Bobbys Corner-Open Market-Aug.19.2011

Good Morning:

Welcome to Friday-after another roller-coaster week , and today looks like it is shaping up for another crazy ride). 
As worldwide equity markets continue to sink, investors seek the safe haven of gold,CHF and JPY.

With yesterday’s higher than expected CPI data (prices on the consumer level). any moves by the Fed  to grow the anemic US economy may be delayed as inflation seems to be taking hold. 

In other news, JP Morgan lowered their forecast for US growth. The forecast was lowered as the housing market continues to loose steam, and consumer spending stalls.  Deutsch Bank announced that they were cutting their forecast for growth in China.

With no major data from the US today-the markets attention will be focused on equities.  Most notably-European Banks are in the spotlight, and market participants are hearing that the Fed is making certain that European Banks in the US (whom the Fed overseas) do not have any funding difficulties.

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Bobby’s Corner will be off for a week (or so)-as I end the summer with a family vacation.

Bobbys Corner-Open Market-Jan.12.2011

Good Morning:

I am writing the Corner from home today-as my area is the victim of another major snow storm -oh-well-that is what happens in the winter in the Northeast of the US.

The Portuguese bond auction went well-with 9 year bonds offering a yield of 6.7%.  The yield stayed below 7%-which is a key level.  Many analysts feel that a yield over 7% would be a sure sign that a bailout would be inevitable.  The EUR/USD pair moved over 1.30-but quickly pushed back under 1.30 as investors are skeptical if Portugal even has the ability to finance their debt. The markets expect the Euro to stay under pressure as the sovereign debt issue in the EU continues to burden the single currency.

World equity markets traded higher-and US Futures are also higher.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-July.7.2010

Good Morning:

With no major economic data on the worldwide calenders, the FX markets followed the equity markets.  With equities falling amid concerns on earnings growth, the risk currencies followed suit.
The JPY was higher as stocks drifted lower-and speculation mounts that the global recovery will falter.  Concerns like this in the marketplace always have investors move to the relative safety of the Yen.
The global recovery seems to be faltering amid reports that German factory orders dropped, and Australia’s building industry shrank.

US Futures are looking at a lower opening at this time. 

Oil:$72.26                        Gold:$1187.40

On another note-the heat wave continues to strangle the Northeast, and Eastern US states.
Yesterday the mercury rose to a record 103 degrees (F) in New York.  Today Washington, DC is expected to reach 101 degrees.  The heat is expected to stay throughout the week-with some relief coming this weekend.
Oh well- that is what is expected in the summer months.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Dec.18.2009

Good Morning:

The JPY lost  ground against overnight after the BOJ (Bank of Japan) made comments and indicated that they will leave interest rates near zero.
The Euro had some positive action overnight-as German Business Confidence (IFO) rose last month.

European equity markets are higher this morning.  US Futures are also pointing to a higher opening this morning.
Asian equity markets closed lower.
Commodities are also higher at this time.

Oil:$73.96                             Gold:$1108.10

No major data today.

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Bobbys Corner-Open Market-Nov.9.2009

Good Morning:

We wake up to a very interesting Monday morning. 

The USD is weaker across the board.  Worldwide equity markets and commodities rallied.  Gold hit a record.

The USD declined to 1.50 on the EUR/USD pair.  The Group of 20 ended their weekend meeting in Scotland by agreeing to maintain stimulus packages in their countries.  The meeting made no mention of the USD’s decline-so USD weakness continues.  Speculation that the FED will be unable assist the greenback (as they will not be able to raise interest rates any time soon), until  the economy and the employment data gets back on it’s feet.   This will keep the USD weak for the time being.

All world indexes increased, and commodity markets also soared.   US Futures are pointing to a higher opening this morning.

The US Treasury is set to auction $81 Bill of 3, 10, and 30 year debt this week.    The  auction schedule is:
$40 Billion of 3 year notes today
$25 Billion of 10 year debt on Tuesday
$16 Billion of 30 year bonds on Thursday

Oil:$78.51                       Gold:$1109.10

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Nov.2.2009

Good Morning:

The USD and JPY fell overnight as demand increases for higher-yielding assets.  Signs that global economies are starting to recover from the worst economic slump in over 60 years are  moving investors to seek riskier investments.
CIT, the 101 year commercial lender filed for Chapter 11 yesterday.  The US government lent CIT $2.3 billion USD, but it is widely viewed that the US will not recover any of the money lent to CIT.

Asian equity markets were mixed, and European equities are higher at this time.  US Futures are pointing to a positive opening this morning. 
Ford Motor-the only US automaker who took no US government funds, and did  not file for bankruptcy, posted a $997 million USD profit.  This is the first operating profit since early 2008.  They are stating that they will have “solidly profitable” by 2011.

Oil:$77.77                                 Gold:$1054.10 

Today’s Data:
ISM MFG:                                exp: 53.0                 prior: 52.6
Pending Home Sales:          exp: .4%                   prior: 6.4%
Cont Spending:                      exp: -.4%                 prior: .8%

Have a GREAT DAY & GOOD LUCK