Swim The Forex: April 2012

Friday, April 27, 2012

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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Posted: 26 Apr 2012 10:41 AM PDT

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Wednesday, April 25, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.25.2012

Posted: 25 Apr 2012 05:38 AM PDT

Good Morning:

The UK had some disappointing news this morning:

UK Q1 GDP -.2%. Medium forecasts were for .1%
So UK now in a technical recession and cable collapses to 1.6090 from around 1.6140

Spanish 10 year bond yields are down to 5.825%.

German 30 year Bunds were sold at 2.41% (down from 2.62%).
The yield was better but the take up was lower than expected.
They sold 2.405 bin euros out of a total targeted amount of 3 bln euros.
Germany keeps it’s 2012 GDP forecast at +.7%-with +1.6% in 2013.

Oil is now at $104.31/bbl.

Asian equity markets were mostly higher. Europe is higher-as are US Futures.

HAVE A GREAT DAY & GOOD LUCK

Tuesday, April 24, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.24.2012

Posted: 24 Apr 2012 05:12 AM PDT

Good Morning:

We awaken this morning to a quiet marketplace.

Italy and Spain both had successful auctions-coming in at the top end of the range.
Spain paid more for it’s 3 month bill .634% from .381% at the last auction.
Which is a continuing sign of credit issues in the Euro Zone.
Spanish/German 10 year government bond spread narrowed to 424 bps from 436 bps earlier this morning.

Australian inflation came out lower than expected-and market participants are expecting a rate cut by the RBA.
Most bets put the rate cut coming in May at their next meeting.

Gold and Silver are higher.
Oil up at 103.55/bbl.

Asian equity markets were higher-except for Tokyo. Europe and US Futures are also higher.

HAVE A GREAT DAY & GOOD LUCK

Monday, April 23, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.23.2012

Posted: 23 Apr 2012 05:25 AM PDT

Good Morning:

Risk Off-as Germany’s April flash manufacturing PMI printed at 46.3 versus 49.0 that was forecasted.
This was the largest contraction since July 2009.
This report is somewhat of a shocker-and not a great sign for the Euro Zone’s overall economic situation.
Dutch April business confidence -3.3 from -2.6 in March.
Dutch/German 10 year bond spreads widen to 72 from 61.
French April manufacturing industry morale-95 down from 98
Italy April consumer morale-much lower at 89 from March’s read of 96.3-this is the lowest reading since January 1996.

Is this problem starting to reach some of northern Europe too- Let’s hope not!

Gold, Silver and oil are all lower.

World indexes were all lower-and US Futures are pointing to a lower opening this morning.

HAVE A GREAT DAY & GOOD LUCK

Thursday, April 19, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.19.2012

Posted: 19 Apr 2012 05:34 AM PDT

Good Morning:

Better than expected Spanish bond sales helped the euro.
Spain sold 2 and 10 year bonds. The 2 year yield will be 3.463% versus 3.495%.
Spanish 10 year bonds yielded 5.743% versus 5.403%.
Even though the 10 year yield was higher than the last auction-it stayed below the key 6% level.
Spanish/German 10 year spread widens to 421 bps from 410.
Italian/German 10 year spread widens to 390 bps from 376
French/German 10 year spreads widens to 140 bps from 129

Oil is trading under $103/bbl
Gold & Silver are also lower.

Asian and European equity markets were mixed-US Futures are higher.

HAVE A GREAT DAY & GOOD LUCK

Wednesday, April 18, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.18.2012

Posted: 18 Apr 2012 05:20 AM PDT

Good Morning:

GBP took center stage overnight-as the GBP hit a 19 month high versus the euro after MPC minutes showed that members voted 9-0 to keep rates unchanged, and 8-1 to keep QE at 325bln GBPs
Better than expected UK employment data also helped boost sterling.

In European news:
German auctions results went very well.
Spanish home prices fall -3% in Q1. Drop is -7% from a year earlier.
Things just continue to get uglier in Spain.
Comments from Sarkozy and Lagarde continued to put pressure on the single currency.

Gold and Silver are all lower
Oil is higher-over $104/bbl
Asian equity markets were higher-Europe is mostly lower-and US Futures are also mostly lower

HAVE A GREAT DAY & GOOD LUCK

Monday, April 16, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.16.2012

Posted: 16 Apr 2012 05:17 AM PDT

Good Morning:

Credit issues in the Euro Zone are still the main course in the marketplace.

