Intraday Market Thoughts

Archived IMT (2008.09.23)

by Ashraf Laidi
Sep 23, 2008 21:10

Dollar unable to hold on to gains as stocks deepened their selloff highlighting the extent of negative sentiment/fundamentals in the US, further validating the case for GOLD. The decoupling between the rising dollar and tumbling equities took place today as investors showed little confidence to the debt purchase plan after Bernanke and Paulson stated taxpayers will incur a risk through the repurchase program. Also, there are little signs that lawmakers are showing support for the Paulson Plan, rather, there is more agreement among the Senators than between Senators and the Treasury. Nonetheless, i MAINTAIN USDJPY to bottom at 105.20s in Asian session and GBPUSD to find its way lower back towards $1.8500s


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