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Bobbys Corner-Open Market-Feb.18.2010

February 18, 2010 by Bob Slade · Leave a Comment 

bob-slade-forex-2-150x200Good Morning:

The greenback rallied overnight as Euro Zone officials fight over the details of any bailout for Greece.  It seems that there is a major rift between EU Finance Ministers in regards to how much, if any, funds should be available to assist Greece with their budget deficit.  Greek bonds fell as  EU regulators are investigating possible use of swaps with banks to conceal the debt problem.
Also helping the USD is speculation that the Federal Reserve may be one of the first major central banks to remove some of the stimulus measures that have been in place.  The speculation is fueled by investors who feel that the US economy is on the road to recovery.

World equity markets are higher, and US Futures are slightly lower at this time.
Commodities are also lower this morning.

Oil: $77.05                                             Gold:$1107.20

Today’s data:

TIME FOR  EST PRIOR
08:30AM PRODUCER PRICE INDEX (MoM) JAN   O.8% 0.20%
08:30AM PRODUCER PRICE INDEX (YoY) JAN 4.40% 4.40%
08:30AM PPI EX FOOD & ENERGY (MoM) JAN 0.10% 0.00%
08:30AM PPI EX FOOD & ENERGY (YoY) JAN 0.80% 0.90%
08:30AM INITIAL JOBLESS CLAIMS    FEB 13  438K  440K
 08:30AM CONTINUING CLAIMS    FEB 6  4500K  4538K
10:00AM PHILADELPHIA FED.    FEB       17.O  15.2O
10:00AM LEADING INDICATORS    JAN O..5% 1.10%

                          

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Feb.10.2010

February 10, 2010 by Bob Slade · Leave a Comment 

bob-slade-forex-2-150x200Good Morning:

I have been away at the World Money Show in Orlando, FL- I am now back in NY with the snow falling.

The USD continues to benefit from the crisis in the EuroZone.   Greece is trying to work out a deal with either the EU or to get direct assistance from Germany.  Greece is a major political concern for the EZ. The EZ cannot afford to allow Greece’s debt to be placed below investment grade levels, for fears that this could also effect  other Southern European economies.

Fed Chairman Bernanke is expected to testify before Congress today-but due to the inclement  weather, his testimony may be in written form.

World equity markets rose-as speculation that a “rescue package” for Greece is taking root.
Commodities are mixed.

Oil:$73.96                                          Gold:$1080.70

TIME FOR  EST PRIOR
08:30AM TRADE BALANCE  DEC  -$35.8B  -$36.4B
02:00PM MONTHLY BUDGET STATEMENT  JAN  -$46.0B  -$63.5B

HAVE A GREAT DAY & GOOD LUCK

EUROZONE’s Almunia on the Wires

June 5, 2009 by Danish FX · Leave a Comment 

EU’s Almunia: Central and Eastern Europe face funding challenges ahead

- EU is doing evcerything in its power to help soften the crisis inside Central and Estern Europe (CEE)
- Euro currency is a major asset and provides an anchor of stability
- EMU protects its members from speculative currency attacks

EUROZONE’s Almunia Comments

May 29, 2009 by Danish FX · Leave a Comment 

EU Almunia: Exiting recession, economic freefall is over

- Could see economic growth in Q2 of 2010

EUROZONE’s Junker on the Wires

May 29, 2009 by Danish FX · Leave a Comment 

EU’s Junker: Does not yet see the end of financial crisis

- Exchange rate volatility remain excessive
- Answers to toxic assets are satisfactory

EUROZONE’s Almunia on the Wires

May 25, 2009 by Danish FX · Leave a Comment 

Almunia: Have so far seen scarce signs of recovery in the global economy

EUROZONE’s Almunia on the Wires

May 4, 2009 by Danish FX · Leave a Comment 

EU’s Almunia: Seeing positive signs about Euro-Zone economy recently however outlook remains ‘gloomy’

- Notes economy is ‘no longer in free fall’ but situation is still ‘fragile’
- More needs to be done to treat impaired assets on banks balance sheets
- Gov’t bond spreads have narrowed
- Tentative recovery in stock markets
- Expects downturn to bottom in H2 of 2009
- Does not see serious risks of deflation in Euro Zone
- More pessimisitic Irish growth outlook due to higher deficit projection

- Still appropriate for Ireland to cut deficit below 3% of GDP
- Note: According to EU commision projections, 2009 Irish Deficit forecast at 12% of GDP, 2010 Deficit seen at 15.6% of GDP, 2009 Irish GDP seen at -9.0%, 2010 GDP seen at -2.6%

Bobbys Corner-Open Market-4.7.2009

April 7, 2009 by Bob Slade · Leave a Comment 

bob-slade-forex-2Good Morning:

Signs that the recession in Europe is worse than expected was confirmed with a report that GDP in the Eurozone dropped 1.6%.  Household spending, and investments also plunged during the period.  The crisis is forcing a reduction in output and jobs throughout the region.

World equity markets dropped and US futures are also pointing to a lower opening.  Comments by George Soros that the present market is a “bear market rally”, and investors should be prepared for a turnaround in the marketplace.  Alcoa will announce Q1 results after the bell today.  Alcoa will be the first Dow stock to announce earnings-and estimates are for a reported loss.

Oil:$50.25                                    Gold:$874.20

No major economic data due out today.

HAVE A GREAT DAY & GOOD LUCK

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