Thursday, July 12, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-July.12.2012

Posted: 12 Jul 2012 05:35 AM PDT

Good Morning:

The FOMC minutes disappointed market participants as there was no sign of any additional QE.  The minutes did show a gloomy cloud over the economy. It looks like a “wait and see” attitude will be the current monetary policy before adapting any further stimulus measures.

Equity markets are struggling. Asian markets were all lower-European and US Futures are also lower.

In Europe- Bonds are rallying:
Dutch 2 year bonds turn negative for the first time ever.  last at -.001%.
Italy sold 1 year bills at 2.697% vs, 3.972% in June
Italian 10 year bonds-yields down to 5.75%
Spanish 10 year bonds-yields down to 6.53%

BUT-not all the news is positive:
Irish Q1 GDP -1.1%- much below Reuters consensus of +.4%
Greek unemployment rose again: 22.5% in June vs 22% in May- no surprises there.

US initial jobless claims 350K vs 372K

HAVE A GREAT DAY & GOOD LUCK

 

Gold and Silver are lower
Oil is lower-@ $84.53/bbl.

 
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