Intraday Market Thoughts

Archived IMT (2010.08.19)

by Ashraf Laidi
Aug 19, 2010 15:39

DATA DOUBLE PUNCH HITS MARKETS as US jobless claims jump by 500K (highest since Nov), Aug Philly Fed -7.7 (lowest since Jul 2009) put life back in the yen as risk aversion intensifies (S&P500 -1.6% testing 1075). USDJPY testing 84.80, AUDJPY eyes 75.50, EURCHF loses 200 pips now testing 1.3180 (see previous tweets warning about CHF benefiting from risk aversion as JPY fears intervention and USD fears QE). USDCAD did not reach my projected 1.0220, now facing key resistance at 1.0370 (previous TL support now resistance). Cable seen capped at 1.5680 and is expected to retest 1.5580. Again, EURUSD and GBPUSD are not losing as much ground as they usually do due to the fact that bad US data could push the Fed into fresh QE.


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