Tuesday, July 17, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-July.17.2012

Posted: 17 Jul 2012 05:36 AM PDT

Good Morning:

The markets are on hold, awaiting Fed Chairman Bernanke’s semi annual Congressional testimony.
Economic news has turned a bit sour since last weeks FOMC minutes were released, so it will be interesting to hear his comments today and tomorrow.
Included in the souring economic news is the weaker than expected retail sales data, along with the IMF’s lowering of the global forcast.
  
The negative news in Europe just keeps coming:
Moody’s cuts 13 Italian banks by 1 to 2 notches-following Moody’s downgrade of Italy last week.
Moody’s stated that their main concern is that the Italian government will not be able to financially support their banking sector if the need arises.
German ZEW -19.6 in July versus 16.9 in June.
Bank of Spain see GDP falling to 1.5% in 2012.

In other news:
The US government is investigating HSBC for failing to implement an appropriate anti money laundering procedure.
It seems that HSBC’s Mexican division was particulary negligent-who woulda  thought!!

The libor scandal is now being probed in the US along with the UK.  Barclay’s CEO, Robert Diamond has resigned as the scandal unravels.

Asian equity markets were higher-Europe is mostly higher except the FTSE.  US Futures are also higher at this time.

Oil is higher-metals are lower.

HAVE A GREAT DAY & GOOD LUCK
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