by Chuck Butler
Daily Pfennig
Good Day… And A Happy Friday to one and all! It’s a brand new day… Which means I start the day with a blank screen that needs to be filled up with information that would 1. Make you think, and 2. Inform you so you can make educated investment decisions, and sometimes, 3. Entertain… I can tell you that it’s no easy task to do this every day for what will be going on 25 years when we turn the calendar to 2017. And now, we’ll return to our regular programming. The Beatles greet me this morning with their song: I Feel Fine.. a nice brief guitar solo by George Harrison, who was an underappreciated guitar player, is a highlight of the song.
The dollar has fought back, overnight, and won some of the ground it lost yesterday after the Fed left rates unchanged. Kiwi is the worst performer overnight, and the Petrol Currencies are the best performers, as the price of Oil has bumped higher again, this time moving into the $46 handle. So, what’s up with kiwi? It’s that darn easing bias that the Reserve Bank of New Zealand (RBNZ) left hanging over kiwi like the Sword of Damocles at their meeting Wednesday night (Thursday for them)… The RBNZ may not cut rates again, but, having that easing bias hanging there is just too much for kiwi traders, who know that the RBNZ has had a problem with kiwi strength in the past, and the Traders are in no mood to test the mettle of the RBNZ right now, especially since the RBNA has a new Gov. (Lowe) who may or may not be another Wheeler, who was so anti-kiwi strength…