Rebroadcast of FXDD Live Education Class Feb 1 2011
Rebroadcast of Live Education Class Feb 1 2011- Watch now
Bobbys Corner-Open Market-Feb.1.2011
Good Morning:
Welcome to February. We will see what the groundhog says tomorrow.
We start the day with news out of Egypt-protesters started to gather in Cairo’s Tahir Square as they prepare for today’s million people march. The Egyptian military has promised not to fire on marchers, and the newly appointed Vice President is open to starting a dialogue with the opposition.
News that S&P also lowered Egypt’s credit rating was no surprise to investors.
On the FX front-the USD dropped in the overnight session as speculation that the global economic recovery is gaining traction. This is pushing up equities, along with investors reduced demand for safer assets.
World equity markets are higher-as are US Futures at this time.
Oil:$91.72 Gold:$1337.20
| TIME | FOR | EST. | PRIOR | REVISED | |||
| 10:00A.M. | CONSTRUCTION SPENDING | DEC. | 0.10% | 0.40% | |||
| 10:00A.M. | ISM MANUFACTURING | JAN. | 57.9O | 57.O | 58.5O | ||
| 10:00A.M. | ISM PRICES PAID | JAN. | 73.5O | 72.5O | |||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-Jan.31.2011
Good Morning:
We wake up this morning with the situation in Egypt very much on the forefront of all world news events.
Moody’s Investors Service downgraded Egyptian government debt, which was highly anticipated. The outlook is negative, and Egyptian debt sales have been put on hold. Egypt’s banks and stock market were closed for the second day-as tens of thousands take to the street for the 6th day of protests against President Mubarak.
Risk is off the table for now-as investors pursue safety.
World equity markets are lower-but US Futures are pointing to a positive opening this morning.
Oil is just around the $90/bar on concerns that any disturbance in the Middle East may affect the flow of oil. Presently the Suez Canal is operating normally-as this is a vital shipping channel for the region. Keeping the Suez Canal open and running smothly will be a key indicator of oil prices in the near term.
Oil:$89.99 Gold:$1331.20
| TIME | FOR | EST. | PRIOR | |||
| 8:30A.M. | PCE CORE MoM | DEC. | 0.10% | 0.10% | ||
| 8:30A.M. | PERSONAL SPENDING | DEC. | 0.50% | 0.40% | ||
| 8:30A.M. | PCE CORE YoY | DEC. | 0.80% | 0.80% | ||
| 8:30A.M. | PCE DEFLATOR | DEC. | 1.30% | 1.00% | ||
| 8:30A.M. | PERSONAL INCOME | DEC. | 0.40% | 0.30% | ||
| 9:45A.M. | CHICAGO PURCHASING MGR. | JAN. | 65.O | 66.8O | ||
| 10:00A.M. | NAPM-MILWAUKEE | JAN. | ||||
| 10:30A.M. | DALLAS FED MANF. ACTIVITY | JAN. | 15.O | 12.8O | ||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-Jan.28.2011
Good Morning:
Sorry for the late posting-too much snow-too many mass transit delays …..
Oil prices jumped, world wide equity markets are lower, and the USD rose against the Euro amid protests in Egypt.
President Mubarak has imposed curfews in Cairo,Suez and Alexandria. News coverage has shown footage of military personnel and vehicles on the streets.
The Egyptian government has denied that they are blocking various social media (twitter and facebook), sites along with internet sites that are able to display photos of the demonstrations.
This is unquestionably President Hosni Mubarak’s biggest challenge in his 30 year reign. He is expected to speak to his nation this evening.
The next few days will be the turning point for Mr. Mubarak’s rule-as he needs to get control of the situation before it becomes a completly out of control situation.
HAVE A GREAT DAY-WEEKEND & GOOD LUCK
Bobbys Corner-Open Market-Jan.27.2011
Good Morning:
The main event in the FX arena was the unexpected downgrade of Japan’s credit rating to AA- by S&P. Japan has the world’s largest debt load, and S&P stated that they do not feel that the government is doing enough to curb the spiraling deficit. This along with continued deflation and lackluster GDP growth added to S&P’s decision to announce the downgrade.
Japan’s cost of borrowing will no doubt increase, as we have seen with other countries with sovereign debt issues. Concerns that sovereign debt problems will continue to plague not only the Euro Zone, but will spread to other regions on a larger scale than originally thought are weighing heavily on investors minds.
