Forex Market Updates & Commentary

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Bobbys Corner-Open Market-May.31.2012 Posted: 31 May 2012 05:20 AM PDT Good Morning: Some positive data from German gave the markets a bit of a pick up as the month ends. German retail sales (April) up .6% German jobless total down 5K German unemployment rate 6.7% down from 6.8% (this is the lowest level since reunification) Yesterday’s market sell off showed how the markets are thinking about the sad state of affairs in Europe. Yesterday we saw Italian and Spanish bond yields climb-but we also saw record low yields in the US, UK, Finland,Netherlands,France and Austria, as money made it’s way to safer havens. Spanish banks lost a total of 1.9% of their deposit base-as Spanish investors removed their cash from the banking system. Was the money used to “make ends meet” or was this a sign of a nervous economy.  I think the latter is the main reason.  Asian equity markets were lower-while European and US Futures are in positive territory. ADP employment data showed a rise of 133K in the private sector. Gold & Silver are lower. Oil is higher-but still under $88/bbl. HAVE A GREAT DAY & GOOD LUCK

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