Intraday Market Thoughts
Archived IMT (2010.04.07)
by
Apr 7, 2010 23:44
ASIDE FROM YIELD SPREADS, Euro is being dragged down by a re-escalation of the sovereign bond spreads, as Greek 10 year yields rise by more than 408 bps above their German counterpart, which is a new record high. http://chart.ly/px42dy We warned in February about a Q2 rebound in these spreads as was the case in Jan 2010. The follow-up rebound was also seen in Jan-Mar 2009. With Asian stocks expected to follow US markets lower on Thursday (especially if Aussie jobs report disappoints), the case for sub $1.33 EURUSD is established. $1.3270 stands as interim support, followed by $1.3230.
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