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Bobbys Corner-Open Market-March.9.2011

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

The Euro garnered some support after reports that the ECB has stepped in to buy Greek and Portuguese bonds to calm the jittery markets-this is after the yield on the Portuguese bonds rose..  The unemployment rate in Greece moved up to 14.8% from 13.9% in November , another sign that the periphery economies in the EU are still under pressure. There were also rumors that the ECB has been sniffing around and checking rates on Irish bonds as well.  

Bobbys Corner-Open Market-Feb.28.2011

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

The USD dropped to the lowest level since November 2010-as speculation that the Fed will continue to maintain it’s economic stimulus program weighed heavily on the dollar.
The Euro moved higher-as markets participants anticipate that the ECB may signal that they are looking to increase interest rates. Higher than anticipated inflation in the EU is prompting the ECB to look at increasing borrowing costs in the region.
If this is the case-than the interest rate differential will widen-which will be negative for the greenback.

Downward Pressure on the Euro.

After the recent rally on the Eur/Usd from 1.2870 to 1.3380 the Euro is still under pressure from long term trends in the euro crosses. Right now the Eur/Usd is testing a resistance point at 1.3400-1.3425  created from the Nov-5th drop from 1.4245 to 1.2970 on Nov 30th. The Eur/Usd has been consolidating formation from that dip until today and still have not broken out from ether the downside or topside. It has been stuck in a 400 pip range for a little over a month now but looking at the Euro crosses the Eur/Usd is still under pressure from the long term downward trends created from these crosses.

Bobbys Corner-Open Market-Dec.22.2010

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

Today we are awaiting the final GDP data for Q3.  The markets anticipate a higher than previously estimated number.
The USD was a touch softer as investors look for higher-yielding assets as the economic picture globally is looking a little brighter.
The euro was stronger after Germany announced that import prices rose 10% over a year ago.
Cable was lower after data in the UK showed that they British economy grew at a slower pace than originally estimated.

Bobbys Corner-Open Market-Dec.20.2010

Good Morning:

As we start a new week, the euro is losing ground amid speculation that the ability for EU nations to raise fresh investment capital may be dwindling after many nations within the Euro Zone have been, or are being targeted for downgrades by the major rating companies.   Last week alone Moody’s lowered Ireland credit rating by 5 levels, and placed Greece on review for a possible downgrade .  S&P put Belgium on negative a watch list.
News that France’s AAA rating may be in jeopardy is also causing pressure on the single currency.

Asian equity markets were lower-European markets are higher (even as concerns regarding the EU’s debt issues plague the marketplace), as are US Futures at this time.

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