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Bobbys Corner-Open Market-Sept.7.2011

Good Morning:

Swiss nationals welcomed the decision by the Swiss Nat’l Bank to halt the appreciation of the CHF.  The exporting sector has been reeling the past few weeks with the appreciation of the CHF-as the cost of chocolates,cheese, Swiss knifes, watches,  and all other exported products reached sky high levels.

In other FX news-the USD lost steam, as equity markets rallied.  The Euro was stronger after a German court rejected constitutional changes to Germany’s participation in the Euro Zone’s rescue package.
Market participants are anticipating that Fed Chairman Bernanke will announce additional monetary easing   meaures in a speech on Thursday.

President Obama will also be making a speech tomorrow evening to a joint session of Congress to propose a new jobs program.  This program is being started with a $300 billion infusion into the economy next year.  The infusion will come in the form of tax cuts, direct aid to state and local governments, along with a infrastructure spending bill.
More than half of the infusion will come in  the form of tax cuts-which will be through a reduction in the payroll tax paid by employees and employers.
White House press secretary Carney refused to give specific details until after tomorrow’s speech.

Equity markets are higher-as is Oil and Gold is off $40/oz.
US Futures are looking for a higher opening this morning.