Bobbys Corner-Open Market-Nov.9.2009
Good Morning:
We wake up to a very interesting Monday morning.
The USD is weaker across the board. Worldwide equity markets and commodities rallied. Gold hit a record.
The USD declined to 1.50 on the EUR/USD pair. The Group of 20 ended their weekend meeting in Scotland by agreeing to maintain stimulus packages in their countries. The meeting made no mention of the USD’s decline-so USD weakness continues. Speculation that the FED will be unable assist the greenback (as they will not be able to raise interest rates any time soon), until the economy and the employment data gets back on it’s feet. This will keep the USD weak for the time being.
All world indexes increased, and commodity markets also soared. US Futures are pointing to a higher opening this morning.
The US Treasury is set to auction $81 Bill of 3, 10, and 30 year debt this week. The auction schedule is:
$40 Billion of 3 year notes today
$25 Billion of 10 year debt on Tuesday
$16 Billion of 30 year bonds on Thursday
Oil:$78.51 Gold:$1109.10
No major data due out today.
HAVE A GREAT DAY & GOOD LUCK
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