Intraday Market Thoughts
Archived IMT (2008.12.15)
by
Dec 15, 2008 15:47
Both EURUSD and GBPUSD near my year-end targets of $1.37 and $1.56 as the dollar's woes feed on every negative hand available. Intensifying dollar- selling pressure extends due to (i) elevated concerns about inflationary implications of the Treasurys swelling balance sheet to $2.25 trln (ii) the parlous state of US automakers and its impact on the overall economy and (iii) renewed assault on the currencys yield foundation as the Fed is set to cut by as much as 75-bps to 0.25%. A fourth factor weighing on the dollar could be a surprisingly bigger than expected OPEC cut of 1.8-2.0 million barrels per day rather than the expected 1.5 mln bpd.
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