Schaeuble doesn’t expect bank rescue fund to be used

Eur/Usd currently trades at 1.3115.

German GFK Consumer Climate

German GFK Consumer Climate came in at 5.9, stronger than the 5.6 expected and prior reading of 5.7.

Eur/Usd initially traded higher, to 1.3130 on news and has since retreated to pre number level of 1.3115.

Bobbys Corner-Open Market-January.25.2012

Good Morning:

Another choppy night of trading as Euro and GBP led the parade.
With better than expected German IFO data-the EUR/USD pair rose to the mid 1.30 range before falling back into the mid 1.29 range.
GBP did worse-as lower than expected Q4 GDP surprised the markets.  With manufacturers cutting production, and the service sector stagnant-is the UK looking at a double-dip recession?  The BOE will be assessing it’s QE program to see if additional stimulus will not only be needed-but will it do anything in reality-only time will tell.
Greece is still negotiating with private bond holders to work out new interest rates for a bond swap.  The prospects are not looking rosy.

Apple Inc blew out Q4 earnings-expected earnings $10.16/share-real earnings $13.87/share.  Apple is now the largest company in the world.  They have jumped over Exxon/Mobil to take the #1 spot.

Last night President Obama gave his “State of the Union” speech.  He called for higher taxes on the rich, and more government spending (I have no idea where this money will come from) for job creation.  It was a very political and partisan speech-pitting Democrats and Republicans against each other.  In my opinion-the fighting between parties has added to the problems in Washington.   

 This afternoon we have the statement from the FOMC-and a news conference By Chairman Bernanke.

HAVE A GREAT DAY & GOOD LUCK

German Jan. IFO Business Confidence Index rises to 108.3 from prior 107.2

Eur/Usd made new high of 1.3050 on news.

Bobbys Corner-open Market-January.24.2012

Good Morning:

The euro was firmer in overnight trading-after a report from the Euro Zone pointed to an expanding manufacturing and service sector.  This expansion data was unexpected, and much stronger than expected.
In a move to support local growth-the Reserve bank of India left their benchmark interest rate unchanged, but lowered their reserve ratio, in the hope of bringing more foreign investment to India.  With Europe in crisis mode-the RBI is looking to attract foreign investments that may of gone to the EU or other world business centers instead.

It seems that the Greek government and their bondholders are not able to come to an agreement on how to solve the nations debt crisis.
Finance ministers from Europe have been reluctant to pour more money into Greece.  The finance ministers have been hoping that the bondholders could offer some relief.

Asian equity markets were mixed-Europe is lower-as are US Futures.

Tonight at 9PM EST President Obama will give his “State of the Union” address.

HAVE A GREAT DAY & GOOD LUCK

E/Z Industrial New Orders drop 1.3% in Nov., beating expectations

A 2.1% drop was expected.

Eur/Usd has risen off recent lows to trade at 1.3017.

Spain sells EU2.51 bln bills vs EU2.5 bln target

Eur/Usd has strengthened on news to 1.3040, up 10 pips.

E/Z Flash Mfg. & Services PMI stronger than expected

Mfg PMI came in at 48.7 vs 47.4 expected.

Services PMI came in at 50.5 vs 49.1 expected.

Eur/Usd trades at 1.3013.

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