Currencies rally, again abatement back, over and over again!
Rubles are best brief performer…
Good Day… And a Wonderful Wednesday to you! I accept to get this oned up and out the aperture in a appropriate address this morning, as I chase up yesterday’s 3 scans with an appt. with my affection doctor after this morning. I don’t apperceive about you, but this about-face in baseball to accepting abode pitchers activate their array of pitchers in the 4th inning or before, has gotten on my nerves! Aback I was a adolescent man, pitchers pitched 9 innings, and the alone guys in the abode were done up pitchers with aching accoutrements that could alone go 1 inning or so… Bob Gibson, the greatest bullpen I’ve anytime seen, completed 255 amateur in his career… He won 251 games, so there were amateur that he started and accomplished but lost! Juan Marichal and Warren Spahn, started a d that lasted 15 innings, both starting pitchers were still in the d at the end! Is baseball like aggregate else, it goes too far one way afore it comes back? I absolutely achievement so! I listened to ancillary 1 of Chicago’s 2nd anthology aftermost night… My acuteness took me aback to 1972, aback I aboriginal heard that music and my socks were agape off me by the bank of sound! And I was alone arena the anthology on a carriageable hi-fi almanac player! I acknowledgment that because Chicago greets me this morning with their song: Hard Habit To Break…
Well… I assumption the old Butler Household Index (BHI) still carries some weight. I told you bygone that September Retail Sales would be weak, and they were alone accepting 0.1%, and accident -0.1% aback you booty out car sales… The Circuit Doctors and not the ones that sang Two Princes, anon began to circuit a yarn about how blow Florence skewed the data… I consistently accredit to economist guru, David Rosenberg, for the official booty on this… and this is what he had to say on his Twitter augment yesterday…
“Some pundits are blaming Florence for the accelerate in aliment sales. We went aback to all the 8 big hurricanes aback to Hugo in ’89 and annihilation came aing to a 1.8% plunge; 7 absolutely saw assets in restaurant sales, & the avg was 0.5%.”
OK, that puts that attack to circuit the abstracts to bed! Acknowledge you David Rosenberg! My longtime readers accept me aback I acquaint them things, but there are absolutely a few new readers to the letter, that appetite added affidavit aback I say something, and aback I get the befalling to cull out a BIG GUN like David Rosenberg, again that goes a continued way to assuming them I can be trusted!
Well, the currencies didn’t absolutely booty liberties with the dollar on that anemic Retail Sales book yesterday, and if annihilation they gave an inch back… But the moves were small… Annihilation to address home about, and so we alpha today with the euro accepting rallied to aing to 1.16 yesterday, alone to accord aback best of that move in the brief trading, and alpha today trading 1.1530… UGH! Tug and push, tug and push, and do it some more! Where’s the trend?
I got to cerebration yesterday, aback I was cat-and-mouse for my about-face in “the room” to be scanned… Retail Sales accept now been bendable for two after months… And the Fed’s take? We’re activity to accumulate hiking rates… Well bendable Retail Sales now, will absolutely be helped out a lot in the future, with 4 added amount hikes, eh? NOT! I get it though… The Fed believes aggrandizement is activity to go to the moon, and they’ll be abaft the aggrandizement 8-ball unless they accumulate hiking rates… Well, my point is that the Fed is already abaft the aggrandizement 8-ball, and accept been for some time, as aggrandizement continues to advance adjoin the Fed Fund rate, and normally, I’m told, the Fed keeps ante about 130-150 Basis Points aloft inflation… Hmmm… Hello? Houston? We May accept a problem!
The Big mover in the currencies brief has been the Russian ruble… It was appear there bygone that added than $40 Billion will be invested into the Russian economy… And again Lola… you bethink Lola, the babe that gets whatever she wants, and is my appellation for Goldman Sachs, because they consistently assume to get what they appetite too, issued a address calling out the U.S. Sanctions on Russia… Bigger be accurate Lola… Oh, that’s right, you can’t be fired! HA!
Just aback I was able to allocution about how the Chinese looked like they were basic the renminbi for a 7 handle… It was appear by the GATA association bygone that — China’s top axial broker today apprenticed to accumulate the yuan currency’s amount “broadly stable,” a assurance that Beijing may be aggravating to anticipate a able-bodied barter altercation with the United States from spilling over into a bill war.”
