Thursday, April 5, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobys Corner-Open Market-April.5.2012

Posted: 05 Apr 2012 05:32 AM PDT

Good Morning:

As we start the pre holiday get away-the markets were shocked when the EUR/CHF fell below the 1.20 peg level.
The SNB is staying committed to buying FX in the marketplace to defend their 1.20 cap on EUR/CHF.
This put the euro on the defensive all morning.  As European equity markets were taking a hit-the euro zone periphery bonds yields rose-and the euro took a hit.  Continued nervousness in the euro zone is also adding pressure to the euro.

Spanish/German 10 year bond spreads widen further to 401 bps.
France sold a total of 8.439 billion euros in various auctions.  The yields were higher-but the participation was just shy of the upside of 8.5 billion euros. 

The Bank of England left interest rates unchanged-as expected.  QE remains stable at 325 billion GPBs.

Asian equity markets were mostly lower-Europe is lower-and US Futures are also lower at this time.

Gold and silver are higher.

Oil is trading at $101.59/bbl.

Tomorrow we have US employment data at 8:30 AM-even with much of the world out for Good Friday and the Easter weekend-it should be a very interesting day.  

HAVE A GREAT DAY & GOOD LUCK

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