Intraday Market Thoughts

Archived IMT (2011.01.13)

by Ashraf Laidi
Jan 13, 2011 17:10

Watch todays 30-year bond auction, which could exacerbate USD selling in the event of repeating last months strong showing, when the bid/cover ratio came in 2.74 (highest in four months), with a yield of 4.41%. Watch the participation rate of indirect beidders if it emerges above 30%-40%. So far, the impact on USDX from this acutions has been via the yield. Considering the USD's damage, it will take a notably sharp rally in yields for USD to benefit from any sort of stability. GBPUSD faces more upside, targetting $1.5930-40. with downside remaining intact for EURGBP/


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