Bobbys Corner-Open Market-March.11.2010

Good Morning:

The EUR/USD pair was little changed in the overnight session.  Very narrow range bound trading with no clear direction evident.
GBP had a good day as it jumped over the 1.50 mark versus the USD, and rose across the board.

Greek unions protested against the government’s budget cuts and closed hospitals,airports, and schools.  Workers walked off their jobs to protest the 4.8 Bil Euro budget cuts.  These measures will include wage cuts and tax increases.  These drastic measures are necessary to get Greece out of the worst sovereign debt crisis to hit the European marketplace.

In China,  retail sales jumped over 20%, and industrial production also rose higher than expected.  The Chinese economy is racing forward after last years fiscal stimulus packages.  The economy is not only export focused, but has been pushing hard for domestic demand in the past 12 months.

World equity markets were mixed-and US Futures are mostly flat at this time.

Oil:$82.05                                           Gold:$1106.40

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.10.2010

Good Morning:

German exports unexpectedly dropped in January, which pushed the Euro lower.  This is seen as another sign that the European economy is still struggling to gain traction from the global recession.
The GBP remains weak as political and economic woes continue to plague the U.K.

The Bloomberg Professional Global Confidence Index fell to 53.8 from 54.9.  This survey shows that global confidence dropped for a second month, with Greece’s debt crisis being the main culprit in undermining the global recovery. 

Asian equity markets fell, while European markets are  higher.  Dow futures are flat at this time.

Oil:$81.79                                           Gold:$1126.50

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.9.2010

Good Morning:

As world equity markets snap 2 days of gains-the JPY advanced as investors look for a “safer haven” for their funds.
The JPY also gained as speculation mounts that Japanese companies are repatriating profits before the end of the fiscal year.  New tax breaks initiated by the Japanese government may lead to “larger than normal” repatriations.
The GBP lost ground overnight as Moody’s Investor Services said that U.K. banks creditworthiness may be at risk.

World equity markets are lower as companies report earnings that missed estimates, along with concerns that the year long rally in stocks cannot be sustained . 
Commodities are lower, and government bonds rose.

Oil:$80.42                                        Gold:$1117.70

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.8.2010

Good Morning:

Speculation that the wealthier European nations would rescue Greece, which would reduce the risk of debt default throughout Europe (especially the southern  Europe) , helped boost the Euro in overnight trading.  The Euro was also helped by French President Sarkozy-as he said that the regions nations are “ready” to help Greece.

There are 2 different trains of thought regarding the Greek debt problem.  The first is that the markets are comfortable with the Greek problem-and that Greece’s problems will not spill over to other countries like Spain or Portugal.  The other thought is that the Greek debt crisis risks the future of the Euro.

On another note-Dubai World is asking creditors to wait again for payment.  Bankers familiar with the Dubai talks say that investors may be repaid in full, and receive a government guarantee if they are will ing to wait for thier money

World equity markets are higher, and US Futures are higher this morning also.
Commodities are also higher.

Oil:$81.89                                 Gold:$1135.80

No Major Data today.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.5.2010

Good Morning:

The JPY fell as speculation that the BOJ may step up credit easing measures as the US economy get stronger.

In general the markets were quiet ahead of NFP and the US employment data today.
Greek Prime Minister Papandreou will be meeting with German Chancellor Merkel today-and will be in France on Sunday as he tries to sell the Greek austerity package to his EU allies.  Yesterday’s Greek Bond issue was successful, and hopefully this will keep the debt markets at bay for the time being.

World equity markets and US futures higher.
Looks like gold and oil will end the weak on a high note.

Oil:$80.60                                  Gold:$1133.70

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Bobbys Corner-Open Market-March.4.2010

Good Morning:

Both the BOE kept interest rates steady.  BOE did not expand it’s asset purchasing program which was expected.
The ECB also left interst rates unchanged-and will have a conference call at 8:30 AM.
Greece began selling 10 year bonds today-pricing them with a yield of 6.39% vs.6.1% on their current bonds.
Greece’s prime Minister has promised to reduce their budget deficit by cutting spending and wages.  Today protesters occupied the finance ministry as a protest against the new proposals.

World equity markets were mostly lower-and US Futures are slightly higher this morning.

Oil:$80.76                                             Gold:$1138.40

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.3.2010

Good Morning:

Greek Prime Minister Papandreous announced an additional $6.6 billion of deficit cuts for the country.  As EU members contemplate a bailout package for Greece, the Greek government must prove to it’s allies that they can control  their deficit problems.  Public workers have various protests planned to demonstrate against any reduction in benefits.
The GBP rose as UK consumer confidence jumped to a 2 year high.  The Euro picked up overnight as Greece announced their deficit reduction plan.

Asian equity markets rose, and European markets are lower-as are US Futures.

Oil:$80.02                                    Gold:$1139.20

Today’s data:

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.2.2010

Good Morning:

The UK’s political situation is adding to the decline of the GBP.  The markets are concerned that the UK will not be able to elect a government with a strong majority.  A majority will be needed to get any true economic and deficit controls in place.
The Euro continues to be under pressure as Greek civil servants have orchestrated a new nationwide 24 hour strike on March 16, 2010.  Concerns that Greece’s current austerity plan is not enough, is causing the EU to look for new measures by the Greek government to control the deficit.

World equity markets are higher-and US Futures are pointing to a higher opening this morning.

Oil:$79.31                             Gold:$1121.60

No major US economic data due out today.

HAVE A GREAT DAY & GOOD LUCK