Intraday Market Thoughts

Archived IMT (2010.12.01)

by Ashraf Laidi
Dec 1, 2010 10:58

CAD is the highest performer so far today among top 10 trade currencies, followed by NOK, NZD, SEK and AUD. Swiss Franc is the weakest, followed by the yen. Risk appetite improves as Chinas manuf PMI hits 8-month highs and UKs manuf PMI surges to 16-year highs. EURUSD eyes 1.3120 short term trend line resistance. $1.32 stands as the next barrier. GOLD BREAKS above the $1387 resistance in overnight Asia and could well extend towards $1400 in the event that it closes Wednesday above $1387. Markets await US figures on Nov ADP (exp +69K from +43K) and Nov ISM (exp +56.5 from 56.9). The shooting star on the monthly S&P500 suggests a possible decline towards 1130s but a daily close below 1170 is required first. AUDUAD seen capped at 0.9660. The much talked about H&S formation shall remain valid as long as 0.9740 is held. FRENCH SPEAKERS can watch ASHRAF's INTERVIEW discussing currency wars, quantitative easing and currency interventions


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