This mornings data is very disappointing for investors and the US economy overall. Jobless claims increased 51K, and Durable Goods in December 2010 droped by 2.5%.
US stock futures turned lower after the news, but are presently flat.
European equity markets are higher-and Asian markets were mixed, with Tokyo up 76 pts.
Oil:$87.14 Gold:$1335.00
| 8:30A.M. | CHICAGO FED NAT ACTIVITY INDEX | DEC. | O.11 | - O.46 | |||
| 8:30A.M. | DURABLE GOODS ORDERS | DEC. | 1.50% | -1.30% | -0.30% | ||
| 8:30A.M. | DURABLES EX TRANSPORTATION | DEC. | 0.90% | 2.40% | 3.60% | ||
| 8:30A.M. | CAP GOODS ORDERS NONDEF EX AIR | DEC. | 1.30% | 2.60% | |||
| 8:30A.M. | CAP GOODS SHIP NONDEF EX AIR | DEC. | 1.00% | ||||
| 8:30A.M. | INITIAL JOBLESS CLAIMS | 22-Jan | 4O5K | 404K | |||
| 8:30A.M. | CONTINUING CLAIMS | 15-Jan | 3873K | 3861K | |||
| 10:00A.M. | PENDING HOME SALES MoM | DEC. | 1.00% | 3.50% | |||
| 10:00A.M. | PENDING HOME SALES YoY | DEC. | -2.40% | ||||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-Jan.26.2011
Good Morning:
The Euro gained in overnight trading as optimism grows that the EU will contain the debt crisis as the economy recovers within the region.
Last night’s State of the Union address by President Obama was well received. The President called for a partial freeze on government spending as part of his plan to quell the out of control US budget deficit.
Executive and economists at the World Economic Forum in Davos, Switzerland commented that the measures spelled out in the President’s State of the Union is not enough to seriously cut the deficit. Not being able to control the deficit is one of the biggest risks for the global recovery.
At 2:15 PM this afternoon the FOMC will make an announcement regarding interst rates and QE programs.
Equity markets are higher-as are US Futures.
Oil:$86.84 Gold:$1333.40
| 7:00A.M. | MBA MORTGAGE APPLICATIONS | 21-Jan | 5.00% | |||
| 10:00A.M. | NEW HOME SALES | DEC. | 300K | 290K | ||
| 10:00A.M. | NEW HOME SALES MoM | DEC. | 3.50% | 5.50% | ||
| 2:15P.M. | FOMC RATE DECISION | |||||
HAVE AGREAT DAY & GOOD LUCK
Rebroadcast of FXDD live education Jan 25 2011
Rebroadcast of FXDD live education Jan 25 2011 - Watch now
Bobbys Corner-Open Market-Jan.25.2011
Good Morning:
The big news in the overnight FX markets was that the GBP was pounded after very disappointing UK GDP data.
Cold weather hurt both the construction and services sector-thus leading to the decline in cable. Data showing that this past December was the coldest in over 100 years also attributed to the decline. Investors are sorting out if this is an issue with the overall weakness of the British economy, or is this just a one off problem due to the weather.
This data will certainly put pressure on the BOE to come up with a plan that combats inflation and increases growth in the country.
Concerns over Spain’s debt problems-along with news that Spanish banks may need additional capital were also center stage in the FX markets.
The Fed begins a 2 day meeting today-and President Obama will make his State of the Union address tonight at 9 PM.
Today we have data on home prices and Consumer Confidence.
Asian and European equity markets are mostly mixed-and US Futures are also pointing to a lower opening this morning.
Oil:$86.70 Gold:$1329.20
| TIME | FOR | EST. | PRIOR | |||
| 9:00A.M. | S&P CASE SHILLER HOME PRICE IND | NOV. | 145.3O | |||
| 9:00A.M. | S&P /CS 20 CITY MoM% SA | NOV. | -0.80% | -0.99% | ||
| 9:00A.M. | S&P /CS COMPOSITE -20 YoY | NOV. | -1.60% | -0.80% | ||
| 10:00A.M. | CONSUMER CONFIDENCE | JAN. | 54.O | 52.5O | ||
| 10:00A.M. | HOUSE PRICE INDEX MoM | NOV. | 0.00% | 0.70% | ||
| 10:00A.M. | RICHMOND FED MANUFACT.INDEX | JAN. | 22.O | 25.O | ||
HAVE A GREAT DAY & GOOD LUCK
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