Forex Market Updates & Commentary

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Bobbys Corner-Open Market-July.10.2012 Posted: 10 Jul 2012 05:36 AM PDT Good Morning: Some good news for Spain overnight. European finance ministers gave Spain an additional year to meet their deficit targets (3% of GDP in 2014 instead of 2013. The ministers will front run the funds for the recapitalization of the banks by offering 30 bln euros by the end of this month-and up to a total of 100 bln euros. China had some dissapointing data out today-they reported very weak import numbers, which were 1/2 of what was expected. Bank of England’s King stated that the expected recovery in the UK, has not materialized as of yet. He can’t be overly surprised by the lack of recovery. UK economy is not showing signs of recovery He is worried about the export outlook due to strong pound Euro crisis causing 'great black cloud' of uncertainty Asian equity markets were lower-European and US Futures are higher at this time. Oil is lower. Gold and Silver is higher A GREAT DAY & GOOD LUCK

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