Forex Market Updates & Commentary

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Bobbys Coner-Open Market-Aug.3.2012 Posted: 03 Aug 2012 05:15 AM PDT Good Morning:  We have US July job and non-farm payroll  data due out at 8:30 AM. The latest guesstimate for NFP is a positive number, either side of 100K. This is after June’s 80K increase. The unemployment rate is expected to stay steady at 8.2%. Today’s moves all stem from ECB President Draghi’s comments yesterday. The markets were initially disappointed in the lack of immediate action-but it seems the markets are accepting the position that at least now, the ECB has a sense of urgency finally.  The ECB will inevitably intervene in both Spanish and Italian bond markets, with a special interest in the shorter end of the curve. Asian equity markets were lower-Europe and US Futures are higher. Oil, Gold and Silver are all higher. HAVE A GREAT DAY & GOOD LUCK

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