Intraday Market Thoughts

Archived IMT (2010.05.27)

by Ashraf Laidi
May 27, 2010 5:14

MARKETS LOOKING TO STABILIZE as major indices succeed in holding above the May 6 lows. Dow-30 fell in 9 out of the last 10 days, while S&P500 fell in 8 out of the last 10 days. Todays US preliminary Q1 GDP figures could help FX traders opt for risk-seeking traders (selling USD and JPY), such as lifting CADJPY and NZDJPY, while dragging down USDCHF and USDCAD. GBPJPY awaits the CBI survey (10 am GMT) exp at 14 from 13. This may help the cross revisit 130.30 and onto 131.00 in the event of positive figures. CHF may also drag USDCHF back to 1.1510, followed by 1.1450.


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