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Bobbys Corner-Open Market-Feb.7.2011

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

Rising corporate earnings, reduced tension in Egypt, global growth growing faster than expected were all causes for the JPY to lose ground overnight-as investors seek higher-yielding assets.
Almost 2/3 of companies reported better than expected Q4 earnings.. India made comments that they expect their economy to grow the most in 3 years, while Indonesia’s economy grew at the fastest pace in 6 years.  Overall investors confidence grew after Egypt’s government met with opposition leaders to hopefully resolve the crisis.

Bobbys Corner-Open Market-Feb.3.2011

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

The USD gained overnight ahead of US data due out today (ISM), which is expected to show that the service sector has increased again, and tomorrows employment data which is expected to show an increase in hiring.
As expected the ECB left interest rates uncharged-and President Trichet will hold a press conference later this morning.
Cable had a good showing overnight with positive data on the UK’s service sectors, raising speculation that the BOE may have some room to raise interest rates later this year.

Bobbys Corner-Open Market-Feb.1.2011

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

Welcome to February.  We will see what the groundhog says tomorrow. 

We start the day with news out of Egypt-protesters started to gather in Cairo’s Tahir Square as they prepare for today’s million people march.  The Egyptian military has promised not to fire on marchers, and the newly appointed Vice President is open to starting a dialogue with the opposition.
News that S&P also lowered Egypt’s credit rating was no surprise to investors.

Bobbys Corner-Open Market-Jan.31.2011

bob-slade-forex-trading-4-150x200Good Morning:

We wake up this morning with the situation in Egypt very much on the forefront of all world news events.
Moody’s Investors Service downgraded Egyptian government debt, which was highly anticipated.  The outlook is negative, and Egyptian debt sales have been put on hold.  Egypt’s banks and stock market were closed for the second day-as tens of thousands take to the street for the 6th day of protests against President Mubarak.
Risk is off the table for now-as investors pursue safety.

Oil moves higher on Egypt tensions. Gold moves above $1326

Mideast tension in Egypt is causing oil to rebound today. Oil is up $1.50 currently. There are some rumors that flow of oil through the Suez Canal might be effected, disrupting the supply of oil out of the Middle East.

Gold meanwhile is back above the $1326.65 level and approaches the next resistance at the 100 hour MA at the 1330 area (see the chart below).

fxdd-pic-1849

Bobbys Corner-Open Market-Jan.24.2011

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

USD strengthened as profit takers took center stage in the first session of the week.  Improved earnings reports also aided the USD.  This weeks data which includes durable goods, consumer confidence, and US growth will hopefully show that the US economic recovery is finally showing signs of recovery. Speculation is that the positive data that is expected will be dollar positive for the markets.

Asian equity markets were mixed, European markets are lower-and US Futres are slightly higher at this time.

Bobbys Corner-Open Market-Jan.21.2011

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

We awaken to another snowy day in New York.

In a choppy overnight session the Euro picked up some steam on the heels of better than expected German business confidence.  The IFO data was also the highest level reported since Germany was reunified in 1991. Better than expected earnings from General Electric and Google also helped lift the single currency, as did the continued optimism that the EU will find a long term solution to the sovereign debt issues that have plagued the region.

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