Bobbys Corner-Open Market-July.30.2010
Good Morning:
The JPY hit it’s strongest level in 2010 overnight as speculation mounts that the slowdown in the US economy will hamper the global recovery. Today’s US GDP report will show that the US economy is losing traction-as consumer spending slowed.
Moody’s made comments that Spain may lose it’s Aaa rating, after putting the country on review for a possible downgrade in June. Spain’s unemployment rate rose to 20.1%-the highest in the EU.
Moody’s also made comments that the US needs a “clear plan” to tackle the mounting deficit that continues to grow.
Asian equity markets were lower-ans is Europe. US Futures are also pointing to a lower opening this morning.
Oil:$77.85 Gold:$1170.20
| TODAY’S RELEASES | ||||||
| TIME | FOR | EST | PRIOR | |||
| 8:30A.M. | GDP QoQ (ANNUALIZED) | 2Q A | 2.50% | 2.70% | ||
| 8:30A.M. | PERSONAL CONSUMPTION | 2Q A | 2.40% | 3.00% | ||
| 8:30A.M. | GDP PRICE INDEX | 2Q A | 1.10% | 1.10% | ||
| 8:30A.M. | CORE PCE QoQ | 2Q A | 1.00% | 0.70% | ||
| 8:30A.M. | EMPLOYMENT COST INDEX | 2Q | 0.50% | 0.60% | ||
| 9:45A.M. | CHICAGO PURCHASING MANAGER | JULY | 56.O | 59.1O | ||
| 9:55A.M. | U. OF MICHIGAN CONFIDENCE | JULY F | 67.O | 66.5O | ||
| 10:00A.M. | NAPM-MILWAUKEE | JULY | 57.O | 59.O | ||
HAVE A GREAT DAY-WEEKEND & GOOD LUCK
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