Dollar up vs yen as BOJ warns of further export woes…  Euro gains broadly; doubts about U.S. auto bailout loom… Market expects ECB rate cut; policy-makers seem divided

FOMC to cut further…  Bernanke turns his back on inflation…  Kiwi and Australia rally…  Gold continues to shine… And Now… Today’s Pfennig!

Editor’s Note: Chuck Butler says the US is already in a recession. He sees the recent contraction of the manufacturing sector as a clear indicator that the economy is in decline. Chuck, presumably, wasn’t aware of today’s ISM factory index update, which registered growth for the first time since January.