Intraday Market Thoughts

Euro Rallies as Yen, USD Eroded by Rising Appetite

by Kyle Morrison
May 31, 2011 8:13

Tuesday markets open on a high note-- the equivalent of those typical risk on Mondays involving short-term longs ahead of key data releases (Wed-Fri). FTSE-100 hits our 5985 target mentioned in Friday longs for +70-80 pts depending on what part of the entry range was taken. Subseq target stands at 6010.

Yen pairs rallying across the board after Moodys warns of its latest outlook on Japan. The combination of rising appetite and weak yen is catapulting even EURJPY, which is testing its important 55-dma of 117.50, calling up 188.70. Mid-week kicks off with Eurozone & UK services/manufactruing PMIs as well as US services/manuf ISMs, followed by US ADP survey and the all important US jobs report. Our premium analysis for Tuesday is coming up in late EU morning w/ the latest trades in FX, equity indices, metals & energy. Access to our Fridays trades are here:


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