Wednesday, May 30, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-May.30.3012

Posted: 30 May 2012 05:16 AM PDT

Good Morning:

Another bad day for the Euro Zone:

The single currency came under heavy pressure this morning as the ongoing worries over the Euro Zone, with the main catalyst being Spain’s beleaguered banking sector.

Italian auction results:  worse bids and missed full target amount.
5 year: yield 5.66% versus 4.86% previously
10 year: yield 6.03% versus 5.84% previously

Spanish/German 10 year gov’t bond yield spread widens to 537 bps from 508bps.

The National Bank of Greece commented that if Greece left the euro:
-living standards would drop
-incomes would be cut by 1/2
-unemployment would climb

I think we all know this-the entire region is in a catch 22 situation.

WTI dropes below $90/bbl-ahead of inventory reports.

World equity markets and US Futures are all negative.

Metals are also in negative territory.

HAVE A GREAT DAY & GOD LUCK
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