Intraday Market Thoughts

Archived IMT (2010.08.03)

by Ashraf Laidi
Aug 3, 2010 15:42

YEN TAKES OVER as stocks retreat across the board and especially by the fact that markets are paying less attention to Japanese policy makers who indicate that theyre closely watching currency yen movements. FALLING BOND YIELDS are also helping to boost the yen as the US 2-year yield hit a new low of 0.526% and 10-year drops below 2.90%. USDJPY may not extend losses beyond 85.50 at this point as it awaits key data later in the week (ADP, ISM and Payrolls). Upside seen capped at 86.40s. EURUSD seen supported at $1.3140-45 before renewed run-up towards $1.3270, while GBPUSD has yet to regain $1.60, which may be in function of not only the construction PMI but also the earnings from Lloyds, Standard Chartered and Barclays later this week.


Latest IMTs