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  • Stuck In The Mud.

    In This Issue.

    * Eurozone sees strong data from Germany.

    * Aussie employment rises along with the A$.

    * RBNZ leaves rates unchanged and sounds upbeat.

    * Gold gets whacked again.

    ...
  • Germany & France Post 3rd QTR Growth...

    In This Issue..

    * Risk Aversion fuels dollar rally yesterday...
    * Eurozone growth may stop the Risk Aversion...
    * Budget Deficit is a record $176.4 Billion!
    * Euro, Swiss, Aussie, Norway, all cheaper today!

    Good day... And a Happy Friday to one and all! Let's try to make this a Fantastico Friday as well! The Risk Aversion that was creeping into the currency markets yesterday really took hold in the U.S. trading session, which meant the dollar was being bought once more, along with Japanese yen...

    It just makes me laugh out loud, when I write that the 'safe haven currencies' during Risk Aversion trading are the dollar and yen... These two countries have debt up to their eyeballs, pay no interest on their deposits, and have a leadership deficiency... (ok, before every begins to think that I'm ripping the president again, I'm not... I'm talking about the Central Bank, and lawmakers of each country)...
  • Dollar falls as US consumer confidence increases...

    In This Issue..

    * Dollar falls as US consumers become more positive...
    * GDP to be reported this morning...
    * European confidence increases...
    * Mexican peso recovers...

    Good day... Hopefully this will reach everyone today. We have been having some computer problems causing some major delays in the delivery of your Pfennig. As Chuck always says, if you need your Pfennig, just go to www.dailypfennig.com where it is posted each morning as soon as I hit the send button. For those of you who feel the need, the website also has an archive, so you can all read what I had to say yesterday. But enough about our email problems, you all want to know what is happening in the markets.

    The dollar began the day trading in a fairly tight range, but a fairly large jump in US consumer confidence sent the US$ tumbling. Yes, the old 'opposite' trading pattern has begun again. When we have good news regarding the US and global economies, the US$ gets sold. But when the data is bad, the dollar is purchased as a safe haven. Yesterday both pieces of data released in the US were more positive than most economists expected, so the dollar gave back some of its recent 'safe haven' gains....
  • Inauguration Day 2009...

    * Rogers and Roach... * Dollar gaps higher! * Ireland's problems... * Bad data... ** Inauguration Day 2009... Good day... Well... And a Terrific Tuesday to you! I got to enjoy a nice restful 3-day weekend. I realize not everyone got yesterday off, so I won't carry on about it. Can you believe it? The St. Louis Cardinals Football Team A.K.A. The Big Red, no wait, Chuck, they left town 20 years ago... OK, the Arizona Cardinals are going to the Super Bowl? When they were here, I never thought I would live to see the day... Front and Center this morning, I have two quotes from people I truly respect... first from Jimmy Rogers... second from Stephen Roach... If I were you, I would be worried about the U.S. dollar,' said Rogers, 66, in a speech at the Asia Financial Forum in Hong Kong today. 'The Americans are printing U.S. dollars. The Americans are going to do whatever they can to revive their economy, even if it means destroying the U.S. dollar.'...
  • Trillion Dollar Deficits For Years To Come...

    * CBO forecasts $1.2 Trillion Budget deficit! * And we can expect more! * ADP shows job losses mounting big time! * Brazil's real reverses course... ** Trillion Dollar Deficits For Years To Come... Good day... And a Tub Thumpin' Thursday to you! I had not realized it was Thursday until I began writing this morning! I had been buying breakfast sandwiches for the trading desk on Thursdays, and I'm sure a few people will be wondering what happened when there are no sandwiches this morning... I simply lost track of the days! UGH! Well... There are two major things on the docket for the front and center piece today, both tell us a lot, but I think I'm going to go with the announcement of the Congressional Budget Office (CBO) yesterday afternoon as the lead story, and the ADP jobs report as the second story... So, let's go to the tape!...