Bobbys Corner-Open Market-March.9.2011
Good Morning:
The Euro garnered some support after reports that the ECB has stepped in to buy Greek and Portuguese bonds to calm the jittery markets-this is after the yield on the Portuguese bonds rose.. The unemployment rate in Greece moved up to 14.8% from 13.9% in November , another sign that the periphery economies in the EU are still under pressure. There were also rumors that the ECB has been sniffing around and checking rates on Irish bonds as well.
Most world markets (except the Middle Eastern Bourses) were higher-as are US Futures.
Oil has stayed high, and OPEC has made comments that they have no plans to increase production-as supplies are sufficient at this time according to OPEC sources. Continued fighting in Libya along with conflicts in the region will keep pressure on crude for the foreseeable future.
Oil:$105.00 Gold:$1434.50
| TIME | FOR | EST. | PRIOR | |||
| 7:00A.M. | MBA MORTGAGE APPLICATIONS | 4-Mar | -6.50% | |||
| 10:00A.M. | WHOLESALE INVENTORIES | JAN. | 0.90% | 1.00% | ||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-March.8.2011
Good Morning:
Continued sovereign debt concerns pushed the single currency lower in overnight trading. Bonds from the most indebted countries in the EU declined versus their German counterparts. The markets are nervous that the members of the EU will not agree to a comprehensive debt crisis solution anytime soon. Leaders from the region are expected to meet again later this month to try and tackle the debt issues.
Oil traded lower, and the Swiss Franc lost some ground, as investors demand for the currency as a safe have waned.
World equity markets rose-and US Futures are higher at this time.
Oil:$105.32 Gold:$1433.10
Today’s Data:
10 AM IBD/TIPP Economic Optimism exp: 51.8 prior: 50.9
Bobbys Corner-Open Market-March7.2011
Good Morning:
Despite another downgrade of Greece by Moody’s-the EUR/USD pushed through the 1.40 level in overnight trading. The downgrade by Moody’s lowered the rating by 3 notches, and assigned a negative outlook for the country.
The markets will look to see the details of Mr. Trichet’s press conference today regarding the ECB’s intent on monetary policy and interest rates.
With higher interest rates on the horizon-the Euro has risen 9% versus the USD this year-the Euro seems to be resilient against all the negative sovereign debt problems facing the Euro Zone. Some of the Euro’s strength has come on the heels of the USD, and that Fed Chairman Bernanle shows no sign of increasing interest rates anytime soon.
Oil continued to rise, and hit a 29 month high as fighting in Libya intensifies. Gold also rallied as the political uncertainty in the Middle East continues.
Asian equity markets were mixed, while European equity markets rose-and US Futures are higher at this time too.
Oil:$106.52 Gold:$1442.60
NO MAJOR DATA DUE OUT TODAY.
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-March.4.2011
Good Morning:
Asian and European markets were relatively range bound-as the markets await this morning’s employment data in the US. The guesstimate is for NFP to be up by almost 200K. With this weeks positive data, we may expect to see better than expected NFP and unemployment rate numbers.
Traders are hoping for good numbers after January’s disappointing results-which were highly contributed to the rough winter weather that seemed to surround most of the US.
I think that we will need to see a few months of positive employment data before the Fed believes that this is a trend, and not a one-off.
Asian and European equity markets traded higher-and US Futures are also higher at this time.
Oil:$102.85 Gold:$1418.50
| TODAY’S RELEASES | |||||||
| TIME | FOR | EST. | PRIOR | ||||
| 8:30A.M. | CHANGE IN NONFAM PAYROLLS | FEB. | 197K | 36K | |||
| 8:30A.M. | CHANGE IN PRIVATE PAYROLLS | FEB. | 200K | 50K | |||
| 8:30A.M. | CHANGE IN MANUFACT. PAYROLLS | FEB. | 25K | 49K | |||
| 8:30A.M. | UNEMPLOYMENT RATE | FEB. | 9.10% | 9.00% | |||
| 8:30A.M. | AVG. HOURLY EARNINGS MoM ALL EMP. | FEB. | 0.20% | 0.40% | |||
| 8:30A.M. | AVG. HOURLY EARNINGS YoY ALL EMP | FEB. | 1.90% | 1.90% | |||
| 8:30A.M. | AVG. WEEKLY HOURS ALL EMPLOYEES | FEB. | 34.3O | 34.2O | |||
| 10:00A.M. | FACTORY ORDERS | JAN. | 2.00% | 0.20% | |||
HAVE A GREAT DAY-WEEKEND & GOOD LUCK
Bobbys Corner-Open Market-March.3.2011
Good Morning:
The GBP was lower after UK home prices fell, and the service sector dropped more than expected-thus reducing the chance for an interest rate rise anytime soon. With this data, any increase in UK interest rates may well delay and hamper economic growth in the UK.
The EuroZone showed more upbeat data-with retail Sales in the region rising by .4%-which was expected. PMI from Spain and Ireland showed that the region is picking up economic activity and showing signs of strength in the region’s core economies.
