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Bobbys Corner-Open Market-March.24.2011

bob-slade-forex-trading-6-150x200Good Morning:  Portugal’s Prime Minister resigned after his legislators rejected his proposals for austerity measures in the wake of their debt crisis.  The failure to pass the austerity measures have put the country in a dire situation.  It looks like Portugal will need to follow Greece and Ireland and seek an international bailout.  Portugal had already raised taxes and has added deep spending cuts prior to the vote for additional austerity measures. The bailout cost is estimated to be approximately 100 billion euros. 
In other sovereign news-30 of Spain’s smaller banks had their senior debt downgraded by Moody’s.  it was inevitable-after Moody’s downgraded the country on March 10th. 
EU leaders will be meeting in Brussels to work on the debt crisis that is impeding the current and future growth within the region.

UK Retail Sales were very disappointing-as consumers spent and shopped last month before the government increased sales taxes.  Retailers will see pressure in future sales as an increase in inflation along with higher taxes may keep consumers concerned about purchases and spending.  Asian equity markets were mixed-while European are higher.  US Futures are also pointing to a higher opening in NY this morning.

Oil:$106.17                                                                             Gold:$1437.20  

TIME

     

FOR

EST

PRIOR

REVISED

8:30A.M.

DURABLES GOODS ORDERS

FEB.

1.10%

2.70%

3.20%

8:30A.M.

DURABLES EX TRANSPORTATION

FEB.

1.90%

-3.60%

-3.00%

8:30A.M.

CAP GOODS ORDERS NONDEF EX AIR

FEB.

4.40%

-6.90%

 

8:30A.M.

CAP GOODS SHIP NONDEF EX AIR

FEB.

 

-2.00%

 

8:30A.M.

INITIAL JOBLESS CLAIMS

19-Mar

383k

385k

 

8:30A.M.

CONTINUING CLAIMS

 

12-Mar

3700k

3706k

 

 HAVE A GREAT DAY & GOOD LUCK