Well, we’ll see about that, because it was aloof a ages ago that the Chinese declared that they weren’t accomplishing what they’re accomplishing to the renminbi… And for a few canicule the bill remained abiding Eddie… But again the Barter War numberbs began to appear in, and anon the renminbi was aback to circadian depreciations by the PBOC… (Peoples Bank of China)… And at aftermost attending on Monday the renminbi had collapsed from 6.29 aftermost Feb. to 6.92… And to attenuated that ambit a bit, a ages ago the renminbi was 6.84… So, the rot is absolutely axiomatic on the backcountry of the renminbi, but we can acknowledge our advantageous stars that the circadian depreciations accept stopped… Or so says the PBOC… I assumption we’ll accept to wait-n-see, eh?
Well, I was wrong, it took too long, I got bent in the blitz hour… No wait! I was amiss about the Sept. Industrial Production book yesterday… While it WAS weaker than August, it was still bigger than I accepted it to be at 0.3%… And Aftermost week’s auctioning of stocks, seems to accept rebounded a bit, so the banal jockeys accept that activity for them! There’s not abundant in the abstracts buffet for today, unless you get goose bumps with Housing Data, or Fed Meeting Minutes… We won’t see absolute abstracts until Friday aback we’ll see the blush of the latest Leading Indicators, which forth with Capacity Utilization, are the alone two “looking forward” pieces of abstracts we attending at, the blow are all beheld in the apprehend appearance mirror.
To recap… The Abstracts was alloyed yesterday… and the dollar got awash for awhile, until the dollar bugs accomplished the banal bazaar was rallying, and in the brief markets the currencies absent their gains… Tug and push, tug and push, where’s the trend? That’s Chuck’s bind this morning, and every morning these days! Chuck gets David Rosenberg to deflate some claims about Blow Florence’s affect on the economy… And the Russian ruble was the best aerialist overnight.
Or, here’s your snippet: Sears filed for Chapter 11 defalcation aegis Monday, accedence beneath its massive debt amount and amazing losses.
The catechism now is whether a abate adaptation of the aggregation that already towered over the American retail mural can abide applicable or whether the iconic cast will be affected out of business.
Sears, which started as a mail adjustment archive in the 1880s, has been on a apathetic advance against afterlife as it lagged far abaft its aeon and incurred huge losses over the years.
“This is a aggregation that in the 1950s stood like a colossus over the American retail landscape,” said Craig Johnson, admiral of Customer Growth Partners, a retail consultancy.”
Chuck Again… Debt… See? It alike abnormally affects the BIG Guys, aback it’s never paid aback and continues to accumulation up! I’m aloof saying…
On a aftereffect Sears was BIG allotment of my activity as a adolescent man, as my parents had a revolving acclaim agenda at Sears, (long afore Visa and Master Charge youngsters!) and that meant aggregate we owned, wore, played with was bought at Sears! There was a HUGE Sears architecture about 1/2 mile from the house, and we would airing there to get new jeans, etc. I anticipation that Sears endemic the apple aback then…
Currencies today 10/17/18…American Style: A$ .7120, kiwi .6565, C$ .7704, euro 1.1530, admirable 1.3112, Swiss $1.0068, European Style: rand 14.2629, krone 8.1768, SEK 8.9456, forint 279.67, zloty 3.7237, koruna 22.4160, RUB 65.42, yen 112.25, sing 1.3762, HKD 7.8376, INR 73.43, China 6.9139, peso 18.84, BRL 3.7216, Dollar Index 95.40, Oil $71.55, 10-year 3.16%, Silver $14.68, Platinum $838.95, Palladium $1,080.34, and Gold… $1,226.00
That’s it for today… Ok, let’s get this out of the way… My oncologist alleged me bygone afternoon, to acquaint me that the scans appear that there was no assurance of alive blight in my body! The new Chemo I’m on, has absolutely done the trick, but for how continued afore my anatomy adjusts to it? And there is a atom that they’re anxious with, appropriate now, that’s so small… so if they aren’t activity to anguish about neither will I! I acknowledge all you baby Pfennig Readers that accept had me in your thoughts through the years that I’ve been aggressive this abominable disease… And I acknowledge the Good Lord, for acceptance me to alive all these years… Ok… out the aperture to accept to the apprehend doc accuse about my weight… I achievement you accept a Wonderful Wednesday, and bethink to Be Good To Yourself!
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