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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.

Bobbys Corner-Open Market-March.11.2011

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

This morning (2:46 PM local time in Japan) an earthquake hit the island nation.  The earthquake registered 8.9 on the Richter scale.  This is the largest ever recorded in Japan, and the sixth largest on record.  It is too early to tell the exact damage and costs that the earthquake will have.  There is a tsnuami warning in the Pacific rim-including Hawaii.

Now to the markets:

Bobbys Corner-Open Market-March.10.2011

bob-slade-forex-trading-5-150x200Good Morning:

Moody’s downgraded Spain from Aa2 to Aa1-with a negative outlook. 

  • Cites concerns over sustainability of Spanish govt finances
  • Sees background of only moderate Spanish growth short-medium term
  • Spain still has high vulnerability to market disruption
  • Total cost of bank restructuring likely around 40-50 blnAs expected the Bank of England left interest rates unchanged.

    World equity markets were and are lower-as are US Futures.

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.  

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