Intraday Market Thoughts

Archived IMT (2010.05.24)

by Ashraf Laidi
May 24, 2010 11:34

AUSSIEs WOES REMAIN as long as equities present NO better reason for a rebound other than Goldman Sachs settling with the SEC. Interim resistance stands at 0.8330s, but more immediate target stands at 0.8250, followed by 0.8190 and 0.80 as warned in last weeks article 0.78 remains the ultimate target in the event of protracted equity losses. Drying liquidity remains a challenge for major international banks as USD-3 month LIBOR doubles to 0.50% in just 8 weeks, coupled with the 9-month highs in the TED spread (proxy for 3-month LIBOR spread over 3-month Treasury yields). ASHRAF's SINGAPORE SEMINAR TOMORROW (for NON-CMC Markets Cients) 731 Registered so far.


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