Archived IMT (2010.08.04)
AUSSIE & LOONIE SOAR against all currencies as wheat extends its 55% rally of the past 4 weeks amid worsening draught in Russia. Aussies leadership is also boosted by the prolonged strength in energy and metals as the Federal Reserve opens the door for the possibility of renewed asset purchases (quantitative easing). QE is becoming synonymous with rallying commodities as was the case in Q1-Q3 2009. Copper nears the key $7,570 resistance, which is the 76% retracement of the decline from the April high to the June low. US crude has the technical momentum required to break above $83.50 (right shoulder), especially if the skirmishes in the Middle East show no abating. And with the FOMC widely expected to confirm its bearishness at next weeks rate decision, AUDUSD eyes 0.9230-35 as the next barrier. Any dovishness from the RBA in Thursdays quarterly monetary policy statement may have a limited impact ahead of next weeks FOMC. AUDJPY is the more likely loser in the even of disappointing US payrolls.
Latest IMTs
-
Kushner a Tell?
by Adam Button | Dec 5, 2019 11:11
-
GBP Breaks out, USD Hurt
by Adam Button | Dec 4, 2019 14:38
-
Time for the Pre-Santa Selloff
by Adam Button | Dec 3, 2019 12:55
-
USD Pauses, Key Levels Pre ISM
by Ashraf Laidi | Dec 2, 2019 13:51
-
Tories in Command, Turn to China
by Adam Button | Nov 28, 2019 12:51