Intraday Market Thoughts

Archived IMT (2011.01.12)

by Ashraf Laidi
Jan 12, 2011 23:21

EUR JOINS BROAD DAMAGE OF THE USD, gaining +200 pips to $1.3130s but the downtrend remains intact as long as we do not see a CLOSE above $1.3270. The road back to $1.28 and $1.27 remains intact. I warned on Monday that care must be paid to US debt auctions (and not to get distracted by Portuguese auctions) and that poorly subscribed auctions would be positive for the USD via rising US yields. Todays well subscribed US 10-yr note auction dragged yields lower, which helped weigh on the already weak USD. WATCH ASHRAFs INTERVIEW with CNBC's Erin Burnett today discussing China's decision to open trading in the US


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