Intraday Market Thoughts

Archived IMT (2010.05.31)

by Ashraf Laidi
May 31, 2010 5:23

YEN BIGGEST LOSER in Asian trade on a combination of improved risk appetite and a split in the Japanese govt coalition. Japans Social Democratic Party has exited the tri-partite coalition (SDP, DPJ and PNP) after the DPJ's decision to allow the US military base to stay in Okinawa rather than have it move totally from the Island. Although the coalition maintains its majority in parliament, it will become weaker ahead of July's upper house elections. JPY is weakest currency, followed by USD and GBP. Both London and New York markets are closed for Bank Holiday. USDJPY breaks the May 4 trend line, eyeing 92.15, while CADJPY eyes initial resistance at 87.450-50, followed by 88.20-25the 50% retracement of the decline from the 94.38 high to the 92.09 low. REGISTER FOR ASHRAF's SEMINARS IN AUSTRALIA (Melbourne on Tuesday, Sydney on Wednesday)


Latest IMTs