Intraday Market Thoughts

Archived IMT (2010.03.24)

by Ashraf Laidi
Mar 24, 2010 13:12

JUST WHEN ALL EYES WERE ON GREECE, Fitch Ratings downgraded Portugal's Long-term foreign and local currency Ratings to 'AA-' from 'AA', while affirming Portugal's short-term foreign currency rating. EURUSD extends losses by 170 pips to $1.3333 (since NY Tues evening). The news help BROADEN USD RALLY against commodity currencies as risk aversion emerges, which is further weighing on GOLD and SILVER to $1089 and $16.62 (as per latest HotChart ) GBPUSD extends selloff as Chancellor announces the UK Budget projections on net borrowing and makes the case for an Internationally-backed bank tax. US durable goods orders weaker than expected at +0.5%. Our $1.32 EURUSD forecast for from mid February for end of March remains intact, while we reaffirm the case for $1.28 before end of June. Cable eyes $1.4820, followed by $1.45, while the days of +$1.53 are well behind us for at least 6 weeks as the pair makes its way for a preliminary support of $1.4840, followed by $1.45. Any recovery is expected to be limited at $1.5080, with subsequent gains capped at $1.5220. ASHRAF's SEMINAR IN MONTREAL (today) and TORONTO (Saturday) REGISTER HERE:


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