Intraday Market Thoughts

Archived IMT (2011.03.18)

by Ashraf Laidi
Mar 18, 2011 0:36

G7 says will mount a coordinated intervention to stabilize the yen for the first time since 2000 (when G7 intervened in concert to support euro). USDJPY jumps 200pips to 81.28, along al other yen pairs, potentially eyeing 82.30. EURUSD and GBPUSD are in fact falling despite the shot in the arm to global equities as Nikkei rallies 3.2%. The fact that AUD and CAD are rallying vs. USD reflects the sharp move towards risk assets/currencies. This helps confirm EURUSD to find support above 1.3980s before it is expected to extend gains towards 1.4060 and 1.41. USDCHF sharply reverses its losses to rally 100 pips to 0.9080s.


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