Thursday, April 12, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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
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Wednesday, April 11, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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
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Tuesday, April 10, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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
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Friday, April 6, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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
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Thursday, April 5, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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
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Wednesday, April 4, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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

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Monday, April 2, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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
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