Tuesday, July 31, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-July.31.2012

Posted: 31 Jul 2012 05:14 AM PDT

Good Morning:

The last trading day of the month greets us with a very lackluster day of trading movement and volatility.

News in Europe continues to be disappointing:
Spanish retail sales dropped 5.2% y/y (June) versus down 4.9% y/y in May.  This is the 24th month of falling retail sales.
Greek retail sales dropped 10.3% in May versus dropping 13.3% in April.
Italian unemployment rose to 10.8% from 10.6% in May(revised from 10.1% in May) expected 10.2%.
Euro Zone unemployment rose to 11.2% in June.  May 11.1%.
Poor earnings from 3 of Europe’s largest banks: Deutsche, UBS and BBVA all missed their targets.

Even Germany is not completely immune to the bad news in the Euro Zone:
Retail sales dropped .1% in June-dropped .3% in May.   +.5% was expected
German unemployment is at 6.8%-this is the 4th month that the number has stayed stable.

Oil is higher-over $90/bbl.
Gold and Silver are also higher.
Asian equity markets were higher-Europe is mixed-US Futures are higher.

HAVE A GREAT DAY & GOOD LUCK
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