Spanish 10 year yield rose to 6.10%, this is their highest level since December.
Spanish/German 10 year government bond spreads rose to 440 bps.
Spain’s Rojoy made comments that Spain must cut deficit, Spain must act faster than was originally thought, and no one should
questions Spain’s commitment to the euro.
These comments are all repeats of the same story in Greece just a few short months ago.

Asian equity markets were lower-but Europe and US Futures are higher.

Oil is lower-at $102.37 bbl.
Gold and Silver are also lower.

HAVE A GREAT DAY & GOOD LUCK

Friday, April 13, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.13.2012

Posted: 13 Apr 2012 05:31 AM PDT

Good Morning;

Friday the 13th-and European markets are not happy:

ECB data shows that Spanish banks borrowed 316.3 bln euros in March compared to 169.9 bln in February. This accounts for 28% of all ECB borrowing-quite a staggering number.
Spanish and Italian 10 year bonds saw their yields rise overnight.

In China the government announced Q1 GDP-it was a “mere” +8.1% compared to +8.9% in Q4. It was forecasted to be +8.3%.
Retail sales in April were +15.2% from a year ago, industrial production up 11.9% from a year ago.
This is data that the rest of the world would dream to have.

Asian equity markets were all higher-Europe is lower-as are US Futures.

Oil trading at $103.30 bbl.
Gold and Silver are all lower.

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Thursday, April 12, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.12.2012

Posted: 12 Apr 2012 05:33 AM PDT

Good Morning:

The greenback was mixed versus most of their counterparts.

Italy saw their cost of borrowing increase to the highest levels since January 2012 at today’s bond auction. The auctions are well received, but yields in Spain and Italy along with most of the EU are moving higher. Concerns over debt contagion from Spain is putting pressure on the bond markets throughout the EU.
Greek January unemployment rose to 21.8% from 21.2% in December.

Some good news out of the FOMC:
It seems that both Dudley and Yellen have stated that their is still support of keeping interest rates low through 2014-and longer if necessary. Also they stated that the door for additional QE is open.

Oil is back over $103/bbl.

Asian equity markets were higher-along with Europe and US Futures.

Gold is slightly lower-while silver is higher.

HAVE A GREAT DAY & GOOD LUCK

Wednesday, April 11, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open market-April.11.2012

Posted: 11 Apr 2012 05:33 AM PDT

Good Morning:

A better day for the Euro Zone in general.
Spanish/German 10 year bond yield spread narrows to 405 bps from 424 bps.
Italian/German 10 year yields narrowed to 372 bps from 395 bps.

Italy auctioned off 11 billion euros of 91 and 361 day paper. Full take up-but yields are almost double what they were in the last auction.
Germany only sold 3.87 billion euros of 10 year bonds-out of a proposed 5 billion.
Markets didn’t like that, and the auction had poor cover even though the yields increased.
The single currency initially sold off, but has since strengthened again.

Oil is trading in the mid $101/bbl
Gold and Silver are lower-as are most commodities.

Asian equity markets were mostly lower-Europe is higher-as are US Futures.

HAVE A GREAT DAY & GOOD LUCK

Tuesday, April 10, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.10.2012

Posted: 10 Apr 2012 05:11 AM PDT

Good Morning:

Worries over rising Spanish borrowing costs pushed the euro lower. Spanish 10 year bonds hit a yield of 5.9% from 5.8% earlier.
Spanish/German 10 year government bond spreads rose 424 bps from 402 bps earlier. Bank of Spain’s Ordonez stated that he expects more bank mergers in 2012, banks may need additional capital, Spanish exports are growing, and Spanish banks have made 112 bln euros in provisions from 2007-2011. These are just a few reasons why many economists believe that the country will be the next country in the euro zone to need a bailout.
Italian/German spreads on 10 year government bond yields widened out to 391 bps from 371 bps earlier.

Gold and silver are higher.

Oil is lower@ $102.15 bbl.

Asian equity markets were mostly lower-Europe is lower-but US Futures are higher.

HAVE A GREAT DAY & GOOD LUCK

Friday, April 6, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.6.2012

Posted: 06 Apr 2012 05:13 AM PDT

Good Morning:

Most of the world is closed for Good Friday-leading to a fairly quiet overnight session.
This is a very unusual day for the markets-as the most important US economic data released on a monthly basis (non farm payrolls and unemployment rate)-will be released with almost all worldwide markets being closed, including the US equity markets.
US Bond markets will be open for a abbreviated session this morning-so that traders may react to this morning’s data.

