Bobbys Corner-Open Market-Oct.6.2010

Good Morning:

Fitch ratings downgraded Ireland to A+ from AA-, as they also review the ratings of various Irish banks.
A strong Portuguese debt auction along with better than expected factory order data from Germany helped keep the Euro strong.
The USD downward trend continues as speculation mounts that the Fed will join the BOJ in the purchase of government debt to bolster the economic recovery.  Yesterday’s announcement from the BOJ that they will purchase $60/billion of  assets, along with lowering their key interest rate to near zero is a clear sign that the Japanese government will do everything possible to keep their economy from faltering.
The Aussie and Loonie have been big winners of the latest weak USD trend while commodity prices rise-we will see if their rally is sustainable as we get closer to the US employment data on Friday.

Worldwide equity markets rose on speculation that central banks will need to continue their efforts to stimulate economies.  US Futures are also higher at this time.
Silver rose to a 30 year high, Oil stayed fairly stable in the $82/bar range, anfd Gold hit another record overnight.

Oil:$82.62                                              Gold:$1347.50

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.11.2010

Good Morning:

The EUR/USD pair was little changed in the overnight session.  Very narrow range bound trading with no clear direction evident.
GBP had a good day as it jumped over the 1.50 mark versus the USD, and rose across the board.

Greek unions protested against the government’s budget cuts and closed hospitals,airports, and schools.  Workers walked off their jobs to protest the 4.8 Bil Euro budget cuts.  These measures will include wage cuts and tax increases.  These drastic measures are necessary to get Greece out of the worst sovereign debt crisis to hit the European marketplace.

In China,  retail sales jumped over 20%, and industrial production also rose higher than expected.  The Chinese economy is racing forward after last years fiscal stimulus packages.  The economy is not only export focused, but has been pushing hard for domestic demand in the past 12 months.

World equity markets were mixed-and US Futures are mostly flat at this time.

Oil:$82.05                                           Gold:$1106.40

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Dec.4.2009

Good Morning:

The USD  was slightly weaker ahead of this morning’s employment data.  In Germany, the Bundesbank upgraded it’s forcast for growth in 2010.

Asian equity markets were mixed, and Europe is lower at this time.  US Futures are pointing to a higher opening this morning.

Today the markets will focus on the employment data.  There are potentially mixed sgnals between the Non Farm Payroll data and the outright unemployment rate.

Watch this section for continuous updates during ths day.

Oil:$75.85                            Gold:$1205.70

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Bobbys Corner-Open Market-Sept. 9.2009

Good Morning:

I have been away on holiday, and I hope all o f you enjoyed the summer which is now officially over.

The Euro strengthened overnight against the USD and JPY.  Speculation that the world economies are starting to rebuild after the worst economic slowdown since World War 2 has traders looking for better yields not safer havens.

European equity markets are higher this morning (which helped the Euro rise).  Asian  markets were mixed , and US Futures are unchanged at this time.

Gold is wavering at the $1000/oz price as investors seek ways to hedge against inflation and a weaker USD.
Oil traded around the $71.50/bar range.  OPEC ministers meet this week in Geneva-and no major changes are expected from the cartel.

Oil:$71.48                               Gold:$999.40

Today’s data:
Fed Beige Book at 2 PM

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-5.7.2009

Good Morning:

As expected, the BOE left interest rates unchanged and the  ECB lower their benchmark interest rate 25bps to 1%.  There appears to be a difference in opionions within the EuroZone regarding the best course of action to proceed with to get the region out of the current recession.  This bickering may at times undermined the ECB’s ability to react to current economic situation in a timely manner.

Commodity prices rose in overnight trading-which helped put world indexes in positive territory.  Oil jumped over $58/bar, and gold rose to over $920/oz.

US futures are higher this morning following the world wide overnight rally in equities.  News that the US will announce the results of the banks “stress test” today-and that the results may not be as negative as they originally thought-is  keeping the markets on the plus side.

Oil:$58.13                     Gold:$920.90

Today’s Data:
ECB Press Conference                             8:30 AM
Jobless Claims:              exp:635K                   prior:631K
Consumer Credit:         exp:  -$3.8B                            prior: -$7.5B

HAVE  A GREAT DAY & GOOD LUCK 

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