Tuesday, June 5, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June 5.2012

Posted: 05 Jun 2012 05:37 AM PDT

Good Morning:

Markets continue to be illiquid as the Queen’s Jubilee celebration continues.

The RBA, (Reserve Bank of Australia), lowered their benchmark interest rate by 25 bps to 3.5%. This move was highly anticipated, and had little overall impact on the Aussie and the overall FX markets in general. The RBA stated that the move was in response to continued problems in Europe and the potential slowdown  of growth in China.

Weak data from the Euro Zone was not helpful for the markets either.
G-7 finance chiefs to hold emergency conference call-who knows?
Euro zone May PMI 46.7  better than the 46.5 flash read
Euro zone April retail sales -1.0% -2.5% y/y
German April Mfg orders -1.9% from forecast of -1%-March revised higher

Asian and European equity markets are mostly higher-as are US Futures
Oil is a touch softer @ $83.27/bbl
Gold & Silver are stronger.

HAVE A GREAT DAY & GOOD LUCK
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