Intraday Market Thoughts

Archived IMT (2009.12.03)

by Ashraf Laidi
Dec 3, 2009 12:28

Markets await the ECB press conference and latest forecasts from the ECB, which we do not expect to move the markets. An already strong EURUSD pair will not cause the central bank to signal any new hawkishness. US jobless claims and Bernankes testimony are the more important events of the day, as US jobs and the US currency re-emerge as the key focus. Japans efforts to weaken the yen may give the global carry trade an important boost, and further drive up metals. But a decent US jobs report will have to help in order for US equities to sustain their momentum. Key resistance levels in YEN CROSSES: USDJPY 88.25, AUDJPY 82.90, CADJPY 84.50, EURJPY 133.50. DUE TO ASHRAF'S TRAVEL SCHEDULE UPDATES WILL BE LESS FREQUENT THAN USUAL.


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