Intraday Market Thoughts

Archived IMT (2011.03.09)

by Ashraf Laidi
Mar 9, 2011 1:38

USD seeks to add more upside in the 2 weeks to come. FX markets maintained USD well bid despite a rebound in equities, adding further (desperately needed) support for the USD index, which translated into EURUSD falling below 1.39, GBPUSD below 1.6170 and USDJPY testing 82.90s. ----- Expectations of an ECB hike failed to boost EUR after Standard and Poor's ratings report warned of further downgrades in Eurozone peripheral nations and told MNI that a Greek default come in between 30-50%, so a haircut of more than 50%. EUR bulls may rest comfortably unless a break below 1.38 trendline materializes. ------ AUDUSD requires a close below 1.0015-20 to extend losses towards the next target of 0.9950s. Aussie jobs tomorrow night, BoE decision on Thursday and US retail sales on Friday will help deterlimne these key levels. LATEST HOT CHART ON EURGBP here :


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