Intraday Market Thoughts

Archived IMT (2010.03.03)

by Ashraf Laidi
Mar 3, 2010 11:32

GREEK SHOOTS FOR EURO? Euro holds firm and Greek bond spreads fall to 2-week lows as Greece announces 4.8 bln austerity plan to help it meet its fiscal targets this year. These measures are not only a way to prevent credit rating agencies from hitting out with another downgrade, but also part of the Greek govts progress report that will be submitted in mid March. EURUSD remains capped at 1.3660s 61.8% retracement of the 1.3785-1.3442 decline. Watch the 4-hr stochastics for a potential negative crossover. Gold stuck at the 1135037 level, which is BOTH the 50% retracement of the 1226-1044 decline & neckline of Rev H&S formation.


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