Intraday Market Thoughts

Archived IMT (2010.02.24)

by Ashraf Laidi
Feb 24, 2010 15:29

Dollar regains ground after brief losses following the release of Bernankes speech, which sounded a bit more dovish than expected, reiterating the Fed Funds rate to remain exceptionally lowfor an extended period. The 11% decline in Jan new home sales failed to move the market. Traders must await the Q&A session where more detail may be shed regarding the exit strategy. GBPJPY among the biggest losers as JPY rallies across the board, dragging USDJPY to 89.78. EURUSD 4-hr faces prolonged gains towards $1.3640, while cable remains limited at $1.5485-90. Gold seen capped at 1110 before renewed downside emerges.


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