Eurozone Industrial Production

Eurozone Industrial Production m/m came in at 1.7%, stronger than the 0.8% forecasted and -1.7% prior reading.

Eur/Usd has been bid all session and has recently made new high at 1.3763. The pair has given back 10 points, but still looks bullish.

EU’s Juncker comments on European debt crisis

Eurogroup Chairman Jean-Claude Juncker has made the following comments in interview in Bonn;

*Eurozone needs instruments to prevent new crisi

*EMF is no instrument to solve Greek crisis, but would be instrument for broad based crisis

*EMF has to comply with stability and growth pact, they would not breach no bailout clause

*EMF does not mean to socialize risk

*EMF implementation will take time, at least months

Seemingly negative comments regarding the Eurozone. Eur/Usd is trading just off fresh high of 1.3727. These comments may have halted the pairs progress.

Bobbys Corner-Open Market-March.10.2010

Good Morning:

German exports unexpectedly dropped in January, which pushed the Euro lower.  This is seen as another sign that the European economy is still struggling to gain traction from the global recession.
The GBP remains weak as political and economic woes continue to plague the U.K.

The Bloomberg Professional Global Confidence Index fell to 53.8 from 54.9.  This survey shows that global confidence dropped for a second month, with Greece’s debt crisis being the main culprit in undermining the global recovery. 

Asian equity markets fell, while European markets are  higher.  Dow futures are flat at this time.

Oil:$81.79                                           Gold:$1126.50

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.8.2010

Good Morning:

Speculation that the wealthier European nations would rescue Greece, which would reduce the risk of debt default throughout Europe (especially the southern  Europe) , helped boost the Euro in overnight trading.  The Euro was also helped by French President Sarkozy-as he said that the regions nations are “ready” to help Greece.

There are 2 different trains of thought regarding the Greek debt problem.  The first is that the markets are comfortable with the Greek problem-and that Greece’s problems will not spill over to other countries like Spain or Portugal.  The other thought is that the Greek debt crisis risks the future of the Euro.

On another note-Dubai World is asking creditors to wait again for payment.  Bankers familiar with the Dubai talks say that investors may be repaid in full, and receive a government guarantee if they are will ing to wait for thier money

World equity markets are higher, and US Futures are higher this morning also.
Commodities are also higher.

Oil:$81.89                                 Gold:$1135.80

No Major Data today.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.3.2010

Good Morning:

Greek Prime Minister Papandreous announced an additional $6.6 billion of deficit cuts for the country.  As EU members contemplate a bailout package for Greece, the Greek government must prove to it’s allies that they can control  their deficit problems.  Public workers have various protests planned to demonstrate against any reduction in benefits.
The GBP rose as UK consumer confidence jumped to a 2 year high.  The Euro picked up overnight as Greece announced their deficit reduction plan.

Asian equity markets rose, and European markets are lower-as are US Futures.

Oil:$80.02                                    Gold:$1139.20

Today’s data:

HAVE A GREAT DAY & GOOD LUCK

Eurozone CPI Flash Estimate

Eurozone CPI Flash Estimate came in at 0.9%, weaker than the 10.% expected and 1.0% prior reading.

Eur/Usd making a push higher on news, currently trading at 1.3505.

Bobbys Corner-Open Market-March.1.2010

Good Morning:

The GBP slid below $1.50 for the first time in 10 months, as polls show that the Tories have the smallest lead over the Labour Party in more than 2 years-thus any legislation to assist the economy may get stalled in Parliament.
On another note-the JPY fell as investors look for higher-yielding assets.
The Euro continues to be under pressusre as the debt issues that are hurting Greece may (are) spead to other Souhern European countries.

World equity markets rose-and US Futures are pointing to a higher oipening this morning.

Oil:$79.57 Gold:$1112.70

TODAY’S RELEASES
TIME FOR EST PRIOR
8:30A.M. PERSONAL INCOME JAN. 0.40% 0.40%
8:30A.M. PERSONAL SPENDING JAN. 0.40% 0.20%
8:30A.M. PCE DEFLATOR (YoY) JAN. 2.20% 2.10%
8:30A.M. PCE CORE (MoM) JAN. 0.00% 0.10%
8:30A.M. PCE CORE (YoY) JAN. 1.40% 1.50%
10:00A.M.ISM MANUFACTURING FEB. 57.8O 58.4O
10:00A.M.ISM PRICES PAID FEB. 68.1O 70.O
10:00A.M.CONSTRUCTION SPENDING JAN. -0.50% -1.20%

HAVE A GREAT DAY & GOOD LUCK

Papaconstantinou, Rehn comments at EU Greece meeting

Greece’s Minister of Finance George Papaconstantinou says implementation of Greek stability plan has risks during discussion with EU’s  Olli Rehn. Rehn syas risks to Greek program are materializing.

Papaconstantinou vows Greece will work with EU to reduce deficit and calls tackling the deficit a “national duty”.

Eur/Usd off about 25 points to 1.3615.

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