Forex Market Updates & Commentary

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Bobbys Corner-Open Market-May.16.2012 Posted: 16 May 2012 05:32 AM PDT Good Morning: Cable lost some steam after BOE’s King made comments that the UK recovery will be “slow and uncertain”.  With the UK financial sector exposed to the Euro Zone and their current crisis, there will be continued pressure on their economy. Inflation in the UK inched higher-while growth in the nation slowed. The Euro lost steam-and dropped below the 1.27 level in overnight trading.  The continued concerns over Greece, and that Spain will face “astronomical” borrowing cost (according to Rajoy)-there is a risk that the markets may stop lending to the country-which would cause a major credit crisis throughout the region.  These components all lead to the drop in the euro. Gold is lower-at $1540/oz. Oil is also lower. Asia equity markets were lower-and Europe is mostly higher except for the FTSE. Dow Futures are also higher at this time. HAVE A GREAT DAY & GOOD LUCK

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