Gene's Footnotes

I have never been impressed by the messenger and always inspect the message, which I now understand is not the norm. People prefer to filter out discordant information. As such, I am frequently confronted with, "Where did you hear that...." Well, here you go. If you want an email version, send me an email.

March 19, 2010

Things to come

From Irene.  The Globe and Mail:



Tavia Grant
Globe and Mail UpdatePublished on Monday, Mar. 15, 2010 12:33PM EDTLast updated on Monday, Mar. 15, 2010 7:17PM EDT
More global investors are jumping onto the Canadian bandwagon.
The Canadian dollar net long position – or bets the currency will increase further – jumped 60 per cent last week and is now the largest position held against the U.S. dollar, the Bank of Nova Scotia says, citing the most recent report from the Commodity Futures Trading Commission.
It's now the biggest net long Canadian dollar position since November, 2007, which is when the currency hit a modern-day high, says John Curran, senior vice-president of CanadianForex.
The loonie (CAD/USD-I0.98-0.003-0.26%) was little changed Monday, trading at 98.07 cents (U.S.). It passed 98 cents on Friday, hitting a 20-month high after stronger-than-expected jobs numbers, and some strategists say the currency will hit parity by summer. As investment newsletter writer Dennis Gartman wrote Monday, “let the ticking begin as parity and beyond looms.”
As of Friday, the currency had gained for 11 straight days, the longest streak in 23 years, according to Bloomberg, amid expectations of rising interest rates and commodity prices....

posted by Gene | 9:30 PM

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