Today is our country’s first day of infamy… Pearl Harbor Day… I hope to visit Pearl Harbor some day, and pay my respects to those American soldiers and sailors who were attacked when we weren’t even at war with the Japanese… A day for us all to stop and think about what happened that day.
[Read more...]SNB Threatens to Weaken Franc Again
November 8, 2011 By Leave a Comment
Grunting and pointing… That’s about what the trading in currencies has been since yesterday morning… A tight trading range has formed around the euro (EUR), and that keeps everyone else corralled too. The euro tried a couple of times yesterday to mount a rally, but each time was knocked back down. The markets are in no mood to allow the euro to post big gains, when there is this Berlusconi budget vote hanging over the euro like the Sword of Damocles. Yesterday, I told you late in the letter, that there were rumors that Berlusconi (you know the Prime Minister of Italy) would step down… Well, rumor has it that he has agreed to step down, in exchange for support of his budget…
[Read more...]Gold’s Drop Below $1,800 Didn’t Last Long
September 21, 2011 By Leave a Comment
Good day… And a Wonderful Wednesday to you! Thanks to each and every one of you dear readers, for your kind words and thoughts yesterday. I truly appreciate them! I’m very lucky to have so many readers that I feel are “friends”… I think about sitting down with a nice hot cup of coffee, and the Pfennig, and me talking to you, as if I was sitting right there with you… If I ever stray from that type of conversation, please remind me of my roots…
[Read more...]A Flat Day Trading Currencies
August 30, 2010 By Leave a Comment
Recall, last Friday, we were waiting for the second quarter GDP print to see if any of the Fed Heads at the Jackson Hole boondoggle would comment on what I expected to see, which was GDP falling to 1.5%…
Well… I should have booked a flight to Vegas on Friday, as I darn near hit the GDP downward revision bang on! The actual number, that is if you even believe that this number is really the “actual number?, was 1.6% for the second qurarter. But, I don't gamble, except for my annual World Series bet on the Cardinals, and an occasional neighborhood, nickel, dime poker game, so… I'll stick to writing…
[Read more...]Markets Believe US Rates Will Move Higher
December 22, 2009 By Leave a Comment
We had another uneventful day in the currency market, with the dollar losing some ground in the morning, but then rallying back up as the day wore on. Overnight, the dollar lost ground again and is trading almost back to where it began yesterday morning. There just isnt anything to drive the markets, as investors are content to book the gains they have already earned for 2009. There will be a couple of big data days this week, but barring any major surprises, the traders seem content to just stay on the sidelines until 2010.
[Read more...]
Gold Demand Drops as Indian Jewelers Close in Protest
The currency markets were fairly calm yesterday, with the dollar pretty much unchanged from the levels I reported in yesterday’s Pfennig. There really wasn’t much new information to push the dollar one way or the other, and the news scrolling on the currency trading screens mainly rehashed concerns over China’s slowdown.
[Read more...]