Good news / bad news for the holders of Icelandic krona, as we were able to get a trade done yesterday selling the maturing proceeds of the Icelandic CDs. The bad news was that the ISK currency was sold at the rate of just over 260 krona per $. Hopefully the latest moves in the credit markets will start to calm things in Iceland. But for now we will do our best to sell the Icelandic krona as the CDs mature.

Again, it will be interesting to see what the markets have in store for us today. We don’t have much in the way of data being released today (as if anyone is really looking at economic data lately anyway). Wednesday we will get the PPI numbers which are expected to show an up tick in inflation, along with the retail sales and empire manufacturing numbers, both of which will likely show a decline. Thursday will be a big data day, as we will see the CPI data for September along with the weekly jobs data, the TIC flows, Industrial production, and the Capacity Utilization numbers. We will end the week on Friday with the release of housing starts and building permits, both of which are expected to be down.

Hold on to your hats, this rollercoaster ride is over yet.

Currencies today 10/14/08: A$ .7223, kiwi .6332, C$ .8781, euro 1.3738, sterling 1.7593, Swiss .8861, ISK 260.0, rand 8.9732, krone 6.1409, SEK 7.0546, forint 182.72, zloty 2.5284, koruna 17.933, yen 102.68, baht 34.07, sing 1.46, HKD 7.7606, INR 48.07, China 6.8338, pesos 12.004, BRL 2.144, dollar index 80.929, Oil $84.55, Silver $10.875, and Gold… $842.94

Chris Gaffney

Source: Today’s Pfennig Tuesday, October 14, 2008 

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