Thursday, July 5, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-July.5.2012

Posted: 05 Jul 2012 05:21 AM PDT

Good Morning:

Well-an interesting morning greats us.

The ECB cuts their benchmark interest rate by 25 bps to .75% from 1%.
This was highly expected.  The ECB cut the deposit rate it offers to banks that park their excess funds with them t0 0%.

The Bank of England increased their QE program by 50 billion pounds.
In a surprise move the PBOC cut their 1 year lending rate by 31 bps to 6%.

Oil is higher again this morning.

Asian equity markets were mixed-European equity markets are now mostly higher-as are US Futures.

ADP: US added 175K private sector jobs-105K expected.

HAVE A GREAT DAY & GOOD LUCK
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