Friday, July 13, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-July.13.2012

Posted: 13 Jul 2012 05:24 AM PDT

Good Morning:

It was a real Friday the 13th for Italy-as Moody’s downgraded Italy’s bond rating by 2 notches-from a3 to Baa2.
Moody’s also warned of possible downgrades in the future.
Italian government ministers commented that the downgrades were unjustified, misleading and arbitrary.
In the wake of the downgrade-Italian debt is still trading pretty well:
2 year paper  dropped 20bps in yield to 3.70%
10 year paper at 6% yield.

Spanish bonds are also faring better with  2 year paper at 4.6% and 10 year paper at 6.68% (under the magic 7%).
Data released today also shows that Spanish banks continue to depend on the ECB for funding at an alarming rate.
They borrowed 365bln euros in June-up large from 324.6 bln in May.

Asian equity market were higher. Europe is also higher. as are US Futures.
Gold, silver and Oil are all higher.

HAVE A GREAT DAY & GOOD LUCK
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