Canada Trade Balance: Survey: -1.00B Actual: -0.62B Prior: -0.75B Revised: -0.54B

US Trade Balance: Survey: -45.8B Actual: -45.8B Prior: -44.8B Revised: -45.6B

Categories: Economic Statistics, Forex Trading

Bobbys Corner-Open Market-October.13.2011

October 13, 2011 by Bob Slade · Leave a Comment

Good Morning:

Risk came off this morning-as European equity markets along with Gold, Silver and Oil are all lower this morning. Too many positive days-and it was inevitable that a negative day was just around the corner.
The ECB released their monthly report for October. The main points are that the region continue to have downside risk, which is subject to high uncertainty, along with comments that Euro Zone governments must take fiscal action to sustain their sovereign stability.

Today we have data on the US August Trade Balance (or deficit-which is what it really is), and it is expected to rise, as a faltering global economy caused US firms to have fewer exports. China also released data that pointed to lower exports, due to the global slowdown.

Also today, unemployment claims data for the week will be released, and the number is expected to increase to 405K from 401K the week before.
The jobs picture in the US remains bleak-as the unemployment rate continues to stay above 9%, and there seems to be no real initiatives being introduced that will lead to a decrease in unemployment anytime soon.