Tuesday, June 12, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.12.2012

Posted: 12 Jun 2012 05:17 AM PDT

Good Morning:

The euphoria from the Spanish bank bailout was short lived, as I predicted it would be, but it was shorter than I expected.
I thought that we may be able to get a few days of positive sentiment from the “bailout” announcement.

Markets have been much calmer today.

Comments from Fitch Rating regarding Spain in particular, and Europe in general: 
Spain will “significantly” miss their budget target for 2012 and 2013. 
Greece’s future is unclear.
European leaders are unable to get a handle on the debt crisis, and continue to make mistakes and “knee jerk” reactions instead of solid decisions. 

These issues continue to plague the region, and will continue to hurt Sovereign ratings in Europe, and cannot be positive for the overall future of the Euro and the Euro Zone economies.

Regarding the Spanish bank bailout:
There is word that the 100 billion euros will be insufficient, as some feel the figure should be closer to 200 billion euros.
Also- Spanish officials had been adamant that they would not need a bailout-and that was just last week-so there was no plan of action.

Asian equity markets were lower-European markets are higher-as are US Futures.

Oil is lower-as is Gold and Silver.

HAVE A GREAT DAY & GOOO LUCK
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