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Bobbys Corner-Open Market-Jan.25.2011

bob-slade-forex-trading-6-150x200Good Morning:

The big news in the overnight FX markets was that the GBP was pounded after very disappointing UK GDP data.
Cold weather hurt both the construction and services sector-thus leading to the decline in cable.  Data showing that this past December was the coldest in over 100 years also attributed to the decline.  Investors are sorting out if this is an issue with the overall weakness of the British economy, or is this just a one off problem due to the weather.
This data will certainly put pressure on the BOE to come up with a plan that combats inflation and increases growth in the country.

Concerns over Spain’s debt problems-along with news that Spanish banks may need additional capital were also center stage in the FX markets.

The Fed begins a 2 day meeting today-and President Obama will make his State of the Union address tonight at 9 PM.

Today we have data on home prices and Consumer Confidence.

Asian and European equity markets are mostly mixed-and US Futures are also pointing to a lower opening this morning.

Oil:$86.70                                                                                  Gold:$1329.20

TIME FOR EST. PRIOR
9:00A.M. S&P CASE SHILLER HOME PRICE IND NOV. 145.3O
9:00A.M. S&P /CS 20 CITY MoM% SA NOV. -0.80% -0.99%
9:00A.M. S&P /CS COMPOSITE -20 YoY     NOV. -1.60% -0.80%
10:00A.M. CONSUMER CONFIDENCE  JAN. 54.O 52.5O
10:00A.M. HOUSE PRICE INDEX MoM NOV. 0.00% 0.70%
10:00A.M. RICHMOND FED MANUFACT.INDEX JAN. 22.O     25.O

HAVE A GREAT DAY & GOOD LUCK