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Bobbys Corner-Open Market-Oct.6.2010

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

Fitch ratings downgraded Ireland to A+ from AA-, as they also review the ratings of various Irish banks.
A strong Portuguese debt auction along with better than expected factory order data from Germany helped keep the Euro strong.
The USD downward trend continues as speculation mounts that the Fed will join the BOJ in the purchase of government debt to bolster the economic recovery.  Yesterday’s announcement from the BOJ that they will purchase $60/billion of  assets, along with lowering their key interest rate to near zero is a clear sign that the Japanese government will do everything possible to keep their economy from faltering.
The Aussie and Loonie have been big winners of the latest weak USD trend while commodity prices rise-we will see if their rally is sustainable as we get closer to the US employment data on Friday.

Worldwide equity markets rose on speculation that central banks will need to continue their efforts to stimulate economies.  US Futures are also higher at this time.
Silver rose to a 30 year high, Oil stayed fairly stable in the $82/bar range, anfd Gold hit another record overnight.

Oil:$82.62                                              Gold:$1347.50

TIME FOR EST. PRIOR
7:00A.M. MBA MORTGAGE APPLICATIONS 1-Oct -0.80%
7:30A.M. CHALLENGER JOB CUTS YoY SEPT. -54.50%
8:15A.M. ADP EMPLOYMENT CHANGE  SEPT. 20K -10K

HAVE A GREAT DAY & GOOD LUCK