Intraday Market Thoughts

Archived IMT (2009.08.10)

by Ashraf Laidi
Aug 10, 2009 18:40

All of our intraday targets for the day have been hit are as per our previous IMTs and twitter updates on http://twitter/ as well as the latest USDCAC HotChart. A combination of risk aversion and JPY shortcovering dragged down USDJPY towards 96.80, while sending $GBPUSD by more than 2 cents towards 1.6430, right above the key 55-day MA, which has not been breached since March. GBPJPY shed more than 200 pips to 159.80, while USDCAD breached above 1.09. Falling stocks are boosting bonds at the expense of their yields, which are back down nearly 10 bps to 3.78%. the fact that the 10-year yield has retraced over 61..8% of Fridays rally could augur well for further USD gains. My interview earlier today on BNN view earlier today discussing forex -stock correlations from a very busy trading floor in London


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