> Everbank World=20 Markets
> A = Pfennig=20 For Your Thoughts
> May 21, = 2003
>
>=20 In This Issue...
>
> * Soros Returns
> * Mad Cow in=20 Canada
> * Coming Clean
> * Headaches!
>
> = ........But=20 First, A Word From Our Sponsor..........
>
> Need more World = Market=20 deposit slips? Simply give
> us a call at 800.926.4922, or, you = can send=20 an
> e-mail to worldmarkets@everbank.com. = We'll be=20 happy
> to send you more Bank-By-Mail envelopes by return=20 mail.
>
>=20 .....................................................
> And now... = Today's=20 Pfennig!
>
>
>
> Soros Pushes The Euro Past=20 1.17
>
>
> Good day... Well, yesterday we had a truck = load of=20 news to digest, which
> gives me an opportunity to regurgitate it = here!=20 Had an awful headache
> yesterday, hope I didn't snap at anyone, = or set=20 somebody "off" with a
> sarcastic comment, like I'm known to=20 do...
>
> First story out of the starter's blocks this = morning was=20 the piece that
> came across the screens late yesterday afternoon, = regarding financier
> George Soros, and his outlook for the = dollar. Here=20 are some snippets for
> your perusal... Hedge funds and other = speculative=20 investors are back in
> the limelight in currency markets after=20 billionaire investor George
> Soros said on Tuesday he was selling = the=20 dollar against most major
> currencies.
>
> Soros's = salvo was=20 confirmation of what currency market data had
> suggested: that = short-term=20 currency market investors are a key catalyst
> pushing the euro = higher=20 against the languishing greenback.
>
> In the wide-ranging = interview=20 in which he assailed the Bush
> administration's policies, Soros = said he=20 was buying the euro and the
> currencies of Australia, Canada and = New=20 Zealand against the dollar, as
> well as gold.
>
> Ok, = stop=20 for a minute... Does this sound like either; 1. He's been
> = talking to the=20 desk here... Or 2. maybe, just maybe, he's a Pfennig
>=20 Reader?
>
> Either way, his comments were the fuel the euro = needed=20 to move past the
> 1.17 handle, and stay there through the Tokyo=20 session...
>
> Some of you may recall the events in 1992, = when Soros=20 led a group of
> speculators in bouncing the British pound out of = the=20 ERM... (the ERM is
> the Exchange Rate Mechanism that was used to = place=20 currencies in a range
> before assigning a value to exchange for = euros)=20 Soros probably doesn't
> have the drive any longer to take on a = Central=20 Bank, but his saying that
> the dollar should be sold, is enough = of a=20 catalyst to move the market.
>
> Ok... Next, is the story = that hit=20 the screen late yesterday regarding a
> cow in Alberta Canada that = tested=20 positive for Mad Cow... I saw that
> headline, and immediately = spun my=20 head around to see where the loonie
> was trading, for I assumed = this=20 would hurt the currency... Nope! Not
> today... In fact, my = contact in=20 Canada, tells me that businesses and
> institutions were buying = the loonie=20 by the handfuls... And... The loonie
> closed above=20 74-cents!
>
> Man! Everybody and their brothers are writing = about=20 the end of the
> "strong dollar policy"... Hey! Don't you think = that=20 former U.S. Treasury
> Secretary, Paul O'Neill is wishing he would = have=20 been able to come clean
> like his replacement, John Snow? O'Neill = had to=20 feel foolish to stand up
> and say the administration still = believed in a=20 strong dollar policy,
> when, he had steel tariffs, interest rates = being=20 cut by the boat load,
> and other indications to the contrary? I = do... But=20 at least Mr. Snow,
> can go out in public!
>
> I = received some=20 really cool press yesterday in Thom Calandra's report...
> Mr. = Calandra,=20 of CBS Market Watch, has started a "paid" subscription
>=20 newsletter... It's very good! I subscribe! Just go to the CBS = Market
>=20 Watch web site, and look for the link to sign up for the = "Calandra
>=20 Report".
>
> Aussie dollars touched 66-cents last night, = only to see=20 a bit of profit
> taking on the figure... But pretty soon, those = sell=20 orders will be in
> the rear view mirror of Aussie dollars... And = it will=20 find that you can
> get your kicks... On route 66!
>
> = Oh,=20 Greenspan heads to the "hill" today... And he's going to tell
> = members of=20 the Senate, and House that he still sees stronger growth in
> the = 2nd half=20 of this year... Of course the last time he tried that
> schpeel, a = congressman asked him what planet he was from! So, it will be
>=20 interesting to see what happens this time.
>
> The Norges = Bank's=20 Gov. Gjedrem said this morning that Norway's inflation
> is = easing... Ok=20 for all of you new to class... This is Central Bank
> parlance = for... A=20 rate cut is coming, tra la, tra la...
>
> Currencies today: = A$=20 .6592, kiwi .5855, C$ .7410, euro 1.1715, sterling
> 1.6440, Swiss = .7765,=20 rand 7.7676, krone 6.7005, forint 210.15, zloty
> 3.73, koruna = 26.88, yen=20 117, (back to 117, the BOJ intervention worked!
> For now...) and = pesos...=20 10.2270
>
> That's it for today... Everyone is back home on = the desk=20 now... We've
> had business, vacations, and world travelers, like = Cheryl=20 Harper, who
> was greatly missed! But the house is in order = now... =20 Shoot, that darn
> headache is coming back... YECH! Oh well, have = a great=20 Wednesday!
>
> Chuck Butler
> President
> = Everbank World=20 Markets
> 1-800-926-4922
> 1-314-984-0892
> www.everbank.com
>
>=20 - ------------------------------------------------------------------------<= BR>>=20 - ------------------------------------------------------------------------<= BR>>=20 - ----------------
> All comments and opinions are solely those of = the=20 writer and are not in
> any way comments or opinions of Everbank, = First=20 Alliance Bank, (FAB), or
> any affiliates of either entity. = Additional=20 information is available
> upon request. Information in this = publication=20 has been obtained from
> sources believed by the writer to be = reliable,=20 but the accuracy,
> completeness and interpretation are not = guaranteed and=20 have not been
> independently verified. Opinions expressed are = subject to=20 change without
> notice and, due to the rapidly changing nature of = currency markets, may
> quickly become outdated. The opinions and=20 information presented do not
> constitute a solicitation for the = purchase=20 or sale of any securities or
> options on securities. ADDRESS = CHANGE? WISH=20 TO CANCEL? OR SIGN UP A
> FRIEND OR COLLEAGUE? SEND A MESSAGE TO = worldcurrency@everbank.com= =20 Chuck
> Butler President Everbank World Markets 1-800-926-4922=20 1-314-984-0892
> www.everbank.com
>
>
= >
>
>