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.
[Read more...]The Coming Trade War
February 4, 2010 by Leave a Comment
We write today’s edition with the ghosts of Smoot and Hawley lurking over our shoulder. And Winston Churchill whispering “jaw-jaw” is better than “war-war.”
Jawing is what United States and China have been doing for the last 24 hours. Very indirect, beating-around-the-bush jawing, but jawing nonetheless.
[Read more...]
Will the FOMC Announce More Quantitative Easing?
Well, that slippage that I was seeing yesterday morning turned into a dollar rally, and has continued throughout the night with the euro (EUR) losing 1 1/4-cents… It’s about the same with Aussie dollars (AUD), and the Norwegian krone (NOK), which I highlighted yesterday, and gave it the old “Pfennig kiss of deathâ€�!
[Read more...]Click for detailed story