Intraday Market Thoughts
Archived IMT (2010.09.02)
by
Sep 2, 2010 17:29
ECB LIQUIDITY & UPGRADES: ECB extends its 3-month fixed rate lending facilities into Q1 2011, which is EUR-positive considering 3-month EURIBOR has fallen to six-week lows at 0.884%. ECBs UPWARD REVISIONS of its Eurozone 2011 GDP forecast to 0.5%-2.3% from +0.2%-2.2% stand in contrast to the Feds economic downgrades. Turning into FRIDAY's US JOBS REPORT , the euro may not fall victim to a disappointing figure based on risk aversion flows. With US payrolls expected to show their second consecutive monthly net decline (exp -100K) and the unemployment rate at risk of rising back to 9.6%, such a scenario would highlight the Feds defensive stance, hence in favour of EURUSD. See prev IMTs on EUR Techs
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