German IFO Index Data Due at 4:00AM

Bobbys Corner-Open Market-Dec.17.2010

Good Morning:

We end the week with Moody’s Investor Services downgrading Ireland’s credit rating.  Moody’s downgraded Irish credit by 5 levels, with further downgrades possible.
Portuguese bonds slipped after the Moody’s downgrade. 
In a meeting in Brussels, EU leaders are about to agree to a system that would hopefully contain future debt issues from causing a crisis.

The Euro showed some strength after German IFO (business confidence) reached a record high.  This is the highest level recorded since the reunification of the 2 Germany’s in 1991.

Asian equity markets were mixed, European equity markets fell after the downgrade of Ireland.  US Futures are slightly higher at this time.

 Oil:$87.60                                            Gold:$1375.40

HAVE A GREAT DAY-WEEKEND & GOOD LUCK

IFO Institute lifts German growth forecast

2010 growth outlook lifted to 2.1% from 1.7%
2011 growth outlook lifted to 1.5% from 1.2%

Cites that deficit cuts may boost consumer and investor confidence.

The EURUSD is hanging around the 100 and 200 bar MA on the 5 minute chart at 1.2277 and 1.2272 levels respectively.  A move above 1.2277 and 1.2284 would next target the high for the day at 1.2305.   A move back below the 1.2272 level could lead to further disappointment to the downsider for the pair.

The low to high range at 61 pips today is narrow and we should see an extension from the non trend trading range today.  I would be inclined to trade with the short term bias as defined by the 100 bar MA on the 5 minute chart.  IF the price is above the MA line, the bias is bullish. Below the bias is bearish.  Look for momentum to develop.

News out at 8:30 with US New Home Sales due.

Bobbys Corner-Open Market-June.22.2010

Good Morning:

German IFO data came out this morning better than expected.  The medium estimate was for a reading of 101.2 and the actual number was 101.8.  This data suggest that the German economy is moving forward on a positive note.  Also of note is that the European debt crisis has not deterred German businesses from focusing on building  up their firms.

World Central Bankers are looking to add the Aussie and Loonie as part of their reserve currencies.  Central Bankers are seeking alternatives to the deteriorating sovereign debt issues in Europe, US, and Japan.  The main problem for the bankers is that the bond markets in both Australia and Canada are not as large and liquid as in the US or Europe.  The lack of a large bond market will always keep the Aussie and Loonie a small part of any Central Bank reserve.

World equity markets fell, and US Futures are also lower this morning.

Oil:$76.70                                            Gold:$1234.20

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-Dec.18.2009

Good Morning:

The JPY lost  ground against overnight after the BOJ (Bank of Japan) made comments and indicated that they will leave interest rates near zero.
The Euro had some positive action overnight-as German Business Confidence (IFO) rose last month.

European equity markets are higher this morning.  US Futures are also pointing to a higher opening this morning.
Asian equity markets closed lower.
Commodities are also higher at this time.

Oil:$73.96                             Gold:$1108.10

No major data today.

HAVE A GREAT DAY-WEEKEND & GOOD LUCK