Intraday Market Thoughts

Archived IMT (2009.03.03)

by Ashraf Laidi
Mar 3, 2009 9:26

Aussie is the biggest currency winner in todays trading after the unexpected RBA decision to not cut rates earlier today. The combination of improved risk appetite and the no change in Aussie rates gave AUDUSD its biggest rally in 4 weeks, now eyeing the 65 cent resistance38% retracement of the 0.6847-0.6292 move. Considering weakness in USD and JPY in the midst of improved risk appetite, AUDJPY and AUDNZD are seen testing the 64 and 1.2970 respectively. Latter rate may be hit especially if RBNZ cuts rates by at least 50 bps today.


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