Forex News Fed’s Beige Book focused on inflation and slower growth.

• Pace of economic slowed since last report
• Price pressures elevated
• Residential real estate has declined and still weaker
• Loan growth restrained across country
• Manufacturers planning to raise selling prices
• Input prices up in food ,energy and metals
• Retail price inflation varied with some showing increases, some not
• Labor demand mostly soft with limited wage inflation.

Bobby’s Corner Market Open 7.23.2008

Good Morning:

  The dollar rose overnight on the heels of Sec’t Paulson’s comments regarding support of the greenback and that he expects Congress to vote approve the Fannie Mae, Freddie Mac rescue plan.

World equity markets and US Futures are higher across the board.  This was fueled by lower oil prices-which helped the transportation sector.   

Oil: $126.64                                        Gold: $936.80 

Today we have data on:

Fed Beige Book at 2 PM 

Have a GREAT DAY and GOOD LUCK

Forex News NAHB Housing Market Index at record low level

The NAHB Housing Market Index fell to 18 which equals the all time low.  High supply, stricter lending and rising foreclosures are hurting sales and confidence. 

Forex News Fed Beige Book

Fed Beige Book

Higher input costs are widespread and there is some pass through to customer.  This indicates that the economy is generally weaker.  Also indicates that there is pressure on wages and employment hiring is "spotty".  Three of 12 FED districts note economy as slower, five districts with little change in conditions, and 4 with "sluggish or weak" growth.

Forex News Preview: Fed Beige Book Due out at 2:00 p.m.

The Fed beige book report which is a survey of regional economies is due out at 2 PM EST.  This is a survey of economic conditions in each of the 12 Federal Banking Districts.  It is published eight times per year and used as a basis for discussion for upcoming FOMC meetings. 

Bobby’s Corner Market Open 6.11.2008

Good Morning:

The dollar lost a little steam overnight as speculation that the ECB will raise rates next month, and the FED leaves rates stable for the time being.

The EUR/USD traded around 1.5500 all night.  While USD/JPY traded in the 107.25 range.

World Equity markets were mixed-and US Futures are pointing higher.

 Oil: $ 133.92                                       Gold: $ 877.60 
Today we have data on:

Fed Beige Book at 2 PM

Have a GREAT DAY and GOOD LUCK

Forex Trading USDJPY breaking 200 hour bar on Hourly chart

The USDJPY is breaking the 200 bar moving average on the hourly chart which is somewhat disappointing given the move yesterday. 

The pair is also testing the 50% retracement level of the move higher.  Breaking that is also not that great.

Forex Trading GBP Data Release Imminent

We have GBP data @ 5.30 am EST which is the Trade Balance number. Forecast -7.5B against previous of -7.6B.

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