Intraday Market Thoughts

Archived IMT (2009.04.30)

by Ashraf Laidi
Apr 30, 2009 8:37

4% rally in Tokyo fuels risk currencies higher, while dragging down USD, JPY and NZD (due to RBNZ rate cut). The rally in Tokyo was double that of US indices (those ended 1% off their intraday high). CAD riding its positive correlation with equities as USDCAD hits 4 month lows. 1.1820 seen as the next target low. Canadian February GDP due at 12:30 GMT, exp -0.2% from prev -0.7%. Cable broke above the 1.4830 resist, now eyeing 1.4960. AUDUSD surges to new 6 month high at 0.7383, eyeing 0.7420. Key resist stands at 0.7455.


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