Wednesday, June 20, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbyscorner-Open Market-June.20.2012

Posted: 20 Jun 2012 05:43 AM PDT

Good Morning;

Markets are on hold-as we await the FOMC announcement later this afternoon.
The G-20 meeting is concluding-with members agreeing to European plans to integrate their banking industry, along with a closer economic union (haven’t we heard that before).
We should have a 3-party coolition agreement in Greece by days end. 
The Greek’s have announced that Vassillis Rapanos, currently Chairman of the National Bank of Greece,
will be named as Finiance Minister (he must of picked the short straw). 

The UK-MPC minutes were released and they voted 5-4 to keep QE stable, and 9-0 to keep interest rates on hold.

Asian equity markets were higher, European equity markets are mixed.  US Futures are higher too.
Oil is higher-Gold is lower.

HAVE A GREAT DAY & GOOD LUCK
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Tuesday, June 19, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.19.2012

Posted: 19 Jun 2012 05:21 AM PDT

Good Morning:

It looks like we may see a coalition government getting set up in  Greece in the next few days.

BUT-There  are many more important things for the markets to keep an eye on:
We have the FOMC meeting stating today.
First audit results for Spanish banks
Bank of England’s first (liquidity adding) cash tender today- (results about 10 AM EST)
G20 meeting continues- There is some talk about disappointment with the G20 that might hurt European sentiment, but I can't believe that any reasonable person expected the G20 to come to the rescue.

In other European news:
German ZEW survey was very disappointing -16.9 in June from +10.8 in May.  Much worse than expected.
2nd Spanish bank audit delayed until September from July
Italian and Spanish 10 year yields are a touch softer today- but Spain is still over 7%.

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

Gold, Silver and Oil are all higher. 

HAVE A GREAT DAY & GOOD LUCK
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Monday, June 18, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.18.2012

Posted: 18 Jun 2012 05:33 AM PDT

Good Morning:

The election in Greece has propelled the New Democracy party as the clear winner.
It will take Greece weeks to form a government-and I do hope that it is a coalition that will stay together. 
As the New Democracy party is pro-bailout-pro euro-pro austerity-the markets took a breather.  The Euro was higher-as were equity markets.

The euphoria was short lived-as the Euro lost ground-as did most  equity markets.
Asian equity markets were higher-Europe equities started in positive territory-but are now losing ground-and are mixed.   
US Futures are now lower also.   Gold, oil and silver are all lower.

The overall problems do not go away:
Greece’s economy is in a tailspin
10 year Spanish bond yields hit a all time euro era high of 7.16%-while the spread to bunds is 574 bps.
Itialian bonds are also showing higher yields.
Portugal’s Economic Minister comments that the Portuguese economy has a liquidity problem.
Ireland is discussing extending their repayment scedule to 30 years from 15 years. 

These issues and many more will just not go away anytime soon.

HAVE A GREAT DAY & GOOD LUCK
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Friday, June 15, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.15.2012

Posted: 15 Jun 2012 05:44 AM PDT

Good Morning:

FX markets are fairly stable ahead of this weekends election in Greece.
Not too many player are looking to put their feet in the water ahead of the results.
We should start seeing some results at about 2 or 3 PM (EST) this Sunday.

There are also regional elections being held in France-and it will be interesting to see if President Holland’s Socialists will win a clear majority.

Rumors in the markets are that Central bank will work together to stem any liquidity or adverse marketplace reactions to the Greek elections.

This is a fundamental move-throw out the technicals this weekend.

Asian and European equity markets are all higher-along with US Futures.

Gold and Silver are higher
Oil is also higher this morning-just over $84/bbl

HAVE A GREAT DAY-WEEKEND & GOOD LUCK
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Thursday, June 14, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.14.2012

Posted: 14 Jun 2012 05:21 AM PDT

Good Morning;

Markets are getting nervous as we get closer to the Greek elections this weekend.  Rumors have the pro-bailout parties as favorites.

In other European news:

Moody’s cut Spain’s rating 3 notches to Baa3 (one notch above junk)-as increased debt, a weak economy, soring unemployment and
a loss of access to capital markets lead to the downgrade.
10 year Spanish bonds yields hit the magic 7% level.
Greek Q1 unemployment hit 22.6%-up from 20.7% in Q4.

The Swiss National Bank said that due to the European debt crisis-they told Credit Suisse to markedly increase it’s capital base.
The SNB also recommend that UBS do the same.
The SNB will also continue to enforce their 1.20 peg to the euro.

Asian equity markets were mostly lower-as is Europe.  Us Futures are flat.

Oil is flat-ahead of today’s OPEC meeting in Vienna
Gold is up-Silver down

HAVE A GREAT DAY & GOOD LUCK
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Wednesday, June 13, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.13.2012

Posted: 13 Jun 2012 05:26 AM PDT

Good Morning:

A bit of a non event morning -so far……………

Greek banks have seen an unprecedented outflow of euros:
Larger Greek banks have seen combined daily outflows between 500 and 800 mln euros
Smaller Greek banks have seen daily outflows of 10-30 mln euros

Cyprus central bank governor looks for best possible borrowing conditions, but declines comment on if and when Cyprus will apply for aid.

French Industry Minister: France is in an "economic emergency situation:
French economy is hardly growing
900 plants have closed in the last 3 years
Possible government support for auto industry
Need to boost growth

I left Spain and Italy out of the equation today-as France and Cyprus add a new dimension to the crisis.

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

Oil is lower-as is Gold and silver

HAVE A GREAT DAY & GOOD LUCK

 
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Tuesday, June 12, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-June.12.2012

Posted: 12 Jun 2012 05:17 AM PDT

Good Morning:

The euphoria from the Spanish bank bailout was short lived, as I predicted it would be, but it was shorter than I expected.
I thought that we may be able to get a few days of positive sentiment from the “bailout” announcement.

Markets have been much calmer today.

Comments from Fitch Rating regarding Spain in particular, and Europe in general: 
Spain will “significantly” miss their budget target for 2012 and 2013. 
Greece’s future is unclear.
European leaders are unable to get a handle on the debt crisis, and continue to make mistakes and “knee jerk” reactions instead of solid decisions. 

These issues continue to plague the region, and will continue to hurt Sovereign ratings in Europe, and cannot be positive for the overall future of the Euro and the Euro Zone economies.

Regarding the Spanish bank bailout:
There is word that the 100 billion euros will be insufficient, as some feel the figure should be closer to 200 billion euros.
Also- Spanish officials had been adamant that they would not need a bailout-and that was just last week-so there was no plan of action.

Asian equity markets were lower-European markets are higher-as are US Futures.

Oil is lower-as is Gold and Silver.

HAVE A GREAT DAY & GOOO LUCK
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