Senate rejects auto bailout…  ECB pushes back from the rate cut table…  Goldman and Citigroup predict a dollar fall…  China to continue to appreciate… And Now… Today’s Pfennig!

Currencies rally then fall back…  Rate slashers!  Following Japan? Let’s hope not!  Canada’s woes mount…
And Now… Today’s Pfennig!

GMAC Files to Become a Bank; Unemployment Nears 26-Year High; Mogul Signals Interest in Circuit City; Banco do Brasil Buying Out Rival; Crude Continues Slide; JPMorgan Cuts 3,000 jobs; Stock Market Craters.

Data shows just how bad things are…  Trade deficits narrow…  EU confirms they are in a recession…  RBA intervening again… And Now… Today’s Pfennig!

In the currency market, the dollar reversed its recent trend and pushed higher against the euro. Late Thursday, the euro was trading at $1.5701 vs. $1.5791 on Wednesday.