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Why is the Norwegian krone the forgotten safe haven? Big hat tip to Dr. Evil, who sent over this idea, pointing out that while investors are flocking to gold and the Swiss franc as safe havens, the Norwegian krone is not getting much love from European currency traders: The NOK, while up against the dollar […]
Nice scoop on the Australian dollar from our favorite currency analyst, Everbank’s Chuck Butler: And under the heading of “dirty float”… The Reserve Bank of Australia (RBA) is reported to have sold the most A$’s in the month of May, since February 2004! Now, go back to May and recall the move in A$’s… The […]
Monday night, we were fortunate enough to initiate a long position in the Australian dollar. I took a long, hard look at it before entering the position – on one hand, it had already been rallying strong and was afraid may be due for a pullback. But the fundamentals and technicals looked too good, so […]
More good news for Australia’s economy – and the Australian dollar. This builds upon our review yesterday of the Australian dollar’s attractive prospects. The A$ is up $0.112 as I write, currently sitting at $0.7163. From Everbank’s Chuck Butler: Down Under… Australia saw Consumer Confidence rebound for the first time this year… Here’s the skinny… […]
Is the Australian Dollar poised to climb again? EverBank’s Chuck Butler believes the Reserve Bank of Australia may be done cutting rates, in anticipation of an economic recovery, and underpin a rally in the Aussie $. In Chuck’s own words: Yesterday, I told you that the Reserve Bank of Australia (RBA) had cut rates 25 […]
Today, Bloomberg reported that the Japanese Yen dropped today against the dollar, euro, and Swiss franc as Japan posted its first trade deficit in 13 years. “The poor Japanese trade-deficit data are giving further fuel to the idea that Japan, or the yen, is no longer the safe haven as the country’s external position deteriorates,” […]
Sean Hyman from World Currency Watch says watch out, the Bank of Japan is not one to be reckoned with. They are ready to intervene to stop the Yen’s rise – and you don’t want to test them. And our pal and trusted currency advisor, Chuck Butler at the Daily Pfennig, agrees with Sean in […]
So is this column a new Monday tradition? If you haven’t already, please be a good student of history and review my thoughts from the last Black Monday – they are all still relevant. Sure looked like the old Plunge Protection Team was out in full force this afternoon – could we have seen a […]
From today’s Daily Pfennig: I’ll tell you why I believe this is happening… So many Japanese investors held Aussie and kiwi (the high yielders) VS their base currency (yen)… And when Commodities started their free fall, these Japanese investors began to close out those positions, which meant they sold Aussie and kiwi, and bought yen… […]
The dollar rally continues into the weekend, with two main drivers to thank: The belief that the Fed will raise rates later this year to combat inflation. The belief that the US economy will turn up soon, and the world will again look to the US as a place to invest. I don’t think either […]
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