Intraday Market Thoughts

Archived IMT (2010.03.05)

by Ashraf Laidi
Mar 5, 2010 14:05

US Jobs report widely better than expected (-36K, unemp. rate unchanged at 9.7%) boosting Dow futures by 50 pts while giving brief lift to the USD. YEN is the biggest loser on the news as USDJPY could regain 90.50s, but stay away from chasing yen weakness into rest of the trading session as stocks risk losing their gains. Similar dynamics occurred at the release of the Dec 4 report when better than expected figure fuelled USD strength to the extent of weighing on equities and commodities. US 10 year bond yields gain 8 bps to 3.68% but seen capped at 3.75%. Gold remains capped at 1140 and GBPUSD seen retesting $1.4970, while capped at $1.5120 AUDUSD nearing the elusive 100-day MA of 0.9065-70, which may call for fresh shorts back 0.9010 and 0.8980 (NOT 0.8880)

 
 

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