Intraday Market Thoughts

Archived IMT (2010.05.07)

by Ashraf Laidi
May 7, 2010 14:07

CONFLICTIVE US JOBS FIGURES leading to sharp FX whipsaws and little direction. April payrolls soared +290K while March was revised to +230K from +162K, but the unemployment rate rose to 9.9% from 9,7% against expectations of a decline to 9.6%. Dow futures are holding onto gains but any deterioration will see GBP FALLING CROSS THE BOARD after the confirmed HUNG PARLIAMENT, which initially sent GBPUSD to a 13-month low of $1.4478. Cable seen capped at 1.4725-30 eyeing $1.4640. CAD was boosted by stellar job figures (+108.8K, unemp rate down to 8.1% from 8.2%). CADJPY seen as a the preferred risk trade, eyeing 90.40. USDCAD capped at 1.0440, eyeing 1.0320. Yesterday's interview w/ Maria Bartiromo after Thursday's market plunge


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