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Bobbys Corner-Open Market- June.1.2010

bob-slade-forex-trading-3-150x200Good Morning:

We have all returned from the long US Memorial Day Weekend, and see  that the Euro continues to take a beating.  Concerns that mounting budget deficits, along with the write downs taken by Euro Zone banks will hamper the zone’s economic recovery, are all adding to the Euros downward spiral.  Italy’s jobless rate rose, as Europe’s 4th largest economy is having difficulty creating new jobs, which is also adding pressure to the Euro.  
On another note- last Friday Fitch Ratings dropped Spain’s AAA cdredit rating,  saying the nations debt issue will limit the countries economuic growth in the near future.

World equity markets fell, and US Futures are also lower this morning.
BP plunged after they announced they were abandoning  efforts to plug the leak at their rig in the Gulf of Mexico.

Oil:$72.70                                    Gold:$1227.20
   

TIME FOR  EST PRIOR
10:00A.M. ISM MANUFACTURING MAY 59.4O 6O.4
10:00A.M. ISM PRICES PAID  MAY 72.5O 78.O
10:00A.M. CONSTRUCTION SPENDING MoM APRIL 0.00% 0.20%
10:30A.M. DALLAS FED MANUF.ACTIVITY MAY 21.10%

HAVE A GREAT DAY & GOOD LUCK