ECB President Trichet will hold a news conference this morning, and the markets are anticipating a more hawkish assessment of the EZ moving forward.
World equtiy markets are higher-as are US Futures at this time.
Oil:$ 101.00 Gold:$1429.50
| TIME | FOR | |||
| 7:45A.M. | ECB RATE DECISION | |||
| 8:30A.M. | ECB PRESS CONFERENCE | |||
| 8:30A.M. | INITIAL JOBLESS CLAIMS | 26-Feb | ||
| 8:30A.M. | CONTINUING CLAIMS | 19-Feb | ||
| 8:30A.M. | NONFARM PRODUCTIVITY | 4Q F | ||
| 8:30A.M. | UNIT LABOR COSTS | 4Q F | ||
| 10:00A.M. | ISM NON-MANUF COMPOSITE | Feb. | ||
| ICSC CHAIN STORE SALES YoY | ||||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-March 2 2011
Good Morning:
The USD continued to trade lower as concerns over the Middle Eastern turmoil take center stage in the markets.
With oil above $100/barrel for the 2nd day, market participants are looking at the Swiss franc as a safe haven from all the turmoil.
The Euro picked up some support overnight as PPI (producer prices) data in the Euro Zone was a bit stronger than expected. Traders are betting that the ECB will be looking to lift interest rates sooner than later.
The Swissie, greenback and JPY are the currencies that traders look to in times of unrest and political uncertainty.
We are seeing strength in Swissie at this time-but uncertainty should support the USD too.
Asian equity markets traded lower-as are European markets at this time. US futures are also lower.
Oil:$101.04 Gold:$1435.30
| TIME | FOR | EST. | PRIOR | |||
| 7:00A.M. | MBA MORTGAGE APPLICATIONS | 25-Feb | 13.20% | |||
| 7:30A.M. | CHALLENGER JOB CUTS YoY | FEB. | -46.10% | |||
| 8:15A.M. | ADP EMPLOYMENT CHANGE | FEB. | 175K | 187K | ||
| 2:00P.M. | FEDS BEIGE BOOK | |||||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-March.1.2011
Good Morning:
FX markets kept rates range bound-but it was a busy morning of data and activity.
Manufacturing data in the Euro Zone showed a robust number-which is the highest reading in 11 years, and confirmed the estimates that analyst had expected. This data also helped keep German unemployment lower. The unemployment rate has now dropped to 7.3% in Germany. This is an indication that growth in the region continues to expand-and hopefully the economic recovery in Germany will spread to the smaller EU nations.
In Australia-the RBA kept interest rates unchanged at 4.75%-which was expected.
World equity markets are higher-as are US Futures.
Oil:$97.73 Gold:$1418.40
| TME | FOR | EST. | PRIROR | |||
| 10:00A.M. | CONSTRUCTION SPENDING MoM | JAN. | -0.40% | -2.50% | ||
| 10:00A.M. | ISM MANUFACTURING | FEB. | 6O.8 | 6O.8 | ||
| 10:00A.M. | ISM PRICES PAID | FEB. | 82.5O | 81.5O | ||
| 10:00A.M. | BERNANKE SPEAKS BEFORE SENATE | |||||
| BANKING COMMITTEE. | ||||||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-Feb.28.2011
Good Morning:
The USD dropped to the lowest level since November 2010-as speculation that the Fed will continue to maintain it’s economic stimulus program weighed heavily on the dollar.
The Euro moved higher-as markets participants anticipate that the ECB may signal that they are looking to increase interest rates. Higher than anticipated inflation in the EU is prompting the ECB to look at increasing borrowing costs in the region.
If this is the case-than the interest rate differential will widen-which will be negative for the greenback.
The Asian equity markets were mixed, European markets are higher-and US Futures are also higher at this time.
Oil:$97.75 Gold:$1412.50
| TIME | FOR | EST | PRIOR | |||
| 08:30AM | PERSONAL INCOME | JAN | O.4% | O.4% | ||
| 08:30AM | PERSONAL SPENDING | JAN | O.4% | O.7% | ||
| 08:30AM | PCE DEFLATOR (YoY) | JAN | 1.30% | 1.20% | ||
| 08:30AM | PCE CORE (MoM) | JAN | O.1% | O.O% | ||
| 08:30AM | PCE CORE (YoY) | JAN | O.8% | O.7% | ||
| 09:45AM | CHICAGO PURCHASING MANAGER | FEB | 67.5O | 68.8O | ||
| 10:00AM | NAPM-MILWAUKEE | FEB | 6O.O | 57.O | ||
| 10:00AM | PENDING HOME SALES MoM | JAN | -2.40% | 2.O% | ||
| 10:00AM | PENDING HOME SALESYOY | JAN | ——- | -3.6O% | ||
| 10:30AM | DALLAS FED MANUFACT | FEB | 12.6O | 1O.9O | ||
HAVE A GREAT DAY & GOOD LUCK
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