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  • US leading indicators push higher...

    In This Issue..

    * US leading indicators push higher...
    * Labor department admits errors...
    * Ben Bernanke heads to the hill...
    * PIMCO suggests buying emerging markets...

    Good day... A quiet trading day to start the week off yesterday. As I turn on the computers this morning the dollar index is trading right at the level it was yesterday morning. The currencies were up a bit through most of Monday's trading day, but the dollar came back in Asian trading leaving us right about back where we started.

    The only data released yesterday was the index of US leading indicators which rose slightly in June for a third consecutive month. The numbers gave a bit of hope for all of the bulls, with many exclaiming that the US economy has turned a corner and the recession has ended. I am not so sure, as rising unemployment and continued weakness in the housing market will likely hold any recovery back....
  • Desperately Seeking Yield...

    In This Issue..

    * Currencies rally...
    * More on the BRIC's...
    * New Zealand's GDP contracts..
    * Bernanke gets grilled!

    Good day... And a Happy Friday to one and all! The end of what seemed to be a very long week... The last weekend in June, can you believe that? Next week, we'll be getting ready for the 4th of July celebrations! WOW!

    Well... What a volatile week it has been in the currencies! Up, down, all around, and settling back to levels that we saw before the Fed's FOMC meeting earlier this week. Suddenly, investors are looking for yield again... Looks like they are "Desperately Seeking (not Susan) Yield! And why not? The Fed, and the Bank of Canada (BOC) have come out and said that there will be no interest rate hikes until we've turned quite a few pages on the 2010 calendar....
  • The ECB Clash Over Policy Again...

    In This Issue..

    * Initial Jobless Claims rise...
    * PPI does too!
    * Euros get hung out on a line...
    * Gold makes a comeback!

    Good day... And a Thunderin' Thursday to you! It may not be Thunderin' where you are, but apparently it was yesterday in my little river town, as I heard we had some shingles blow off... And... It certainly is Thunderin' over in the Eurozone this morning, I'll tell you why in a minute. So, let's get going don't want to get caught in any of that Thunder!

    I finished the last of my 3 presentations yesterday, and called it quits, as far as walking back and forth to the Conference Center. They'll just have to do without me at the booth! But the presentation was good, I think, and I made some very important points. None of which, were brand new to Pfennig readers!...
  • The waiting game...

    In This Issue..

    * Waiting on G20 and the ECB...
    * US home prices plunge...
    * What will come from G20...
    * ECB to cut rates, but no quantitative easing...

    Good day... The markets will play a waiting game today, and I expect the currencies to trade in a pretty flat range. The focus will be on the G20 which starts tomorrow, and the ECB announcement which will also be released tomorrow. So today I will share my views on both of these topics, but first I will report on what occurred yesterday and overnight in the currency markets.

    The dollar climbed yesterday morning as data released showed US home prices plunged at a record pace and consumer confidence continues to bottom. US home prices fell nearly 19% in January according to the S&P Case Shiller index. This was even worse than economists had predicted, and December's numbers were revised down....