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Spain

Bobbys Corner-Open Market-Oct.10.2012

Good Morning:

A fairly lackluster overnight session-with the majors showing no real activity.

Fitch Ratings commented that the US fiscal cliff, EU crisis, and a potential “hard landing” for the Chinese economy will be
a risk to the global economy.  Thanks-I think we knew that!

Bobbys Corner-Open Market-October 14.2011

Good Morning:

FX markets prepare themselves for this weekend’s G-20 meeting, and expectations are high that the Euro Zone will come up with a meaningful monetary plan to deal with the regions sovereign debt issues.

Spains Gomez on the Wires

Says:

  • Spain needs wage moderation
  • Wages rose less than inflation last year
  • Cant fix salaries by law
  • Approves extension to troops’ presence in Libya
  • Spain to maintain maximum of 500 troops in Libya
  • Government comments in emailed statement
  • Has support in parliament for wage law

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.

Bank of Spain Governor Miguel Ordonez on the Wires

Says:

  • Spain economy should clearly weaken in 3rd quarter.
  • Spains 6% deficit target is ’sacred’
  • Too early to tell growth will be negative in Q3
  • Spains economy showed ‘clear weakening’ in 3Q
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