Intraday Market Thoughts

Archived IMT (2009.10.30)

by Ashraf Laidi
Oct 30, 2009 16:13

MARKETS BACK WHERE THEY WERE ON WEDNESDAY as risk appetite is on the decline. US October consumer spending was flat, showing that the October side of the story (more recent) is the truer reflection of the US consumer after the expiry of cash for clunker programs, which was instrumental in propping expenditure in the Q3 GDP (ended in September 30). All targets in the morning IMT were hit (GBPUSD at 1.6460, USDJPY at 90.70 and oil at 78.50). Wait for NY lunchtime hour to unwind before a fresh selling wave prompts renewed risk aversion to the benefit of USD and JPY.


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