| Bobbys Corner-Open Market-March.15.2012 Posted: 15 Mar 2012 05:23 AM PDT  Good Morning;
The greenback lost some ground across the board-as the 10 year US Treasury yield fell to 2.29 from 2.34 earlier this morning. Fitch Ratings put UK debt on negative outlook last night. The combination of high debt levels, weak economic recovery, and the continued European debt crisis as factors in determining the new announcement. The negative outlook brings a greater than 50% chance of the UK AAA rating being reduced if they do not make substantial changes in the next 2 years. The Swiss National Bank left their interest rates unchanged, and left the EUR/CHF pegged at 1.20. This was all widely expected. Data from China suggests that the world’s 2nd largest economy is slowing. With retail sales and factory output slowing, the signs are there for a slow down in the overall Chinese markets.
With an overheated housing market-investors are concerned that construction spending will also be reduced. Oil is trading under $106/bbl and Gold is under $1650/oz. Asian equity markets were mixed -as are European markets at this time.
US Futures are higher. HAVE A GREAT DAY & GOOD LUCK |
| Eurozone Q4 employment change q/q -0.2% vs -0.2% expected and prior -0.1% Posted: 15 Mar 2012 03:03 AM PDT Q4 Labor costs 2.8% vs 2.3% expected Eur/Usd continues to trade 1.3050-60. |
| ECB’s bulletin sees signs of stabilazation in Euro area economy Posted: 15 Mar 2012 02:09 AM PDT * upside risks prevail on inflation Eur/Usd jumped to 1.3060 on news. |
| SNB 3 month LIBOR target range remains at 0.0% to 0.25% Posted: 15 Mar 2012 01:43 AM PDT * SNB to continue to defend Eur/Chf ceiling of 1.2000 * Chf is still high; ready to take further measures * economy to expand 1.0% in 2012 vs previous 0.5% estimate * there is no risk of inflation in forseeable future |
| JPY strengthens; Usd/Jpy down to 83.50 Posted: 15 Mar 2012 12:30 AM PDT Currency movement attributed to Japan ministry of finance official Nakao, stating one sided JPY rise could resume due to market speculation. |
| Swiss government raises growth forecast, doen’t see recession Posted: 15 Mar 2012 12:05 AM PDT * GDP to rise 0.8% in 2012 vs previous 0.5% estimate * 2013 GDP should rise 1.8% vs previous 1.9% estimate * further economic worsening is unlikely * economy should gain strength over year * economy showing some signs of stability * export slowdon is less marked than feared * debt crisis is considerable risk Usd/Chf off 20 points to .9288 |
| 3-15 Economic Calendar Posted: 14 Mar 2012 08:27 PM PDT |
| oil/usd fails to stay above the top of this sideways channel. Posted: 14 Mar 2012 07:11 PM PDT  oil/usd fails to stay above the top of this sideways channel. This is a bearish signal showing that there isn’t enough upward momentum to trade higher and falls short back in this range..
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| Aussie testing support at the lows…. Posted: 14 Mar 2012 06:38 PM PDT The USD is continuing to be the mover and shaker, trading on highs against the majors with the Nikkei currently up 0.80%. Currently the AUD/USD is testing the lows around 1.0460; the 0.0% on the hourly chart. We haven’t seen trading at this level since January 20th. 
This area also has signifigance from a daily perspective, with 1.0415 being the 61.8% fibo line on the move from January 9th up to the high on February 29th. If support holds here we look back towards 1.0498 as our longer-term target. Lower we have the 200 day moving average coming in at 1.0402 and the 100 day moving average at 1.0369. 
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| usd/hkd continue to rally after break out of a upward wedge. Posted: 14 Mar 2012 06:14 PM PDT  usd/hkd continue to rally after break out of this upward wedge getting close to recent highs, which might provide some resistance for the pair.
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| aud/usd getting close to the 50% retracement level. Posted: 14 Mar 2012 06:12 PM PDT  aud/usd getting close to the 50% retracement level from this recent rally.
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| RBA bulletin says bank funding costs are part of the cash rate setting. Posted: 14 Mar 2012 05:40 PM PDT - Lending rates have fallen more than funding costs in the past 6 months.
- Funding costs have risen relative to cash rate.
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| Aussie MI Inflation Expectations 2.7% vs. 2.5% prior reading. Posted: 14 Mar 2012 05:14 PM PDT |
| New Zealand PMI rises to 57.7 vs. 50.8. Posted: 14 Mar 2012 02:30 PM PDT |
| To all followers…. Posted: 14 Mar 2012 08:31 AM PDT I wanted to let you all know, that I have been asked to join the crew at www.forexlive.com. The contributors at Forexlive are top notch and I am excited to be bringing my daily analysis to their customers. As of now, my daily commentary role will not change. I will continue to dedicate myself to you – the customer. What has changed is I will be doing more educational seminars (www.fxddmasterslive.com) that will take me from the daily commentary from time to time. As a result, it made sense to combine forces so that when I am away, the continuity of the market moving news and analysis for our clients at FXDD is not compromised. Jaime Coleman, Adam Button, Ed Craven, Gerry Davis, Joe Brown, etc., are all highly regarded and respected analysts with lots of contacts in the market. We are all dedicated to the same goals, and look to make www.forexlive.com portal the go to site for forex news and analysis. The transition is underway. It will take some time to get all the balls in total synch, but it makes a lot of sense for you, our customer. Thanks for all your support! |
