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In This Issue.

* Pfennig problems.

* China is not a currency manipulator.

* India imports Gold!

* China's reserves fall, no worries.

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In This Issue.

* Data rich environment

* India to go backwards

* A priced in rate cut

* Second quarter contraction

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In This Issue.

* Bank of Canada leaves rates unchanged.

* Riksbank does too.

* India cuts rates with soaring inflation.

* Chinese banks begin to short dollars.

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In This Issue.

* House agrees on debt rise...

* Swiss franc continues to shine...

* RBA leaves rates unchanged ...

* India needs to raise rates...

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In This Issue.

* Dollar slides as investors move out of 'safe havens'...

* Another result of the catastrophe; Japan to sell US treasuries...

* Swiss franc continues to climb...

* India increases interest rates...

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In This Issue.

* Dollar reverses course ...

* Yen won't copy the '95 increase following Kobe quake ...

* India's growth to force higher rates? ...

* Brazil tries to keep a lid on the real ...

* EU leaders agree on a new and improved bailout ...

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In This Issue..

* Currencies give back ground overnight...
* Don't look too closely at U.S. data...
* India posts strong GDP...
* Lots O'-data this week!

Good day... And a Marvelous Monday to you! A Wonderful Weekend was enjoyed by your Pfennig writer, with good friends, and Chamber of Commerce weather, on a beautiful lake! It's back to work today though. I don't understand why I didn't plan on taking today and staying an additional day at that beautiful lake! Oh well... Time to go to work!

When I signed off on Friday morning, the currencies were enjoying a very nice rally, which remained in place the rest of the day. The Consumer Income and Spending data was very much as I describe it would be, and so there was no surprise for the markets to deal with. You may recall, that I told you that Spending would be greater than Income, as the 'Cars for Clunkers' probably had something to do with the Spending be so much stronger than the Income piece......

In This Issue..

* Industrial Production declines...
* Stocks sell off, leading currencies down...
* Indian election spurs a rally...
* China stockpiles commodities...

Good day... And a Marvelous Monday to you! Thanks to Chris for picking up the ball on the Pfennig Friday. I returned to St. Louis with a very swollen leg and foot from all that walking in Las Vegas. One of these days I'll learn, eh? Any way... A restful day with my feet up on Friday, and I was ready to go again!

Well... As much as I dislike having to say so, because I told you this might happen... The currencies have given back some major ground VS the dollar since Friday morning. It's all tied to the fact that the euphoria going around the markets the previous week regarding stocks and the U.S. economy, came to a screeching halt last week. I pleaded and begged for the currencies to break this link to stocks, but it wouldn't / didn't happen and voila! What we have here is a failure to break the link, and now that there's a falling demand for stocks, currencies have tanked too... UGH!...