Forex Market Updates & Commentary

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Bobbys Corner-Open Market-April.4.2012 Posted: 04 Apr 2012 05:15 AM PDT Good Morning: Spain was on center stage overnight:  Spanish auction results were very disappointing.  The auctions resulted in selling only 2.69 billion euros out of a target of 3.5 billion euros. Spanish./German 10 year government bond yield spreads widen to 376 pps. Spanish 5 year credit default swaps also rose.  Which is a sign of growing euro zone concerns. Spain’s PM Rajoy commented that Spain’s situation is of “extreme difficulty’. S&P commented that Europe should pull out of recession in late 2012.  I am not sure where they get the data to make this assessment-but that S&P. Gold continues to trade lower-after yesterday’s $42 drop after the minutes from the FOMC dashed any QE3 hopes.   Asian equity markets were mixed-Europe is lower-as are US Futures. Oil is trading just under $103/bbl. HAVE A GREAT DAY & GOOD LUCK

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