Egypt’s Mubarak Steps Down from Presidency
Egypt’s Mubarak is stepping down as president,Vice President Suleiman says. Mubarak has handed the power of the country to the military. Egypt vice president says appoints military council to run affairs. Dollar remains higher.
The dollar does not know what to do. It might be expected that if the dollar was bought on the tension last night, that the dollar would fall on the resignation, but that is not necessarily happening. So be cautious. Friday squaring may take charge as London and Europe prepare to exit for the week. The 100 day MA at the 1.3541 level remains in play for the day. A close below the level for the week would be bearish for the pair.
Fed’s Geithner on the Wires
Says:
- Housing reform will proceed ‘very carefully’
- Americans must have access to affordable housing
- Private capital will fill gap left by government exit
- Housing faces ‘fundamental change’ to government role
- Changes will reduce government vulnerability
- Seeks to move toward legislation in next couple of years
- There’s consensus on a path toward reform
- GSES will meet commitments during transition
Canada Merchandise Trade Data Stronger
Canada Int’l Merchandise Trade: Survey: -0.3B Actual: 3.0B Prior: -0.1B
DEC vs. NOV
Billions $
Total Balance: $2.999 vs -$0.115
United Stated: $5.090 vs $2.987
Japan: $0.083 vs $0.036
European Union: $0.380 vs $0.386
Other OECD: -$0.730 vs -$1.035
All Other: -$1.825 vs -$2.488
Bobbys Corner-Open Market-Feb.11.2011
Good Morning:
Geopolitical events took center stage in all markets as tensions mounted throughout the Middle East after President Mubarak defiantly refused to leave office immediately-prompting further protests across Egypt. President Mubarak handed Vice President Suleiman day to day powers, as he reiterated that he plans to stay on as President until elections which are planned for September 2011.
These events in Egypt will have negative effects for the markets overall.
The Egyptian stock markets has been closed for 2 weeks-and there is no set date for the exchange to reopen.
The USD rose as investors seek the safe refuge of the greenback amid worldwide problems. Oil rose after President Mubarak’s comments, with the markets anticipating instability to continue within the Middle East. The main concern is any increase in interruptions of shipping through the Suez Canal.
Equity markets are lower-and US Futures are also pointing to a lower opening this morning.
Oil:$87.17 Gold:$1363.40
| TIME | FOR | EST. | PRIOR | |||
| 8:30A.M. | TRADE BALANCE | DEC. | -$40.5B | -$38.3B | ||
| 9:55A.M. | U. OF MICHIGAN CONFIDENCE | FEB.P | 75.O | 74.2O | ||
HAVE A GREAT DAY-WEEKEND & GOOD LUCK
US Trade Balance Data to be Released at 8:30AM
Canada Merchandise Trade Data Due at 8:30AM
Rebroadcast of FXDD Live education Feb 10 2011
Rebroadcast of FXDD Live education Feb 10 2011 Lesson 02- Watch now
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