Intraday Market Thoughts

Archived IMT (2009.11.02)

by Ashraf Laidi
Nov 2, 2009 23:41

Based on our expectation for a 25-bp rate hike by the RBA (decision due at 3:30 am GMT), we see upside ground for quick AUD gains across the board, but profit-taking will have to be relatively nimble as the prevailing risk environment will impact overall high yield trades. Due to the fact that a minority of analysts is expecting a 50-bp rate hike, a 25-bp hike to 3.30% is likely to lift AUDUSD by no more than 0.9130 trend line. AUDEUR and AUDJPY are seen testing 0.6140 and 82.50. CATCH ASHRAF on CNBC squawk box at 6:20 am GMT.


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