Chuck Butler, President of EverBank® World Markets, reviews this week’s currency exchange situation – including the state of gold, the Brazilian real, the Reserve Bank of Australia’s upcoming meeting and the position of China’s renminbi – for The Daily Reckoning.

A 4-day rally…  High Yield demand continues…  Home Prices slow to recover…  Paulson comes out from under the bus…

More range trading…  SNB doesn’t target the franc…  Norges Bank cuts rate but looks forward…  Buy your gold and Snickers! And Now… Today’s Pfennig!

Currencies & Gold move together!  Fed downgrades economic growth…  More on China…  Yen breaks the trading pattern… And Now… Today’s Pfennig!

Currencies rebound …  Budget Deficit makes up for Trade data…  China’s currency reserves continue to grow…  High yielders are best performers… And Now… Today’s Pfennig!

651K jobs lost in Feb…  Dec. and Jan Job losses revised up…  Talking Norway, Canada, Australia… Brazil stealthlike for 3 months… And Now… Today’s Pfennig!

The dollar rebounds… Home prices collapse! Consumer Confidence finally rings true… And Now… Today’s Pfennig!

G20 largely a non-event…  Pound moves up…  Brazil falls on sell off of emerging markets…  Japan enters recession… And Now… Today’s Pfennig!

Today Argentina and Brazil will drop the US dollar for commercial exchange between the two South American markets. Imports and exports will be carried out in Argentine pesos and the Brazilian real with an exchange rate that will be published daily by the central banks of both countries. This new system starts next Monday.

Bernanke and Paulson have been worn down from the one-off situations they have been dealing with, and finally came to the realization that the problem is much more pervasive than previously thought.  Ahoy thar maties… Yesterday was a very volatile day in what has become an incredibly choppy week.