Intraday Market Thoughts

Archived IMT (2011.03.17)

by Ashraf Laidi
Mar 17, 2011 16:00

US equity gain after 3 straight losing days with the help of falling jobless claims, stronger than exp leading indicators index and improving Philly Fed survey. Japans Fin Ministry says will lead a battle against the yen ahead of Fridays G7 conference (6pm ET, 10 pm GMT, 7 am Tokyo time). FX intervention shall remain an option, which will make the previous support of 80 as the next resistance (79.83). EURUSD extends rally to 1.40, confirming why the euro is not the currency to fall victim to the global risk aversion and is among the leaders in rallying against USD and JPY on any rebound. (see this weeks article). 1.4060 and 1.4120 remain viable targets into subsequent days as long as markets remain in the black. AUD and NZD remain the preferred candidates for shorting. There was talk about a possible increase in Chinas reserve requirement ratio (RRR), but nothing materialized.


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