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Bobbys Corner-Open Market-Aug.17.2011

Good Morning:

FX markets were disappointed at the announcement by the Swiss National Bank regarding the weakening the CHF.  The idea of a peg against the Euro was discounted for now-as the SNB made no additional comments regarding this proposal.
The CHF rose again after the SNB’s lack of commitment regarding pegging the CHF to the Euro.  For the SNB to peg the CHF to the Euro-it would cause the SNB to have a program of unlimited intervention to keep the peg  maintained.

Bobbys Corner-Open Market-Aug.8.2011

Good Morning:

Nervous and choppy markets greet us this morning (and last night)-with Dow futures off over 200 points, S&P off 24, NASDAQ off 45.
Gold has hit another all time record (over $1700/oz), and oil is lower again.
This was widely expected after Friday afternoon announcement by S&P that the USA’s credit rating was going to be downgraded to AA+ from AAA.

Bobbys Corner-Open Market-Aug.5.2011

Good Morning:

FX markets are very nervous ahead of this morning’s NFP and employment data.
The consensus is for non Farm Payrolls to be up 85K.  This may not be enough to have the 9.2% unemployment rate fall.

Bobbys Corner-Open Market-Aug.4.2011

Good Morning:

We start the morning off by noting that both the ECB and Bank of England left their benchmark interest rates unchanged today.
This was highly expected even though the UK economy continues to show signs of  faltering , and the EU has a debt  crisis that is not going away anytime fast.

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.

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.

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