Watch out today at noon, Eastern Standard Time… That’s when the Fed/Cartel, is going to post on its website, just who were the recipients of $3.3 trillion in emergency aid back in 2008, during the financial crisis… The Cartel (or “Bernankâ€�) has fought to hide this information, but one of the items in the financial overhaul regulations makes the “Bernankâ€� comply with the demand to disclose the recipients…
[Read more...]Get ready for a Volatile Week in the Markets
November 1, 2010 by Leave a Comment
Chuck is getting on a plane bound for Mexico this morning, so I will be bringing you the Pfennig this week. As usual, Chuck left me a note to share with all the readers last night, so heeerrreee’s Chuck:
On Friday, we saw more healing in the currencies and metals, from the price action earlier in the week. Gold jumped up $15, and I have to think that some of that gain came from the heightened risk from the packages from Yemen. I tell you all the time that we have a ton of nut-jobs running around the world, wanting to blow this up, or wipe this country off the map… But gold – with silver tagging along – will always be sought when geopolitical risks elevate.
[Read more...]US Dollar Slightly Stronger on G-20 Meeting Expectations
October 22, 2010 by Leave a Comment
The volatility we’ve seen for the better part of the week carried over into Thursday, but we didn’t have the big swings like Tuesday and Wednesday.
As I left you yesterday morning, the dollar index was down slightly and most currencies were still seeing the carry over effect from the collective appreciation of Wednesday, but things started to turn as we made our way into late morning and into the afternoon. It looks as though, at least from what I could tell, there were two drivers behind the dollar strength yesterday. It started with the data releases that showed some slight improvement, but more importantly, they didn’t disappoint.
[Read more...]Dollar Negativity Soars on Pending QE2
October 14, 2010 by Leave a Comment
The negativity toward the FOMC’s pending quantitative easing (QE) and the dollar just continues to mount… I’ll tell you this now, so you can listen to me later… This negativity is stronger right now than at any time in the past 8 years of this weak dollar trend… The euro (EUR) traded over 1.41 overnight, the Canadian dollar/loonie (CAD) traded parity to the US dollar, the Chinese renminbi (CNY) posted another 5-year high fixing level, and the Monetary Authority of Singapore gave the green light to traders to continue to move the Sing dollar (SGD) stronger!
[Read more...]Currency Wars?
October 7, 2010 by Leave a Comment
Yesterday, we watched the currencies and precious metals rise all day long, in small increments. But the overnight markets have taken the currencies even higher! For instance, the Aussie dollar (AUD) is near 99-cents, and a new all-time record high! And gold is up another $9 this morning to $1,358!
[Read more...]Chinese Data Lead Risk On Assault
September 13, 2010 by Leave a Comment
This past weekend, we observed the ninth year since the awful, cowardly acts on our nation. I was proud to see all the American flags flying on Saturday. I really don’t like talking about 9/11; it brings back all those sick feelings I had that day, and the days following… I will never forget…
[Read more...]US Jobless Claims Hit 500,000
August 20, 2010 by Leave a Comment
The dollar was still stuck in a rut through most of yesterday’s trading, in spite of a weekly jobs report that showed jobless claims climbed to 500,000. But Bundesbank head Alex Weber dropped a bomb on the markets late yesterday and sent the euro (EUR) running for cover. The euro has fallen over one cent in early trading and is in danger of losing the $1.27 handle for the first time in a month. More on the euro in a sec, but first let’s review the jobs data, which dominated the news yesterday.
[Read more...]Will the FOMC Announce More Quantitative Easing?
August 10, 2010 by Leave a Comment
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...]Canadian Rate Hike and Oil Price Boost the Loonie
July 21, 2010 by Leave a Comment
We had some pretty unsettled weather come through the area, yesterday, with the lightening and thunder producing quite a show. The currency markets, on the other hand, were quite stable. The biggest gainer was the yen (JPY), and the largest loser was the euro; but neither moved more than 0.65% versus the US dollar… Tight ranges across the board for the currency markets.
[Read more...]
US Data Indicate Slow Economic Growth
The dollar stayed in the tight range in which it has been trading over the past week. The range of the dollar index over the past 5 days has been just 0.71%. Talk about stable markets! We had a plethora of data released here in the US yesterday, with most of the numbers coming in below expectations. The big number was third quarter GDP, which was reported at 2.6% compared to an estimate of 2.8%. While the number failed to reach economists upbeat estimates, it was slightly higher than the previous estimate of 2.5% growth. Personal consumption for the third quarter also came in below expectations with a 2.4% increase compared to predictions of a 2.9% rise. And the final piece of data in the GDP group, the GDP Price Index, rose 2.1% versus survey estimates of 2.3%.
[Read more...]Click for detailed story