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Bobbys Corner-Open Market-March.29.2011

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

Federal Reserve member Bullard stated overnight that the FOMC  may not be able or willing to wait out the global uncertainties before the US satrts normalising it’s monetary ploicy.
The uncertainties that he is speaking about are:
1) Political unrest in Middle East and North Africa
2) Japanese crisis (earthquake and nuclear)
3) European sovereign debt problems
4) US deficit

Bobbys Corner-Open Market-March.25.2011

bob-slade-forex-trading-7-150x200Good Morning:

Portugal was downgraded after the prime minister resigned when legislators rejected new austerity measures.  S&P lower Portugal’s long term sovereign credit rating-short term ratings remain on negative watch.  S&P stated that “the resulting increased political uncertainty could hurt market confidence and heighten Portugal’s refinancing risk”

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. 

Bobbys Corner-Open Market-March22.2011

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

GBP was the star of the overnight session as CPI in the UK came out almost double what analysts expected.  This will put pressure on the Bank of England to consider a bump up in interest rates.  

The Euro touched a 5 month high versus the USD as speculation that the ECB will raise interest rates next month-as the concern of inflation mounts.  Last month ECB President Trichet mentioned the rate increase-and even after the crisis in Japan, he has not changed his tone.

Bobbys Corner-Open Market-March.18.2011

bob-slade-forex-trading-8-150x200Good Morning:

We have finally come to the end of the week-and what a week it has been-one for the history books!

The G-7 agreed to a joint intervention to curtail the rally in the JPY.  This is the first joint intervention in over a decade.  The nations agreed that “excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability”.  The pressure on the USD/JPY will still remain intense-but this move will at least have a somewhat calming effect on the markets.

Bobbys Corner-Open Market-March.16.2011

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

We start this morning with news that Japan’s  nuclear reactor meltdown is still being sorted out-as smoke continues to billow out of the Fukushima nuclear plant.  Fears that the containment vessel in the #3 reactor has been breached seems to be the cause of the smoke and increased radiation levels.

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