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Forex

Bobbys Corner-Open Market-Aug.3.2011

Good Morning:

The Swiss National Bank seems to have had enough of the recent strength of the CHF, and they came out swinging as they cut rates in a surprise move to the marketplace.  The franc fell after the announcement, as the Swiss government is concerned that the strength of the franc will undermine the county’s economic recovery.
Analysts feel that the rise in the CHF will only be temporary-as the franc is used as a refuge in uncertain times.  Until the nervousness in the markets slow, (which there is no sign of in the immediate future), the franc will continue to attract investors. 

Bobbys Corner-Open Market-Aug.2.2011

Good Morning:

With the debt ceiling deadline looming-the US Senate is set to vote on the bill at noon today.  On Monday the House of Representatives voted and passed the bill even though liberal Democrates and conservative tea party members had their seperate idealologies.
The agreement falls short of the savings that both the Republicans and the White House were looking for.
This agreement must get to President Obama’s desk today to eleviate a US default.

Even with this agreement-there is no guarantee that the USA’s AAA rating will remain steady-and we may see a downgrade-as the rating agencies have called for savings of over $4 trillion over 10 years-far more than the $2.4 trillion offered in this package.

Bobbys Corner-Open Market-Aug.1.2011

Good Morning:

With no extra time to spare-Congressional leaders and the White House have agreed in principle to a new Debt-Limit deal.  Leaders will spend the day pushing this bill through their rank and file members.  The Congress expects to get this bill passed today-as the deadline is tomorrow August 2.
The greenback has been soft-even after the debt-limit deal had been announced.

Bobbys Corner-Open Market-July.29.2011

Good Morning:

I am back to writing Bobby’s Corner again.  I have been delayed by some registration and traveling obligations-but I am glad to be back at the writers table.

Personal Income & Spending Lower, PCE Slightly Higher

Personal Income:   Survey: 0.4%     Actual:  0.3% Prior: 0.4%   Revised: 0.3%

May vs. April 2011
Personal Income:  0.3% vs 0.3%
Compensation:  0.2% vs 0.4%
Wage & Salary:  0.2% vs 0.4%
Disposable Inc:  0.2% vs 0.2%

Personal Spending:   Survey: 0.1%    Actual: 0.0% Prior: 0.4%

PCE Core(MoM):     Survey: 0.2% Actual:  0.3% Prior: 0.2%

PCE Core(YoY):    Survey:  1.1% Actual:  1.2% Prior:  1.0%

PCE Deflator:    Survey: 2.5% Actual:  2.5% Prior: 2.2%

ECB’s Stark on the Wires

Says:

  • Bailout is ‘final chance’ for Greece
  • Support programs cant continue indefinitely
  • If conditions not met, no more aide for Greece
  • ECB cant accept Greek bonds cut to default rating
  • Nationality plays no role for executive board members
  • Important that no political influence on board members

Bobbys Corner-Open Market-April.26.2011

bob-slade-forex-trading-3-150x200Good Morning:

The USD got knocked back again in overnight trading.   Speculation that the Fed will keep interest rates low to help support the US economy is not dollar positive-and the markets have reacted as such. With Chairman Bernanke expected to keep policy and interest rates steady-USD weakness will continue.

CHF rose as investors continue to worry about sovereign government concerns in both Libya, and Syria-thus causing a rush to the safety of the Swiss Franc.

Bobbys Corner-Open Market-April.21.2011

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

The USD saw more weakness overnight, posting across the board losses.
The Aussie jumped to a new high as better than expected PPI data and business sentiment reading helped lead the charge.
The Euro rose over 1.4640-but stabilized after IFO data should a slight decline for the 2nd month in a row.
GBP climbed easily  over the 1.6550 handle as UK retail sales printed better than expected.

Bobbys Corner-Open Market-April.20.2011

bob-slade-forex-trading-3-150x200Good Morning:

Risk took center stage in overnight FX markets.  Euro was strong after a robust Spanish bond auction-and positive flows from Asia.
Aussie was the main attraction-as the AUD/USD pair rose to a new post float high of 1.0685.  The GBP took a back seat as dovish comments from the BOE showed that interest rates may not be rising any time soon.
The JPY lost some ground-as commodities and equity markets gained overnight.

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. 

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