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Bobbys Corner-Open Market-Feb.14.2011

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

The Euro had a difficult overnight session. Concerns over the fate of German bank West LB, along with the resignation of  Bundesbank President Weber, added woes to Germany’s banking sector.  Negotiations over the weekend produced no results on the fate of the bank-and the European Commission has set tomorrow as a deadline to revamp the troubled bank.   
On another note-Mr. Weber was widely expected to be a top candidate to replace Jean Claude Trichet as president of the ECB.  His resignation leaves a void in the leadership role at the central bank.
The dollar rallied overnight-and pushed the EUR/USD pair lower by 100bps from the opening in Asia.

Asian equity markets were higher-Europe is mixed-and US Futures are slightly lower at this time.

Oil:$85.57                                                       Gold:$1357.80

No Major Data due out today.