A Santa Rally for the currencies?…  Waiting for the FOMC…  AUD and NZD rally…  China to try and keep growth above 8%… And Now… Today’s Pfennig!

German investor confidence, as measured by the think tank ZEW, printed a negative -40.7 versus -32 in March. That whipsawed the euro a bit… But then France printed an inflation report that showed inflation rising at the fastest pace in at least 12 years! OUCH!