The report below comes courtesy of Nouriel Roubini’s team of analysts at RGE, taking a look at some recent monetary policy trends in advanced economies. This content is excerpted from a longer piece, “Global Monetary Policy Review,” which includes in-depth analysis of when the world’s emerging markets might shift interest rate strategy. However, the longer piece is available only on a subscription basis.

Last week was a busy one for the Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of England (BoE). Policymaking is tricky when different asset classes are sending very different signals about the economy. However, those different signals are themselves a byproduct of policy. In the US, bond markets are discounting a sluggish U-shaped recovery or even a double-dip recession, while risky markets are signaling a strong V-shaped recovery ahead. Which is right? While RGE leans towards the

Pandora’s Box of rate hikes is opened! Is the dollar being removed from oil trades? Deficits do matter, eh? Gold heads toward its all-time high…And Now… Today’s Pfennig!

Good day… And a Terrific Tuesday to you! A Tuesday morning that is seeing a HUGE currency rally VS the dollar on the news that the Reserve Bank of Australia (RBA) opted to go ahead and hike rates now, and not wait for November’s meeting,

Non-dollar currencies give back very little…The Unemployed are remaining unemployed… FOMC puts away the board games today… China invokes a “Public Morals” defense…

The dollar pushes back! FOMC plays battleship? Norges Bank meets this week…Precious metals give back too…And Now… Today’s Pfennig!

Good day… And a Marvelous Monday to you! Here we go… Starting a new week all over again… I have a blank page to start each day, and then 2 hours later… The Fabulous Pfennig! A work of art, I must say! HAHAHAHAHAHAHAHA!

Well… Recall on Friday, I said that the non-dollar currencies would probably just follow whatever the stocks did, since the data cupboard was empty? Well, the non-dollar currencies didn’t even follow that theme, as stocks pretty much wallowed around in the mud all day… The dollar began to push back at the gains the other currencies had made during

Euro & yen add to gains…RBNZ disappoints…Foreclosures continue to stack up! BOE & BOC meet today…And Now… Today’s Pfennig!

Good day… And a Thrillin’ Thursday to you! Ahhh! A change! Just thought that with the thrilling victories my beloved Cardinals have been accumulating, that Thrillin’ would be a nice change to our Thursday lineup!

Front and Center this morning… The currencies added to their gains this week yesterday, albeit small gains, but gains nonetheless. The Fed’s Beige Book was “cautiously positive”… And… Overnight, the Reserve Bank of New Zealand met, and left rates unchanged as suspected… This and more as we begin our Thrillin’ Thursday!

The Big Dog euro has been off the porch chasing the dollar down the

Currencies trade in a tight range again…U.S. Retail Sales are a clunker! RBA’s Stevens is upbeat! Thoughts on Brazil…And Now… Today’s Pfennig!

Good day… And a Happy Friday to one and all! The end of the week… It’s been a tough week for yours truly, as I’ve hobble around in pain all week. But, as I recall, I promised 2 years ago that I would not complain about these things in the future… So! I carry on!

Well… Front and center this morning… The currencies are trading near levels they were when I signed off yesterday morning. They did have a brief rally, after the U.S. Retail Sales data showed some real rot

Currencies rally…  Eurozone growth unexpectedly stronger!  FOMC extends QE…  Norges is the first! And Now… Today’s Pfennig! Good day… And a Tub Thumpin’ Thursday to you! Well… Turn-around Tuesday came 24 hours later this week! HA! Yes, the currencies came back yesterday, but not with a lot of conviction… You see… Stocks rallied, but that doesn’t mean what I talked about yesterday still won’t happen… Be careful there!

The euro has received some additional love this morning, as the Eurozone’s economic growth printed better than expected, albeit still negative… But… Germany and France showed growth, which I must say is very unexpected! That means that both Germany and France have exited the recession… Well, that is at least for now! For those of you keeping score at home, Eurozone GDP fell -.1%, which is far better than the -.5% that was expected… Oh! And this is for the 2nd QTR… You would have to

Low yielding currencies get sold…High yielding currencies remain solid…Further info on the inflation indexed bonds…Stealth QE…And Now… Today’s Pfennig!

Good day… And a Marvelous Monday to you! A very nice, but hot weekend here… But hey! It’s August, it’s supposed to be hot! Friday was an awful day for most of the currencies, and there was a HUGE surprise in the Jobs Jamboree (according to the BLS, of course!)… And, at the end of updates, I’ve got a story for you about stealth QE, you’ll not want to miss a minute of that! So… Let’s go!

Well, Friday’s Jobs Jamboree was quite interesting to say the least… I had already told you about the forecasts for a HUGE drop in job losses for July from 467,000 to 325,000… But the number, according to the BLS, was 247,000!!!!!!! Way to Go Corporate America! Geez Louise, I wish it were that full of

Low yielding currencies get sold…High yielding currencies remain solid…Further info on the inflation indexed bonds…Stealth QE…And Now… Today’s Pfennig!

Good day… And a Marvelous Monday to you! A very nice, but hot weekend here… But hey! It’s August, it’s supposed to be hot! Friday was an awful day for most of the currencies, and there was a HUGE surprise in the Jobs Jamboree (according to the BLS, of course!)… And, at the end of updates, I’ve got a story for you about stealth QE, you’ll not want to miss a minute of that! So… Let’s go!

Well, Friday’s Jobs Jamboree was quite interesting to say the least… I had already told you about the forecasts for a HUGE drop in job losses for July from 467,000 to 325,000… But the number, according to the BLS, was 247,000!!!!!!! Way to Go Corporate America! Geez Louise, I wish it were that full of

Obama defends his policies…Commodity currencies should outperform…Global Power Shift Index…And Now… Today’s Pfennig!

Good day… And happy Thursday to everyone! Hope everyone made it through the ‘hump day’ with no worries. We started the morning here with rainshowers, but it ended up being a beautiful afternoon and evening. Currency markets were similar to the weather here, as most currencies started Wednesday in the loss column vs. the US$, but rallied as the day progressed. The dollar had strengthened over the past couple of days due to ’safe haven’ demand; but a surprisingly strong durable goods number (ex autos) combined with an ‘all clear’ signal from President Barack Obama had investors moving back into riskier assets. The commodity based currencies also got a boost as China signaled it would maintain an accommodative policy, easing speculation that the Bank of China would try to rein in bank lending. Lots to cover today, so