As Chuck informed all of you on Friday, I have got the conn on the Pfennig today and tomorrow as he was called down to Jacksonville for a few meetings. As always, Chuck left me with a few tidbits to get me going, so Iâ€™ll kick off todayâ€™s missive with Chuckâ€™s view of the markets:[Read more...]
In the past couple of months, a lot of attention has been placed on the euro. The single currency has fallen hard and fast. But few people are focusing on the strength of the Japanese yen.
The Asian currency has appreciated rapidly over the last eight months against the US dollar. But more importantly, it has strengthened against the euro. From an exchange rate of 140 yen per euro back in the beginning of the year, it has jumped to just 108 yen per euro in the month of June. Thatâ€™s a 23% advance in a little over seven months.[Read more...]
Well, the heat returned to the euro (EUR) overnight… After enjoying a couple of days in the sun, rising from the ashes due to a short squeeze last week, it appears to me as though that sun bathing for the euro is over… Yes, it looks like the selling will return this week, I mean I may only have one eye, but I can see a reversal when there is one! The euro began the overnight sessions climbing to 1.2587, and then turned on a dime! The single unit is now grading below 1.24… Do you see the reversal?[Read more...]
Well… As the day went on yesterday, things got more mixed up… I kept reading news stories stating that the euro (EUR) was falling versus the dollar, but all the while, the currency screen kept showing the euro rising, actually getting very close to 1.34 on the day…[Read more...]
We finally got a bit of the volatility we’ve been looking for yesterday, as the markets moved dramatically as the Fed Chief testified before congress. But overnight the Asians had a different opinion and moved the dollar back up. So the currency markets were pretty much like a roller coaster ride, moving dramatically up and down but ending up pretty much right back where we started. I’ll begin where we left off yesterday, the Fed Chairman’s testimony to the House Financial Services committee.[Read more...]
We had more probing higher in the non-dollar currencies only to see the gains wipe away at the end of the day, yesterday. Still, as I told a radio audience in Oregon yesterday, traders, investors, etc. still believe the euro (EUR) is worth more than the dollar by quite a bit… Gold also gave back some gains overnight…[Read more...]