce in the U.S. for some time... But that's another story for another day! Today is a new day, and new week!

    Friday's thinned out markets were not what the currencies wanted to see, as the bias to Risk Aversion was magnified in the thinned out markets, only making the selling of the currencies even worse... Some 'levels' were hit in the thinned out markets, and that caused even more selling in the overnight markets as Japan and Asia came on board....