Intraday Market Thoughts

Archived IMT (2009.12.04)

by Ashraf Laidi
Dec 4, 2009 2:15

YEN & DOLLAR TAKE TURNS: As reports of more possible action from the BoJ filter through the markets, USD benefits from the latest dosage of risk aversion. We hate to sound like a broken record on the SP500's inability to break above 1120, but the latest data disappointment on services industries from Eurozone, UK and particularly the US (ISM fell back below 50) boosted USDCAD above the 1.0530 target, dragged GBPUSD back below 1.6550 and sent AUDUSD back towards the initial 0.92 target of the latest HotChart. Markets quickly tempered their excitement from the +457K reading in US weekly jobless claims after the employment component of the non-manufacturing ISM remained at a dismal 41.6 in November from 41.1 in October, which raises the possibility of a payrolls loss greater than the 120000 consensus. Ashraf is on travel schedule so updates will be less frequent than usual.


Latest IMTs