Intraday Market Thoughts

Archived IMT (2009.11.11)

by Ashraf Laidi
Nov 11, 2009 14:56

Note how oil fails to regain 80.50 (not even talking about the more important 82) despite USD hits 15-month lowscourtesy of the latest onslaught of dovish talk from the Fed. While this may prove a green light for FX traders to want to probe last years record lows in the USD by selling it further, the converse cannot be said for oil. Thus, USD weakness can be a simultaneous RESULT of weak US figures and ensuing Fed dovishness and a CAUSE for rising equities/commodities, but there could come a time when the result (US weakness) may dominate and lead to renewed risk aversion. Today's EIA data will be delayed to Thursday due Veterans Holiday. CADJPY still struggling to retest right shoulder resistance at 86.10-15.


Latest IMTs