Intraday Market Thoughts

Archived IMT (2009.11.04)

by Ashraf Laidi
Nov 4, 2009 15:09

US Oct ISM drops to 50.6 from 50.9 (exp 51.5), new orders index rises to 55.6 from 54.2 but employment index drops to 41.1 from 44.3. AUDUSD struggling to hold above 0.91. OIL AWAITS EIA INVENTORY (15:30 GMT) expected to show a rise of 1.3 mln in crude oil, a rise of 800K barrels in gasoline and fall of 1 million barrels in distillate at 15:30 GMT. Lesser build or uenxpected draw will be USD negative in favor of GBP, EUR, CAD (USDCAD target 1.0570) Stocks extend rally on hopes that FOMC will NOT hint at exit strategy.


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