Non Farm Payrolls is expected to show a 203K increase and the unemployment rate is expected to stay steady at 8.3%.

Asian markets were mostly higher, with the Nikkei the only loser. European markets were closed-and US Futures are higher.

HAVE A GREAT DAY -WEEKEND & GOOD LUCK

Thursday, April 5, 2012

Forex Market Updates & Commentary

Bobys Corner-Open Market-April.5.2012

Posted: 05 Apr 2012 05:32 AM PDT

Good Morning:

As we start the pre holiday get away-the markets were shocked when the EUR/CHF fell below the 1.20 peg level.
The SNB is staying committed to buying FX in the marketplace to defend their 1.20 cap on EUR/CHF.
This put the euro on the defensive all morning. As European equity markets were taking a hit-the euro zone periphery bonds yields rose-and the euro took a hit. Continued nervousness in the euro zone is also adding pressure to the euro.

Spanish/German 10 year bond spreads widen further to 401 bps.
France sold a total of 8.439 billion euros in various auctions. The yields were higher-but the participation was just shy of the upside of 8.5 billion euros.

The Bank of England left interest rates unchanged-as expected. QE remains stable at 325 billion GPBs.

Asian equity markets were mostly lower-Europe is lower-and US Futures are also lower at this time.

Gold and silver are higher.

Oil is trading at $101.59/bbl.

Tomorrow we have US employment data at 8:30 AM-even with much of the world out for Good Friday and the Easter weekend-it should be a very interesting day.

HAVE A GREAT DAY & GOOD LUCK

Wednesday, April 4, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.4.2012

Posted: 04 Apr 2012 05:15 AM PDT

Good Morning:

Spain was on center stage overnight:
Spanish auction results were very disappointing. The auctions resulted in selling only 2.69 billion euros out of a target of 3.5 billion euros.
Spanish./German 10 year government bond yield spreads widen to 376 pps.
Spanish 5 year credit default swaps also rose. Which is a sign of growing euro zone concerns.
Spain’s PM Rajoy commented that Spain’s situation is of “extreme difficulty’.

S&P commented that Europe should pull out of recession in late 2012. I am not sure where they get the data to make this assessment-but that S&P.

Gold continues to trade lower-after yesterday’s $42 drop after the minutes from the FOMC dashed any QE3 hopes.

Asian equity markets were mixed-Europe is lower-as are US Futures.

Oil is trading just under $103/bbl.

HAVE A GREAT DAY & GOOD LUCK

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Posted: 03 Apr 2012 09:20 AM PDT

Forex Traders Course TODAY at 4:00PM with Greg Michalowski and Shawn Powell – Register now

Monday, April 2, 2012

Forex Market Updates & Commentary

Bobbys Corner-Open Market-April.2.2012

Posted: 02 Apr 2012 05:17 AM PDT

Good Morning:

Markets seem to starting out Q2 on a low note-as the USD and equity markets are drifting lower.

The USD is a little weaker this morning, and the markets are fairly slow at this time.
Bank of Japan’s Tankan survey reflects worries about higher oil prices, and increased electricity costs as some of their biggest economic obstacles that are, and will be facing the country.

PMI data from the UK was very positive-printed at 52.1 versus 51.5. the GPP/USD jumped over the 1.60 level on this news.

PMI news out of China is a bit different:
The official data was at 53.1-but the unofficial data from HSBC shows 48.3. Traders are looking at the discrepancy and will trade accordingly.

Asian equity markets were mixed-Europe opened higher-but is now lower. US Futures are also lower at this time.

OIl, Gold and Silver are all lower at this time.

HAVE A GREAT DAY & GOOD LUCK

Friday, April 27, 2012

Wednesday, April 25, 2012

Tuesday, April 24, 2012

Monday, April 23, 2012

Thursday, April 19, 2012

Wednesday, April 18, 2012

Monday, April 16, 2012

Friday, April 13, 2012

Thursday, April 12, 2012

Wednesday, April 11, 2012

Tuesday, April 10, 2012

Friday, April 6, 2012

Thursday, April 5, 2012

Wednesday, April 4, 2012

Monday, April 2, 2012

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