Tuesday, May 22, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-May.22.2012

Posted: 22 May 2012 05:21 AM PDT

Good Morning:

The overnight session started with Fitch Rating;s downgraded Japan.  The downgrade was for Japan’s long term rating-and was moved to A+-with a negative outlook. 

The greenback was higher today-as continued concerns over the euro region supported the move to the safe haven of the USD.

JP Morgan’s losses could exceed $7 billion-according to a report from the UK.

In European news:
Spain’s bank losses could reach 260 bln euros.
Spain sold 2.53 bln euros of 3 & 6 month bills:  They are selling their treasuries-but are paying the price.
3 month bills yield .846%  versus .634%
6 month bills yield 1.737% versus 1.58%
IMF suggests that BOE should cut rate and expand the QE program.

Asian equity markets were higher-as are European and US Futures.
Oil is a touch softer
Gold & Silver are lower.

HAVE A GREAT DAY & GOOD LUCK
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