Intraday Market Thoughts

Archived IMT (2009.05.07)

by Ashraf Laidi
May 7, 2009 11:55

Yen and dollar damaged across the board as Japans return from Golden Week Holiday delivered a 4.6% jump in the Nikkei to play catch up with global equities rally. ECB expected to cut rates by 25 bps to 1.00% but as long as it ONLY announce quant easing and not implement it, then we could see prolonged run-up in EURUSD towards the $1.3370s and onto 1,3400. Key resistance stands at the 200-day MA of $1.3470. Gold and silver rallying along with stocks, which could call up $935 as early as today. Cable eyes 1.5320.


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