Thursday, October 11, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Oct.11.2012

Posted: 11 Oct 2012 05:16 AM PDT

Good Morning:

Spain was downgraded by S&P to BBB- from BBB+.  This brings Spain’s debt rating to the brink of junk.  Can you believe that Spanish debt is  considered investment grade!  
A downgrade was expected-but the S&P announcement came as a “surprise”.  It could of only been a surprise to those who have been living in a cave for the past few years.  
Spanish officials commented that “Spain will decide on a bailout at appropriate time”.
The time has already come-this is becoming a tedious and ridiculous game of cat and mouse.
Spain’s troubles have been mounting-but yesterday’s S&P downgrade reminded the world how bad things really are.
Unemployment continues to rise, citizens are protesting against additional austerity measures, and the Catalonia region is threatening to secede from Spain.  I can go on and on-but that should give you a good idea of the issues.

In other news-Fitch Ratings put Portuguese banks on a “negative” outlook.  No surprise there-except that they should of done this months ago. 

Asian equity markets were mixed-Europe and US Futures are all higher.
Oil, Gold and Silver are all higher too.

HAVE A GREAT DAY & GOOD LUCK
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