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  • More Baby Steps For China.

    In This Issue.

    * A few currencies attempt to rebound.

    * China stops buying Eurozone debt.

    * Could they stop buying ours?

    * Norges & BOE leave rates unchanged.

    ...
  • The sleeping lion awakens

    In This Issue...

    *Enter volatility...
    *It's all about the euro debt... 
    *Gold and silver knockdown... 
    *China and Japan chat...

    ...
  • Weekly jobs data is positive, pushing the dollar lower...

    In This Issue.

    * Weekly jobs data is positive...

    * China is buying less US debt...

    * High yielders rally...

    * Indian rupee rebounds...

    ...
  • Greek and Italian...

    In This Issue...

    * More turmoil in Europe.

    * Berlusconi steps down.

    * Risk off type of day.

    * China inflation slows.

    ...
  • US data drag down the dollar. . .

    In This Issue.

    * US data is a drag on the dollar

    * China is buying less of our debt

    * EU finance chiefs bailout Portugal but what about Greece?

    * Our new Timeless Metals MarketSafe

    ...
  • China Gains Wider Distribution Of Currency.

    In This Issue.

    * Dollar rallies as Greek Debt come back to haunt.

    * China & New Zealand sign currency swap agreement.

    * Big Ben tries to speak louder than the hawks.

    * Big news from Texas.

    ...
  • China To Buy Spanish Debt.

    In This Issue.

    * A Risk Off Day.

    * Except for euros and sterling.

    * Questioning China once again.

    * Social Networking our message to China.

    ...
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  • EU members follow Germany's lead ...

    In This Issue

    * Euro moves higher after EU Summit agreement...

    * Moody's downgrades Irish debt ...

    * Tax bill sails through Congress...

    * China growth fuels commodity currencies ...

    ...
  • 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!

    ...
  • So Far... It's A Turn Around Tuesday!

    In This Issue..

    * Currencies bounce back...
    * Commodities and Commodity Currencies get hit hard!
    * China's recovery a myth?
    * Devaluation in the dollar's future?

    Good day... And a Terrific Tuesday to you! It's too hot in the hot tub! You can't make me get in the hot tub! Ahhh... When I walk outside and my eye glasses fog up from the heat and humidity, I think of that old Saturday Night skit, with Eddie Murphy playing James Brown!

    OK... Well, yesterday we saw the currencies stop the bleeding from the overnight sell off, and although they range traded on the day, the bias was to sell dollars once again. That bias has played through on our Turn Around Tuesday theme, and the currencies are higher today than yesterday, but lower than they were 3-weeks ago week ago. Yes, the month of June has not been kind to the currencies, as some of the euphoria that was going on from March thru May, regarding the global economic recovery is being thought about again, and this time, not with the same rose colored glasses......
  • Geithner tanks the dollar, but then pushes it back up...

    In This Issue..

    * Geithner sends the dollar on a thrill ride...
    * A failed UK gilt auction...
    * China set to recover first...
    * AUD and NZD rally again...

    Good day... The currency markets took back what little strength the dollar mustered over the past two days with the Euro moving back above popping back above 1.36 and the Australian dollar moving back up over .70. The cause for this dollar weakness? Data released in the US yesterday was surprisingly strong again, so investors dumped the 'safe haven' holdings of Treasuries and moved money back into higher yielding investments.

    At one point yesterday the dollar index dropped precipitously (more than 1.5% in less than 10 minutes), and then bounced back up within a half hour. Jennifer McLean, who takes care of our currency trading while Chuck is away from the desk, said the sudden moves were due to Treasury Secretary Geithner's comments. Apparently Geithner was asked about China's call for a new international reserve currency yesterday at a NY event. He said that while he hadn't read the proposal, he understood it as a plan 'designed to increase the use of the IMF's special drawing rights. And we're actually quite open to that.' After hearing those words, currency traders immediately starting selling off the dollar. After all, if the Treasury Secretary of the US says the administration is open to a new international reserve currency, why do you want to hold dollars? I guess Geithner got wind of what he had done to the currency markets pretty quickly (the power of Blackberries!) and 15 minutes later he clarified his comments to say the US dollar should remain as the world's reserve currency....
  • Auction Week!

    * Currencies have a mini-rally... * Deficits do matter, eh? * Turning Japanese... * Gold fails to respond... ** Auction Week! Good day... And a Terrific Tuesday to you! Sometimes I'm right, and I can be wrong, my own beliefs are in a song... I just heard that great old song on the radio, and thought, that's a great credo to live by... Oh, well... That's just me I guess... Let's go to work! The currencies, led by the euro, made a valiant effort during the trading day in the U.S. yesterday to mount a rally, and they did! They have gained even more ground in the overnight markets, with the euro trading with a 1.27 handle... OK, I hear you saying... But, Chuck, tell us what pushed the currencies higher yesterday? Ahhh... Grasshopper... Of course I'll tell you that! Let me first set the table with the background story, then lead into the real meat with a building crescendo!...