Friday, September 21, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Sept.21.2012

Posted: 21 Sep 2012 05:09 AM PDT

Good Morning:

Rumors  about a Spanish bailout hit the markets today.
FT ran a story that EU officials are meeting with Spanish government officials to work on the conditions for a bailout plan.

There may be an announcement as early as next week.  Talks are focused on reforming the economy, versus sticking a beaten down economy with additional taxes, benefit cuts, or overall general austerity measures.
Also- next Friday the Spanish government is expected to announce the results on the health of their banking system, and give the EU an idea of how much additional capital will be required for the banks.  What a mess!

So… as we know the markets love any sign of good news-and the Spanish bailout is percieved as “good” news.

Asian equity markets were all in positive territory-European indexes are also in positive territory-and US Futures are higher too.

Oil, Gold and Silver are all higher on the day.

HAVE A GREAT DAY-WEEKEND & GOOD LUCK
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Wednesday, September 19, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Sept.19.2012

Posted: 19 Sep 2012 05:22 AM PDT

Good Morning:

The Bank of Japan expands asset purchase program to 55 trillion yen-from 45 trillion yen.  Interest rates were left unchanged-as was widely expected.
The bright light from this latest round of intervention was dimmed once Europe entered the markets-and the woes of the EuroZone resurfaced.
The Euro has given up some ground-and equity markets are softer.
 
S&P affirms Austrailia’s AAA rating-outlook-”stable”.  A rare bright light in today’s financial arena.

Oil is lower
Gold is higher-Silver is softer.

Asian equity markets were higher-Europe is mixed-US futures are higher.

HAVE A GREAT DAY & GOOD LUCK
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Wednesday, September 12, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

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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Friday, September 7, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Sept.7.2012

Posted: 07 Sep 2012 05:25 AM PDT

Good Morning:

The Draghi rally continues.  It looks like the markets are giving the ECB bond purchase program the thumbs up.
Euro Zone periphery bond yields are falling.
Spanish 10 year yielding at 5.72%-on Monday the same bond was close to 7%.

World equity markets rallied across the board- Asian markets along with European indexes are all higher.
US Futures are also higher.

Oil is now over $96/bbl.  Gold and Silver are a touch lower.

All eyes are on this morning’s US jobs data due out at 8:30 AM.

My guesstimate for NFP is +125K-we will see soon enough.

HAVE A GREAT DAY -WEEKEND & GOOD LUCK
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Thursday, September 6, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Sept.6.2012

Posted: 06 Sep 2012 05:19 AM PDT

Good Morning:

The ECB left their benchmark interest rate unchanged at .75%
The BOE also left interest rates unchanged at .5%. 
Both of these events were largely expected.

The Euro has rallied this morning-ahead of ECB President Draghi’s 8:30 AM press conference.
EUR/USD rose to 1.2650-why stop there!!
It is quite unbelieveable that the Euro would rally on the back of a no-change interest rate decision from the ECB. 
The markets have been so focused on a bond-buying program-that an interest rate cut was not even in the picture.

The ECB drama will begin as Mr. Draghi takes center stage at 8:30 AM.

ADP payrolls show an increase of 201k  jobs in the private sector for August-I think that is much to optimistic of a number-as 140k was expected.  

Oil, Gold and Silver are all higher.

Asian, European and US Futures are all in positive territory.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Sept.5.2012

Posted: 05 Sep 2012 05:18 AM PDT

Good Morning:

Global equity markets were lower today-after yesterday’s 50+ point decline in the Dow.
Economic news continues to disappoint the markets, and we are awaiting the ECB meeting on Thursday and US jobs data on Friday.

Disappointing data seems to be around wherever you look.  Weak US data on Tuesday, Australian Q2 GDP rising less than expected.
Australian markets are expecting a 25 bps cut in their benchmark interest rate next month-as they are doing everything possible to keep the positive economic momentum in the Australian economy going.

A cloud of uncertainty surrounds tommorrow’s ECB rate decision, and Mr. Draghi’s press conference.

The biggest concern is that the markets have bought into the “rumors”, and are thinking that they are way ahead of the ECB, and have already discounted the ECB’s bond purchasing program, and interest rate decisions.
We all know that European policymakers have “disappointed” investors before-and I have no doubt they will do it again.

Gold, Silver and Oil are all lower.

HAVE A GREAT DAY & GOOD LUCK
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Wednesday, September 5, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Sept.4.2012

Posted: 04 Sep 2012 05:34 AM PDT

Good Morning:

Well- the summer is officially over-as Labor Day has come and gone.

Before we culminate the week with the US employment, and NFP data on Friday-the markets will hear from 3 central bankers.

The Bank of Canada on Wed, Bank of England on Thursday-where no changes are expected.

Thursday will be the main event-as we finally hear word from ECB President Draghi on his plan to save the Euro Zone.

It seems that the Chinese economy is slowing at a much faster pace than the government thought-and it looks like the powers to be are behind the curve.
Chinese PMI fell to 49.2 from 50.1
Chinese Mfg fell to 47.6 from 49.3
Taiwan’s PMI fell to 46.1 from 47.5

Oil, Gold and Silver are all higher.

Asian equity markets were lower, as is Europe.  US Futures slightly higher.

HAVE A GREAT DAY & GOOD LUCK
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Saturday, September 1, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Aug.31.2012

Posted: 31 Aug 2012 05:20 AM PDT

Good Morning:

Markets are awaiting the opening of the Jackson Hole symposium, with Fed Chairman Bernanke starting the party at 10AM this morning.

Markets seem to be upbeat-at least the most upbeat in a long time.

Euro Zone July unemployment at 11.3%.
Euro Zone August inflation est” +2.6%y/y/ vs. 2.4% in July.
    
Spanish PM Rajoy said that regional bailouts in Spain would continue (3 states have already come looking for money).
At this point Spain is not considering a bailout until the details are speeled out first-and would not accept a bailout if the terms were too
harsh.

Today we have not only the speech by Bernanke, but also Chicago PMI, Consumer Confidence, and factory orders for July.

Gold, Silver and Oil are higher.

Asian equity markets werte mixed-Europe is higher-as are US Futures.

HAVE A GREAT DAY-Weekend & Good Luck

 
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