Archived IMT (2009.06.23)

The 2.8% decline in the Nikkei offered a predictable decline in all risk currencies against the dollar and the yen. Readers of the last 4 Intraday Market Thoughts as well as our tweets http://twitter.com/alaidi saw all of our suggested trades hitting their intended and rolling targets. Selling momentum remains particularly strong in CADJPY, AUDJPY and GBPCHF (down 200 pips). Further upside remains in USDCAD eyeing 1.1590, followed by 1.1650 especially as eyes falters at $67. AUDNZD (a long-time favourite short of ours) is down 100 pips at 1.2405 and down 400 pips from June 10th.