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Bobbys Corner-Open Market-Dec.1.2010

bob-slade-forex-2-150x200Good Morning:

Improved global economic data along with improved credit spreads in Europe , pushed risk appetite higher in Asia and in earlyEuropean trading. 
China manufacturing rose to a six month high, German Retail Sales rose to a 2 year high, but the best data of all came out of the UK where the PMI Manufacturing data printed at 58.0  versus 54.8 which was expected.  This data from the UK shows that the UK industrial sector is showing strong growth-as this is the third month in a row that posted an increase. 
Portugal had a bill auction in which the government sold 500 million euros of 12 month bills.  The auction was recieved better than expected-which attracted bids 2.5 times the amount offered.  Rumors are building that S&P may look to cut the country’s credit rating on concerns that they too may need to seek a “bailout”.

World equity markets along with US Futures are higher this morning.

Oil:$85.50                                                               Gold:$1393.10  

TIME FOR EST. PRIOR
7:00A.M. MBA MORTGAGE APPLICATIONS 26-Nov 2.10%
7:30A.M. CHALLENGER JOB CUTS YoY NOV. -31.80%
8:15A.M. ADP EMPLOYMENT CHANGE  NOV. 72K 43K
8:30A.M. NONFARM PRODUCTIVITY  3Q F 2.30% 1.90%
8:30A.M. UNIT LABOR COSTS 3Q F -0.20% -0.10%
10:00A.M. ISM MANUFACTURING NOV. 56.5O     56.9O
10:00A.M. ISM PRICES PAIS PAID NOV.       71.O     71.O
10:00A.M. CONSTRUCTION SPENDING MoM OCT. -0.30% 0.50%
2:00P.M. FEDS BEIGE BOOK        

HAVE A GREAT DAY & GOOD LUCK