Forex Market Updates & Commentary

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Bobbys Corner-Open Market-Sept.12.2012 Posted: 12 Sep 2012 04:10 AM PDT Good Morning: I am writing you from Dubai-where we are attending the 3rd Arab FX Championship and Expo. The German courts have rejected the complaints against the ESM fiscal pact as largely unfounded. 1) Allows ratification of ESM fiscal pact with conditions. 2) German liability not to exceed 190 bln euros-without approval from Parliament (this was widely expected). 3) Both house of Parliament must be informed of ESM decisions. 4) Rejects complaint regarding ECB bond buying. After the court announcement the EUR/USD jumped into the 1.29 handle-which is where it is still trading. The Spanish PM has made comments that the recent market calm-and the decrease in Spanish bond yields have given Spain time to consider various conditions of an ECB bailout.  He has also commented that the decrease in bond yields has made the need of a bailout less necessary.  Does that mean that they will have less of a necessity for further austerity and to trim their budget??-One never knows why politicians make certain comments-maybe foot in mouth disease?? Oil, Gold and Silver are all higher. Asian equity markets were higher-as are European indexes.  Dow futures are also higher at this time. Today begins a 2 day FOMC meeting-which will conclude on Thursday with an expected announcement regarding QE3. HAVE A GREAT DAY & GOOD LUCK     ent

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