Wednesday, October 10, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Oct.10.2012

Posted: 10 Oct 2012 05:14 AM PDT

Good Morning:

A fairly lackluster overnight session-with the majors showing no real activity.

Fitch Ratings commented that the US fiscal cliff, EU crisis, and a potential “hard landing” for the Chinese economy will be
a risk to the global economy.  Thanks-I think we knew that!

Fitch also commented that the Spanish and Italian recessions are intensifying.
They also commented on the declining UK economy-and that the UK’s rating is vulnerable.
Are they positioning themselves for a UK downgrade in the future?

After Greece greeted Angela Merkel with a protest upon her visit yesterday-Greek labor unions have decided to stage anti-austerity strike on Oct. 18.
Ms Merkel was in Greece to show her support for the Greek Prime Minister-I see that didn’t go as well as expected!

Asian and European equity markets are mostly negative-as are US Futures at this time.

Oil is flat-Gold and Silver are higher.

HAVE A GREAT DAY & GOOD LUCK
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Tuesday, October 9, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Oct.9.2012

Posted: 09 Oct 2012 05:30 AM PDT

Good Morning:

The IMF cut it global GDP forecast-yet again.
For 2012-they cut their estimate by .2%.  From 3.5% to 3.3%.
For 2013-they cut their estimate by .3%.  From 3.9% to 3.6%.

European Finance ministers are meeting in Luxembourg today-and there is no word about Spain-and any potential bailout.
The markets were expecting some comments regarding a Spanish bailout-this was dissapointing for investors.

Negotiations are continuing in Greece, regarding the 13.5 bln euros of additional budget cuts that the country must meet for any further funds to be distributed.
Angela Merkel is in Greece today-as a sign of support for the Greek PM.  There are also a reported 7000 police officers  in Athens to
quell any violent protests that take place.

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

Oil, Gold and Silver are all higher.

HAVE A GREAT DAY & GOOD LUCK
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Friday, October 5, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Oct.5.2012

Posted: 05 Oct 2012 05:24 AM PDT

Good Morning:

Markets are quiet ahead of this morning’s US jobs report.

Guesstimates are for the unemployment rate to push up to 8.2%-while the economy added 125K.
Let’s hope that the NFP number is higher-as job growth has been lackluster at best.
I am certain that we will see some revisions during the release-most probably higher NFP numbers-we will see.

The Euro had a bit of a rally-as the EUR/USD is in the 1.30 handle ahead of the data.

The Greek fiasco keeps going round and round.  No new decisions or concessions will happen until after the
October 18 Euro Zone Summit (another one).  Greece claims that they only have enough money to last to November-What a mess!!

The Spanish Finance Minister commented that he sees no reason for Spain to apply for a formal bailout.  I think we heard the same thing from the Irish, Portuguese, and Greek Finance Ministers not that long ago.

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

Oil is a touch softer-as are Gold and Silver.

HAVE A GREAT DAY-WEEKEND & GOOD LUCK
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Thursday, October 4, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Oct.4.2012

Posted: 04 Oct 2012 05:36 AM PDT

Good Morning:

As expected, the Bank of England left their benchmark interest rates unchanged at .5%.
Asset purchasing program remains unchanged at 375 bln GBP.

Also-the ECB left interest rates unchanged at .75%., which was widely expected.
Marginal lending rates, and deposit facility rates remained unchanged.

Greece and the Troika are still “discussing” , but the difference they are talking about is a mere 3.5 bln euros.
In the scope of the Greek debacle-this is just a pebble in a shoe.

Portugal announced higher taxes to help meet budget targets.  The economy contracted more than was expected this year-and the forecast is for the economy to contract even more than was originally planned for 2013.
No surprises there-it is always a great idea to raise taxes on an economy that is already sinking (and you can’t swim)-why don’t we just throw them an anchor next.

Spain sold some 2, 3 and 5 year bonds today-and guess who the buyer was.

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

Gold, Silver and Oil are all higher this morning.

HAVE A GREAT DAY & GOOD L:UCK 

  

 
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Wednesday, October 3, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Oct.3.2012

Posted: 03 Oct 2012 05:11 AM PDT

Go0d Morning:

Little movement in the markets today:
China  is still on holiday-as is Korea.
Germany has National Day (Reunification Day)-but you can still clear Euro payments.

Service sector PMI data is the winner in today’s economic news race:
China dropped to 53.7 from 56.3-the lowest in 20 months.
Spain dropped to 40.2 from 44-even worse than the worst expectations.
UK dropped to 52.2 from 53.7
France dropped to 45 from 46.1-flash reading.
Germany dropped to 49.7 from50.6
Euro Zone dropped to 46.1 from 46 flash- down significantly from August’s 47.2 reading.

We are awaiting the ADP payroll data-but who really cares-as ADP has been a very weak predictor of non farm payrolls-but it
will keep us all entertained for a while this morning.

Asian equity markets were higher-expect Tokyo.
European markets are mixed-with US Futures slightly higher.

Oil is lower-Gold and Silver firmer this morning.

HAVE A GREAT DAY & GOOD LUCK
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Tuesday, October 2, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Bobbys Corner-Open Market-Oct.2.2012

Posted: 02 Oct 2012 05:40 AM PDT

Good Morning:

A fairly inactive morning greets us:

China is still on holiday-and India is closed today-So What, you say?- That over 1/3 of the world’s population on holiday today

Reserve Bank of Australia cut rates 25bps to 3.25%.
Concerns that the boom in natural resources that they have enjoyed for years, may be coming to an end-the RBA took the opportunity to 
lower interest rates.

Spanish and Italian bond yields are lower today-as the rumor mill has Spain formally asking for a bailout this week.
Spanish unemployment jumped 1.7% in Sept-rising the rate to over 25%.

Asian markets -and European markets -mostly higher-as are US futures.

Gold and Silver are lower-Oil is higher.

HAVE A GREAT DAY & GOOD LUCK
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Monday, October 1, 2012

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

BobbysCorner-Open Market-Oct.1.2012

Posted: 01 Oct 2012 05:15 AM PDT

Good Morning:

We start the day/week/month & 4th quarter with a rally in the European equity markets.

Encouraging news from the Euro Zone’s periphery manufacturing PMI front for September is helping the markets:
Irish PMI-51.8 from 50.9
Spanish PMI 44.6 from 44.1
Italian PMI 45.7 from 43.6
Euro Zone PMI 46.1 from 46

Italian jobless rate stay steady at 10.7%.  Expected 10.8%.
This is still the highest reading since 2004.

China is closed this week-and many Asian countries are closed Monday & Tuesday (Taiwan, Hong Kong, Korea).

US Futures are following their European counterparts-up 50+ points.

Oil, Gold, and Silver are all lower.

HAVE A GREAT DAY & GOOD LUCK
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