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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.

    ...
  • 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...

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  • 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!...