Well… Yesterday, I told you how the rumors were flying around about how the markets believed the Eurozone leaders were nearing a deal to contain the contagion debt problem in the Eurozone peripheral countries. The currencies basked in sunlight all day, that they hadn’t seen in a couple of weeks, with the euro (EUR) climbing back over 1.36, and the Aussie dollar (AUD) pushing back toward parity…
[Read more...]US Dollar Rallies as Swiss Franc Loses Its Ability to Float
September 6, 2011 By Leave a Comment
There’s a fly in the ointment, folks… The ointment being the bailouts of Greece, Ireland and Portugal… A German court is going to rule on the constitutionality, or legality, of Germany’s participation in the bailouts, and this ruling is expected tomorrow, September 7th!
This is like here in the US, where we just circumvent the Constitution and it takes a ruling by the Supreme Court to overrule something that should never have started… Well… Apparently, Germany’s participation in the bailouts is considered to be against the law of the land… Germany’s Chancellor, Angela Merkel, has tried to sneak the sun past the rooster here, and now, we’ll see if the German Court will look the other way or not…
[Read more...]Greece Dominates Markets’ Focus
June 28, 2011 By Leave a Comment
The mini-rally that began in Europe yesterday, remains in place this morning, with the currencies trading a very tight range all day yesterday. There was one brief bump higher about midday, but that didn’t last long… The reason for the “bump” was news from France that they were all set to roll the maturities of Greek debt… You can only imagine the joke I came up with when hearing that the French were the first to “roll over the maturities”… All in fun, no one was hurt, and no animals were used in the story!
[Read more...]US Payrolls Jump Up Thanks in Part to “Ghost Jobs”
May 9, 2011 By Leave a Comment
The US payroll numbers came in much better than expected on Friday, helping the dollar continue its rebound versus most of the currencies. American employers added 244,000 jobs in April according to the Labor Department, exceeding last month’s revised 221,000 jobs and easily beating economists’ projections. But a separate report showed that the jobless rate climbed to 9% – the first increase since November of last year. Chuck was scratching his head after the release of the jobs data on Friday morning, and sent me this to include in this morning’s Pfennig:
[Read more...]China Boosts the Euro
June 10, 2010 By Leave a Comment
Front and center this morning, the euro (EUR) is pushing higher on some words from Asia… Seems that China is very much behind the euro, and made statements related to that thought, which really put some starch in the euros shorts overnight. The thing I worry about right now, is the European Central Bank (ECB) meeting thats going on as I type my fat fingers to the bone… The ECB could crush this mini-rally in the euro in a heartbeat by saying the wrong thing at their press conference that will be held after the ECB announces that rates will remain unchanged.
[Read more...]Global Economic Growth Takes a Hit
February 4, 2010 By Leave a Comment
The news that Chris brought you yesterday regarding the mini-rally in the currencies, led by the euro (EUR) climbing back to 1.40 was completely washed out by the time the wheels on his plane touched down here in Orlando, yesterday afternoon. Chris had said as he signed off that the dollar was being bought right then, and he was right… And that buying of the dollar lasted all day!
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Jobs Data Sends Currencies and Gold Lower
Good day… And a Marvelous Monday to you! Congrats to the fans of the Big Blue, NY Giants, who are the Super Bowl Champions, after a very entertaining game. It’s very foggy out this morning here in St. Louis, reminds me of the time my beautiful bride and yours truly were driving home from Des Moines to St. Louis and a very dense fog was everywhere… Not wanting to stop, I cracked the car door open and kept an eye on the white line, which would keep me on the road… Thinking back now, that probably wasn’t a very safe thing to do, eh?
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