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Hopes for a near term Aussie bounce are looking dimmer – from today’s Daily Pfennig: In Australia overnight… Retail Sales slowed for a second month only advancing .2% in October, although September’s sales were revised upward to .7%, this October reading has put a lid on any rate increase before year-end… The Reserve Bank meets […]
From Today’s Daily Pfennig: The Australian dollar fell over the weekend as a combination of the unwinding of the carry trade and reports of a widening trade deficit combined to work against the AUD$. The currency also weakened as the price of commodities that Australia exports stayed near the lowest in two months. The trade […]
In case you missed it, the Aussie $ got trashed during Monday’s dollar rally and carry trade unwinding. It was off about 4% on the day – ouch! I personally had to scale back some other positions in order to stay liquid through it. Was something I’ve been meaning to do anyway – needed to […]
Story of last week for me was the carry trades unwinding. With the stock markets getting slammed, traders and investors are running away from risk. When that happens, the carry trade unwinds fast and furious. The Swiss Franc and the Yen, the two currencies that are borrowed for the carry trade, both rallied strong on […]
Shed about 3K this week, mostly because of coffee. Damn rain in Brazil is killing me. Anyway a few new entries and old friends revisited: * The gold contracts were added when Bernanke dropped his pants. Gold broke the important $800 mark and is showing no signs of slowing down. Still a decent entry point […]
It was a nice buying opportunity for some currencies yesterday, but the window didn’t stay open long. I’m glad I had time (and the guts – it wasn’t an easy call) to pull the trigger. From the Daily Pfennig’s Chuck Butler:“Good day… And a Terrific Tuesday to you! Well… I sure received a shock yesterday […]
We have an even nicer opportunity to buy some Aussie dollars. From the Daily Pfennig’s Chuck Butler: The Bank of Canada (BOC) did leave rates unchanged yesterday, as expected… The Bank said that “against a backdrop of robust global economic expansion and strong commodity prices”, Canada’s “economy is now operating further above its production potential […]
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