The rain was coming down hard on the dollar yesterday… But, this morning, when I turn on the screens, it looks like the dollar selling that went on all day yesterday, has had the brakes applied. I would say slammed on, but it all happened while I was sleeping, so I don't really know for sure!
[Read more...]European Monetary Fund: You Heard it Here First
March 8, 2010 By Leave a Comment
Well… After a couple of weeks of waiting, and wondering if it was going to print or not… There was a very nice article in The Wall Street Journal on Saturday that featured… Me! And my Pfennig! I’m sure that most of you missed it, so if by chance you would want to read what Jeff Opdyke had to say about me and the Pfennig… Click here.
[Read more...]Global Energy Outlook: Getting Worse Before It Gets Better
February 24, 2010 By Leave a Comment
Markets in the US ended yesterday’s session in the red. The Dow was off by 100 points, or around 1%. The broader S&P 500 fell a bit harder, down 1.3% at the close. Gold slipped, too. The yellow metal sunk below the $1,100 mark and now trades for about $1,095 per ounce. Oil gained a smidge, to just shy of $80 a barrel.
[Read more...]China Reduces Treasury Purchases for 5th Straight Month
February 17, 2010 By Leave a Comment
Front and center this morning, we saw quite the rally in risk assets yesterday, all day, and all night! It was like the sea parted, the stars aligned, and the karma began to flow… The global economic recoveries came back into the thoughts of traders and investors, and the fears of Greece waned… It was as if none of the “sky is falling” theatrics had gone on the past month!
[Read more...]The Mini-Rally For Currencies Continues
January 25, 2010 By Leave a Comment
On Friday, the currencies kept with their mini-rebound versus the dollar – for the most part – as the Big Dog, euro (EUR) crept higher and higher, but in tiny, baby steps for sure! It’s as if traders want to take the euro higher, and sell the dollar, but they just aren’t sure right now…
[Read more...]Cheap Oil is Gone, and That’s Good News
January 21, 2010 By Leave a Comment
Over the next year or two, you will likely find yourself paying a LOT more at the gas pump. Big changes are taking place in the oil industry. With increased global demand and declining supply, easy oil is not so easy anymore.
Everything is about to get more expensive. From gasoline to anti-freeze, life jackets to golf balls, and eye glasses to fertilizer. There are very few things in the modern world that aren’t made from oil, made by machines dependant on oil, or shipped by vehicles powered by oil.
[Read more...]Brazil to Benefit from the New Carry Trade?
January 7, 2010 By Leave a Comment
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…
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Oil Spikes Up in Global Confidence
When you have been in this business as long as I have, certain patterns become apparent; and one of those patterns showed back up yesterday. In the 20+ years that I have been working with Chuck, it always seemed the currencies rally whenever Chuck spends a week or two away from the desk. We call it ‘Chuck's vacation rally.' Yesterday we saw the dollar drop and the currencies bounce back up beginning what looks like another leg in the long-term trend.
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