Euro at one-month low…  Trichet talks rate cuts…  Riksbank & Bank of Canada this week…  The Mogambo on a Monday! And Now… Today’s Pfennig!

Gold did the deed. The precious metal closed over the psychological barrier of US$1,000 last week as the Senate Banking Committee Chairman Chris Dodd sideswiped the dollar.

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!

Eurozone inflation measured 3.7% year-on-year in May, the highest rate for 16 years, reports Bloomberg. This increases the likelihood of an interest rate hike by the ECB in July, putting more downward pressure on the US dollar.

Money Morning’s William Patalon III discusses how rising inflation is dominating the news on both sides of the Atlantic:

Undoubtedly, a universal theme is emerging at the Fed and other world central banks: Inflation, Inflation, Inflation.

Investors better keep an eye on bonds this week.While the stock market may be more fun to follow, fixed income is often a stronger gauge of investor expectations of the economy, future U.S. Federal Reserve policy, and inflation.

Whip Inflation Now…Where Can We Get Help on Inflation?…The Patient Died Anyway…Inflation in Asia and Europe…There Are No Good Solutions

 In the currency market, the dollar rallied against the euro. Late Thursday, the euro was trading at $1.5421 vs. $1.5548 on Wednesday. The buck was supported by better-than-expected retail sales, which boosted expectations for a Fed rate hike.

In the energy market Thursday, crude for July delivery recovered its recent losses, closing at its highest level in a week, at $127.79/barrel, up $5.49, or 4.5%. July reformulated gasoline rocketed 13.45 cents higher, to $3.3345/gallon.

Trichet talks tough! Kohn sends warnings… The currencies bounce back! Will the BLS create ghost jobs?

An interest piece on Barron’s suggests that all-round economic genius and former Fed chairman Alan Greenspan may be shy about public scrutiny of Ph.D. dissertation.

According to a new book by Robert Auerich, Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan’s Bank, nobody seems to be able to track down the Maestro’s dissertation, which led to Greenspan obtaining a doctorate in economics from NYU.