No currency movement to speak of… Buffett calls out the deficits… PIMCO does too! SNB selling francs to stem gains… nd Now… Today’s Pfennig!

Good day… And a Wonderful Wednesday to you! Another day with the medicine in my knee and it feels better yet today… I did have to ice it last night though, I guess I’m still not out of the woods here, but I can see the exit!

There was very little in the way of movement in the currencies yesterday. The euro moved to 1.4150, but was brought back down

A Huge currency rally… The games people play now…RBA leaves rates unchanged…Brazilian real is the daily winner! And Now… Today’s Pfennig!

Good day… Hola! And a Terrific Tuesday to you! Well, today is Cinco De Mayo… It’s a fun day so go have some fun! I few years ago, I talked about Cinco De Mayo, and some guy took exception to it, and called me a really nasty name… So, I won’t get all flowery about the day, except to say, go have some fun!

Of course, to me, the saying “go have some fun” is a staple of my being! Especially these days! I realize that I need to have “more fun”, but work, and all that gets in the way, darn it! HA!

OK, enough of that! Well! You should have seen that currency rally yesterday! WOW! The Big Dog, euro, traded all the way to 1.34 and change, saw profit

Everything but Treasuries trades heavily…  Fundamentally speaking on Australia…  Bank of Canada to cut rates today…  Tell me your story… And Now… Today’s Pfennig! Good day… And a Terrific Tuesday to you! Well… The BIG NEWS this morning comes to us from down under, where the Reserve Bank of Australia (RBA) surprised the markets and left rates unchanged for the first time in 7 months… Now, that’s the horse of a different color! How dare they? How could they? Why everybody is doing it, Where do they get off thinking they didn’t have to? Ahhh, grasshopper… The RBA continues to shine in my eyes as the best

Retail sales disappoint….  Chuck’s views on the Lone Prop…  Waiting on the ECB…  Emerging market currencies sell off…  And Now… Today’s Pfennig! Good day… The big news yesterday was the retail sales numbers, which fell twice as much as expected. Chuck predicted a tough Christmas season, and the BHI was right again. Sales dropped 2.7 percent according to yesterday’s report from the Commerce Department. The falling home prices, rising job losses, and tighter credit have all combined to finally force US consumers to adjust their spending habits. No matter how low retailers slashed prices during the recent Christmas season, US consumers just weren’t buying. The economy is forcing consumers to wean themselves off of the dangerous drug of easy credit. In spite of Bernanke and Paulson’s attempts to get consumers borrowing and spending again, the economic slowdown is forcing the US consumers to reign in their spending. But while this

RBA cuts 100 BPS…  It IS a recession!  Paulson to ruffle feathers?  Yen to rally hard? And Now… Today’s Pfennig!

Right out of the starters blocks this morning, the Reserve Bank of Australia (RBA) pulled the rug right out from under the “high yield status” of their economy, with another HUGE rate cut overnight… This time, the RBA cut 100 BPS, to an internal cash rate of 4.25%. This brings the total since September to 300 BPS! WOW! Talk about effectively unwinding seven years of tightening! The statement following the rate announcement leads me to believe that the RBA is probably finished cutting rates for now… It will be a wait-n-see what happens globally, before the RBA entertains any talk of further rate cuts… At least that’s my opinion!

Had a long talk with the legal beagles yesterday… The just don’t like what / how I say things. This all stems

What will Paulson say?   Dollar remains well bid…   How long for Safe Haven buyers?   G-20 Schmee 20! And Now… Today’s Pfennig!

Well… Nothing has changed since I left you last Wednesday. The awful economic data just keeps piling on, and the dollar gets bid up on safe haven purchases. We did see the Eurozone and Japan announce that they are in a recession… Chris was kind enough to leave me the following, so here’s some more Chris….

“The dollar weakened slightly after the US Industrial production numbers showed a rebound in October. The 1.3% monthly gain sounds great, but it followed September’s drop of 3.7% due to the Gulf Coast hurricanes. After adjusting for the effect of the hurricanes and a strike at Boeing, output dropped .7 percent during each of the past two months. The trend continues to be very weak, and the recession which currently grips the US is now expected

Fed cuts rates 50 BPS!…  Currencies rally Big!…  3rd QTR GDP to go negative?…  I.O.U.S.A. … And Now… Today’s Pfennig!

Good day… And a Tub Thumpin’ Thursday to you! It certainly was a Tub Thumpin’ Wednesday for the currencies, foreign stocks, commodities, and the Philadelphia Phillies! This by no means that the deep dense fog that has hung over the markets for 3 months has lifted for good… It did, however, lift for one day, and what a day it was!

Oh, and the Fed did indeedly do cut their Fed Funds rate to 1%, which works out great since Fed Funds had been trading at 1% anyway! I had a reported from Dow Jones call me a few minutes after the rate cut and ask me my opinion on what the dollar was doing, which at the time was rallying back a bit… I said it looked like a classic case