I'm Late!
"We'll see the Empire State manufacturing index in a bit, and this is a real wild index. But it most likely will fall in line with the rest of the weak data lately here in the United States, and that will give the euro another good bid."
By Chuck Butler In this issue… Bogus CPI and the dollar. NFPS tomorrow… Scary. A sell off in Europe for the euro. Bank of Canada to meet tomorrow.
--- Advertisement --- A CD made of Gold. Invest by October 20th. Diversify, seek higher yields, and safely invest in Gold Bullion market returns. You can do it all with the new MarketSafe(SM) Gold Bullion CD from EverBank®. 100% principal protection, market-driven upside potential, no account fees, and FDIC insurance. Click here to open your new MarketSafe Gold Bullion CD today! http://www.everbank.com/main.asp?idpage=pro_mscd&affid=eb&referID=11600 --------------------- And now…today's Pfennig! I'm Late! Good day. This is really going to be short today, as I've got to leave in 10 minutes to catch my plane. Things obviously haven't worked out well for me this morning! Friday saw the euro and the yen gain back the ground they had lost to the dollar the previous day after that bogus CPI number printed. The euro then traded to 1.2115 in the overnight session, before getting sold all the way down to 1.2035 in Europe. This happened despite price of oil being on the rise again! We'll see the Empire State manufacturing index in a bit, and this is a real wild index. But it most likely will fall in line with the rest of the weak data lately here in the United States, and that will give the euro another good bid. Tomorrow, the Bank of Canada meets to discuss rates, and I expect a rate hike from them, which should get the loonie going again! Tomorrow, we'll also see the net foreign securities purchases data. I don't have the Bloomie in front of me here, so tracking the forecasts on this one is impossible. But again, I would think that this data would scare the bejeebers out of the dollar bulls! Well, I really have to go. I know this is not of the same cloth as usual, but these are unusual circumstances. Currencies today: A$ .7710, kiwi .6960, C$ .8450, euro 1.2035, sterling 1.7580, Swiss .7750, rand 6.5360, krone 6.50, forint 209.67, zloty 3.24, koruna 24.66, yen 114.70, baht 40.85, sing 1.6920, China 8.0877, pesos 10.89, and gold $474.80 That's it for today. I've got to get going! I just wanted to give you a quick note, and sign off. There you go! I'll be back in the Pfennig saddle tomorrow! | 
