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  • Central Banks Diversify...

    In This Issue..

    * Currencies soften VS the dollar...
    * Another look at Canadian job data...
    * China has Super month of exports!
    * Yen gets rocked by Upper House election...

    Good day... And a Marvelous Monday to you! Congratulations to Spain... The fiesta is on in Spain, as their football (soccer to us) team won the World Cup yesterday. Personally, I think Holland, got the bad end of the stick on two calls that would have turned that game their way. But, it was not to be, and Spain hoisted the cup!

    OK... Well, thanks to Chris for taking over the Pfennig on Friday. I was busy with other things for the day. I sent a note to Chris Friday morning about the Canadian Job report, and he replied that he had already written about it! WOW! Quick on the draw! He beat me to the punch... But, the report was so good it's worth talking about some more! Canadian employment skyrocketed again in June rising by 93,200, almost four times the amount expected by forecasters (+20,000). Add this to the 133,000 jobs created in April/May And you've got the ingredients for a strong quarter of job creation! The unemployment rate fell back to 7.9%, lower than forecasts for an 8.1% print.

    ...
  • Aussie Job Creation Soars Again!

    In This Issue..

    * Currencies rally on Wednesday...
    * And hold on to gains overnight!
    * Loonies outperform on the day...
    * More 'an inconvenient debt'...

    Good day... And a Tub Thumpin' Thursday to you! It sure has been a Tub Thumpin' Thursday so far, as the Asian and European markets are hopping, and in Australia, the jobs just keep coming! All that and more on this Tub Thumpin' Thursday, that, as our little Christine would tell me is 'my Friday'!

    OK... Front and Center this morning, yesterday I told you, well, let's just go to the archives and see what I told you word for word... Pfennig 7/7/10: 'Today, we'll see the latest labor report from Australia. In recent months, the jobs data has consistently surprised to the upside each month, so it's not like going out on a limb to say that I expect the job creation to be better than the +15,000 that's forecast.'...
  • U.S. Trade Deficit Widens...

    In This Issue..

    * A back-n-forth day in currencies...
    * Canada slips into deficit in trade...
    * Waiting on Aussie jobs data...
    * A story in Business Week, you'll want to read...

    Good day... And a Wonderful Wednesday to you! The 'January Thaw' continues... Hopefully, in time to save the orange trees in Florida! That's all we need right now is to see food prices ratcheting even higher than they already have gone... NOT!

    HEY! Good morning to you! I've had a very typical morning, with no surprises, no scavenger hunts for anything, didn't have to stop on my way in for anything, so, I was feeling pretty good, until I got here, and saw the price of Oil...

    The price of Oil has dropped from $83.18 a week ago, to $79.80 this morning... Why did this spoil my day? Well, like Lloyd Bridges in the Airplane movie, I must have picked a bad day to fill my gas tank, the other day, when Oil was so high!

    ...
  • More Strong Data Sinks The Dollar...

    In This Issue..

    * Currencies near 1-year levels...
    * Canadian loonies are best performer!
    * Dangling a carrot...
    * Oil trades above $72...

    Good day... And a Tub Thumpin' Thursday to you! Why Tub Thumpin'? Why not? Besides, the non-dollar currencies are darn near where they were a year ago, having a good chunk of the ground they lost during the Financial Meltdown last fall and winter... Not that I'm a cheerleader, but more of a 'this is what I believed would happen, and glad to see a plan come together' kind of guy!

    And since I, unlike throngs of people that like to point out errors, put my beliefs in writing every day... Right out there / here, in the open, for anyone to take pot shots at... But, I learned long ago that there will always be those that disagree, and not to let it upset or change the things I believe...

    ...
  • Yet Another Jobs Jamboree Friday!

    In This Issue..

    * Currencies trade in a tight range...
    * G-20 to shun an exit from stimulus?
    * Gold and Silver and Oil... A new trend?
    * Loonies follow the commodities higher...

    Good day... And a Happy Friday to one and all! Well... Once again, my day didn't turn out exactly as planned, but as they say... A bad day at the ballpark is better than a good day and then you plug in the place... It could be work... It could be cutting the grass... Etc..

    OK... I heard a great song on the radio this morning on my way to work... And I said to myself... Chuck, now that's a great song to start a day with, that everyone should hear each day! It's a song from the 60's (of course!), by the Rascals, called... It's a Beautiful Morning... Here's the first verse, and if you know the song, I'm sure you'll want to sing along, but if not... Look it up, I'm sure, you'll agree that it's a great way to start a day!

    ...
  • Spending More Than We (the U.S.) Make...

    In This Issue..

    * Currencies trade in a tight range
    * Pesos, loonies and reals in the spotlight...
    * The Mogambo on a Thursday! YAHOO!
    * Jobs reports dominate today & tomorrow...

    Good day... And a Tub Thumpin' Thursday to you! Once again yesterday, we traded all day in a very tight range with the currencies. The ADP/Challenger data didn't give anyone a warm and fuzzy about the labor picture, and tax receipts are in the news... So, let's go to the tape!

    OK, front and center this morning, I have to talk about this deal with tax receipts in this country. So, I've chronicled the April and June debacles for tax receipts, but just in case someone is new to class, and missed that, let's review... The U.S. used to count on the months of April and June for HUGE cash receipts from tax returns, but this year, both April and June's tax receipts were so bad, the expenditures were greater than the receipts! I highlight these two months because, they should have been positive months for the budget balance... If we can't post a positive balance in April and June, what's the rest of the year going to look like?

    ...
  • OMB Makes New Deficit Forecast...

    In This Issue..

    * The BLS adds jobs...

    * Growing Deficits again...

    * Jim Rogers....

    * A Trade Surplus for Canada...

    Good day... And a Terrific Tuesday to you! Well... I'm here! Lost Wages... No I mean, Las Vegas! It's such a long flight here! UGH! And the plane was packed... Like I said about a month ago, when you take a flight, it sure doesn't seem like people have cut back on spending!

    OK... Well, the currencies took a breather VS the dollar yesterday, and basically traded right around the currency round-up levels most of the day. Overnight, things were pretty quiet too... The markets are trying to figure out which way they are going to go with the dollar... The Deficit is growing, which SHOULD be bad for the dollar, but in recent times, fundamentals get a little hazy at times. So... Let's go to the tape on the Office of Budget Management (OMB)...
  • It's All About The Jobs Jamboree...

    * Currencies rally then fall back... * Rate slashers! * Following Japan? Let's hope not! * Canada's woes mount... ** It's All About The Jobs Jamboree... Good day... And a Happy Friday to one and all! A Fantastico Friday! A Jobs Jamboree Friday! Anything else, Chuck? No, I don't think so, I'll stop there... It's all about the Jobs Jamboree today. It's all about finding out just how badly the rot on the labor vine has gotten... The Weekly Initial Jobless Claims, yesterday, remained above 500K per week, which doesn't bode well for next month's data... But first... November's Jobs Jamboree on the docket! The "experts" have forecast a -335K drop in jobs for November... But, your old Pfennig writer believes that this forecast is low. I think it will be closer to -375K... The reason I say that is the employment piece of the ISM report that printed the other day... The employment index of that report showed some real serious rot on the labor vine... I read a report last night, where an economist was attempting to show how the report should read -750K... As bad as -375K is, I don't think the Bureau of Labor Statistics (BLS) would have anything to do with printing a -750K report!...