Intraday Market Thoughts

Archived IMT (2009.05.05)

by Ashraf Laidi
May 5, 2009 11:19

Sterling hit a fresh 4-month high of 1.5110 as UK construction CIPS jumps to a higher than expected 38.1 and the FTSE-100 breaks above 4,300, gaining 26% off its March lows. Aussie hit a fresh 7-month high of 0.7465 and 0.7397, right at the 38% retracement of the fall from the July high of 1014.14 to the Jan low of 55.31. The simultaneous release (14:00 GMT) of the speech from Fed Chairman Bernankes testimony to Congress on the economic outlook and the release US April services ISM, could provide a one-two boost for already rising bond yields from their current 3.16% print. While US ISM index could improve to 42.5 from the 40.8 in March, markets will look for a rebound in the New Orders and Employment components after each fell in March to 38.8 and 32.3 respectively.


Latest IMTs