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The Currency Korner        
By -The FX Specialist-
Philip J. Magnoli

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FX Specialist Insight
-brought to you by Philip J. Magnoli
 An expression of thought; December, 1, 2022
——–The Currency Korner——–

The Way I See Things

Volume 11 Issue 3

“Life is not about waiting for the storm to pass but learning to dance in the rain.”              –  Anonymous
 

Good morning,

As you know a lot of my inspiration comes from my personal family experiences. One of my biggest influencers has always been my Father. We didn’t always see eye to eye and always had differences of opinions. When this happened he would look up, tilt his head to the right, and state, “No two people are alike, you have your opinion and I have mine, I am who I am!”.

Having said that, he was definitely one of a kind. I am actually excited to deliver his eulogy and fulfill the wishes that he pounded into my head. In the last few years, his physical abilities deteriorated, so I would help as much as I could, especially with home maintenance. When I arrived at the family home, he would tell me about the 10 jobs I had to do. I would respond, PA! Please, I don’t mind doing the work but let’s do one job at a time. I will do them all, please don’t overwhelm me. The next word would be…when I die, I don’t want a wake, I want a party! A big party!

People I worked with used to laugh at me because most of the clients I met were always people I met at funerals or weddings.  What can I say? I am a social butterfly or should have been an ambulance chaser like Paul Newman in the movie, ‘The Verdict’. (Great Film)

Honestly, I am really really excited to deliver his wishes. The tears have subsided but the laughter is just beginning. My father’s legacy was his Pre Departure Party. He pretended to have lived until the age of 100 years old in the year 2038, then came back in time to listen to what his friends said about him at his funeral. It took my Mother, three weeks to prepare the food, steaks, lamb, sausages, and everything under the sun.

He invited his best friends and family. At first, it sounded morbid but after the mock funeral procession, the eating, drinking, and laughter didn’t end. It was a party for the ages! A celebration to enjoy the fruits of his labour and the friendships he cherished. In the end, he read his Will and Testament, then handed out a lottery ticket to all. There was no big winner other than My Father for living life on his own terms. He will never be forgotten and always be remembered as the person who established the template for living.

Speaking, of living reality sets in quickly when we look at markets.  The key number today was the Personal Consumption Expenditures (PCE) Index. Even though wages increased by 0.8%, It shows that Inflation was down YoY to 6% from (6.3%) expected (6.2%). Core Inflation came in at 5% YoY expected (5.2%). The Initial Jobless Claims come in at 225k expected (235k). As a result, the USD Index implodes below the 105.0 level as the currencies explode higher. The Cad$ also improved with the combination of a weaker USD and Oil price above the $82/B level as it tested the 0.7450 cents level.

The numbers suggest that the Fed Policy is working with interest rates increasing. Take the results with a grain of salt, as reality is far more different than this reality suggests. The Central Banks are still being aggressive with increasing rates and the collateral damage is yet to be felt. A tsunami is approaching of economic devastation never witnessed before.

Consequently, it will be fear of the unknown that could sustain the USD from imploding all at once but if the USD Index closes below the 104.80 level more USD weakness could be the result.

Precious Metals have exploded higher as well. Gold pops up above the $1800/oz level for the first time in months. Silver catapults above the $22/oz level. Europe needs to take control of its own affairs and not let the Americans dictate its decisions. The world needs peace not profiteering from the destruction of people and the sale of military equipment.  Hopefully, the spirit of my Father can knock a little sense into the leaders of our world and teach them about compassion and dignity by infusing his wisdom of how life should be lived. I keep asking myself if I was switched at birth.

(Click below) 

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Pass it on as I am always available to provide the most advanced foreign exchange services and knowledge, efficiency, expertise and above all integrity. Referrals are welcomed and very much appreciated.
… Don’t Forgetta bout Me!!!!

Foreign Exchange Service is my Specialty.
Direct# 416-992-7765

Contact Me Direct via email at phil@aloris.ca

Don’t Forgettaa bout Me!!!!

Sincerely,
Philip Magnoli – The FX Specialist-

Direct:     416-992-7765 
Email:    phil@aloris.ca          

Opinions expressed within are that of the author alone and do not reflect in any, way, shape or form, any Company I choose to associate myself with. This is the intellectual property of Magnoli Financial Services Corp. www.donfilippo.ca 

 

 
 
 

 
 
 

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