Good day. Another busy day on the desk yesterday, as the increased volatility in the currency markets had the phones ringing. Many of the clients calling the desk were worried about the recent drop in the currencies and metals. Some want to bail out, while others are seeing the fall in prices as a good buying opportunity.
[Read more...]Bill Gross and Others Call for QE3
May 9, 2012 By Leave a Comment
Good day. My first day back in the saddle went fairly well, the meetings were short and sweet — just the way I like them — and I got out of here at a decent time to get home and get my feet up. It was a busy day in the markets, and with no economic data to guide them, they continued to steer toward the dollar.
[Read more...]Bill Gross and Others Call for QE3
May 9, 2012 By Leave a Comment
Good day. My first day back in the saddle went fairly well, the meetings were short and sweet — just the way I like them — and I got out of here at a decent time to get home and get my feet up. It was a busy day in the markets, and with no economic data to guide them, they continued to steer toward the dollar.
[Read more...]UK Retail Sales Push Euro-Bloc Higher
April 20, 2012 By Leave a Comment
The euro (EUR) has gotten another boost this morning from a think tank report in Germany, and what’s called the “euro bloc” of currencies is moving along with the euro this morning. The “euro bloc” consists of: euro, Norway, Sweden, Denmark, Switzerland, the U.K. and we could even throw in the euro-wannabes (Hungary, Poland and the Czech Republic).
[Read more...]Fed Gives Parameters for Additional Stimulus
April 4, 2012 By Leave a Comment
Good day. Boy, did I ever “hit the wall” yesterday! I got home and collapsed in my recliner, and immediately fell asleep. It had been a whirlwind three weeks, and then I “hit the wall.” It looks as if the risk assets have “hit the wall” too yesterday afternoon, which has carried through to the overnight markets.
[Read more...]US National Debt Passes $15 Trillion!
November 17, 2011 By Leave a Comment
Good day… No contact from James Bullard, so I guess he doesn’t read the Pfennig… HA! I was hoping he would read yesterday’s letter, and answer my questions in writing, since I was unable to ask him in person the other day. But I guess that was like wishing, and hoping, and thinking, and praying that someone at the Fed would answer those questions, because… I know that someone at the Fed does read the Pfennig… Wink, wink…
[Read more...]Euro Continues to Be Well-Bid Ahead of Summit
October 26, 2011 By Leave a Comment
The markets are looking for that silver lining in the Eurozone meeting that begins later this morning. The Eurozone leaders are saying all the right things, but saying and doing are two completely different things… The risk of disappointment remains hanging over the euro (EUR), folks… Don’t get all lathered up because the euro is well into the 1.39 handle… Should the Eurozone leaders disappoint this afternoon, and I truly believe they will, the euro will be taken to the woodshed, for all of this rallying in the euro has come about from optimism that the Eurozone leaders will in fact deliver the Eurozone from evil…
[Read more...]No Greek Default…Yet!
September 12, 2011 By Leave a Comment
Well… The warning that I sounded last week regarding the perfect storm for a period of dollar strength, sure has come to fruition…or at least the beginning of it has. And the warning bells I rang for the possibility of a terrorist attack this past weekend, thankfully did not come to fruition; and for that, I am grateful!
[Read more...]
British Pound Sterling Losses “Safe-Haven” Status
Good day. Another busy day on the desk yesterday, as the increased volatility in the currency markets had the phones ringing. Many of the clients calling the desk were worried about the recent drop in the currencies and metals. Some want to bail out, while others are seeing the fall in prices as a good buying opportunity.
[Read more...]