Forex Market Updates & Commentary

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Bobbys Corner-Open Market-May.23.2012 Posted: 23 May 2012 05:27 AM PDT Good Morning: The euro is close to a 21 month low versus the greenback. With Euro Zone leaders meeting today, the markets are very skeptical that there will be any new ideas to reign in the European crisis. Italian May consumer confidence falls to 86.5 from 89.0. Japan’s downgrade was a warning to the rest of the world about growing debt.  With Japan’s public debt growing, and no sound fiscal policy to reign in the problem-Japan’s future is not looking good. Japan’s public debt is expected to reach over 235% of GDP this year.  This is compared to the US-which is running at 70% of GDP . This ratio is not sustainable-and with Japan going into it’s 3rd (lost) decade-the world’s 3rd largest economy is clearly in danger of imploding. With the BOJ’s stimulus measures and continued bond auctions, the country will stay afloat-but the long term may turn very ugly. World equity markets are lower-as are US Futures. Oil and Gold are also lower. HAVE A GREAT DAY & GOOD LUCK

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