Bobbys Corner-Open Market-March.18.2010

Good Morning:

The Euro lost ground in overnight trading.  It seems that the  region is rethinking it’s obligation to bailout Greece, and may be moving towards having the indebted country rely on the IMF  for any aid.  The recent Euro rally could well be quelled for the time being-as the problems that exist between Greece and Germany seem to be greater then the marketplace anticipated.

The Greek Prime Minister set a one week deadline for the EU to come up with a rescue package for the country.
EU ministers have an upcoming summit March 25-26, and hopefully they will draft a bailout package for Greece.
ECB President Trichet, and French President Sarkozy have both ruled out any IMF involvement, stating that the EU can solve their own problems.

World equity markets were mixed-and US Futures are basicaly flat at this time.
Commodities are also lower accross the board.

Oil:$82.27                                       Gold:$1125.30

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.17.2010

Good Morning:

The USD and JPY fell in overnight trading.  Both the BOJ and FED made comments to keep interest rates at near zero to keep their economies from falling back into recession.  Investors moved their money to the equity markets and higher-yielding currencies.
The GBP is recovering, as data released this morning shows that U.K. residents receiving unemployment benefits dropped.  The GBP has lost steam since 2010 started as concerns that the U.K. will not get a majority in parliamentary elections this spring.   This majority will be needed to address their budget deficit, and to propose additional measures to shore up their economy.

World equity markets are higher, and US Futures are pointing to a higher opening this morning.

Commodities are also higher this morning.

Oil:$80.79                                 Gold:$1129.40

HAVE A GREAT DAY &  GOOD LUCK

Bobbys Corner-Open Market-March.16.2010

Good Morning:

Euro Zone finance ministers worked out a bailout program for Greece.  The program  is of emergency loans, should the austerity plan of lowering wages and raising taxes does not do enough to reign in the Greek budget deficit.
Also- a report that showed German investor confidence dropped less than expected also helped ther Euro in overnight trading. 

The FOMC will announce their rate decision at 2:15 PM (NY Time).  Interest rates are expected to be kept at record lows to sustain the economic recovery.

World equity markets rose, as the EU comes up with a plan for Greece, and that the US will keep interest rates steady.
US Futures are also pointing to a higher opening this morning.

Oil:$80.02                                         Gold:$1113.20

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.15.2010

Good Morning:

GBP was the main driver in overnight markets as Moody’s warned the UK (and US) of losing their AAA rating, The UK’s political problems and poor UK housing data also contributed to sterling’s woes.

In the Euro Zone, no political decisions have been made  regarding an aid package for Greece.  Greece has not asked for any direct aid as of yet.  The Greek government insists it will work out it’s debt problems themselves.   EU ministers begin a 2 day meeting in Brussels today to discuss the Greek debt issue.

World equity markets were mostly lower-and US futures are also pointing to a lower opening this morning.
Commodities were mostly lower-lead by metals.  Concerns that China and India may restrict economic growth to curb inflation, lead to the drop.

Oil:$80.79                                                  Gold:$1106.20

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.12.2010

Good Morning:

The USD lost ground overnight as speculation that the Fed will keep interest rates low reduced demand for USD dominated assets.  In other news, Janet Yellen will most probably be selected as vice chairman of the Fed.  Ms Yellen is currently President of the San Francisco Fed, and has been a staunch supporter of lower interest rates to combat the global recession.

EU leaders will meet next week to discuss the potential need to issue bonds or give outright loans to Greece, as the country works on an auterity program aimed at cutting it’s staggering deficit.

Equity markets rose around the globe and US futures are also higher this morning.  Banks and commodity companies helped keep equity indexes in positive territory.
Commodities in general rose across the board, with gold leading the charge.

Oil:$82.72                              Gold:$1117.50

HAVE A GREAT DAY-WEEKEND & 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-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.9.2010

Good Morning:

As world equity markets snap 2 days of gains-the JPY advanced as investors look for a “safer haven” for their funds.
The JPY also gained as speculation mounts that Japanese companies are repatriating profits before the end of the fiscal year.  New tax breaks initiated by the Japanese government may lead to “larger than normal” repatriations.
The GBP lost ground overnight as Moody’s Investor Services said that U.K. banks creditworthiness may be at risk.

World equity markets are lower as companies report earnings that missed estimates, along with concerns that the year long rally in stocks cannot be sustained . 
Commodities are lower, and government bonds rose.

Oil:$80.42                                        Gold:$1117.70

HAVE A GREAT DAY & GOOD LUCK

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