Japanese yen rallies…  Renminbi stumbles…  A very tough data week in store…  Rate cuts all around the world… And Now… Today’s Pfennig!

The base metals were mixed on Friday. Copper pushed above the $4 level in the pre-dawn hours, but once again was unable to hold there, as it fell sharply through the first hour of the New York session, but then came off its lows to finish at $3.9512/lb., down less than 2 cents.

Senators, representatives and presidential candidates have been busy calling for more government oversight of the financial industry. And maybe Congress will settle on Paulson’s idea as its “savior” in the current camera-mugging opportunity.