Intraday Market Thoughts

Archived IMT (2009.02.18)

by Ashraf Laidi
Feb 18, 2009 18:52

Yen is biggest loser and gold is the broadest winner as the metal tests $978 and JPY hits 5-week lows vs USD at the 100-day MA of 94.01. Since the MA breach hasnt been seen since September, a clear break would consist of a close above 94. But changing dynamics between risk appetite and the yen may be unfolding as the deepening gloom of the Japanese economy may not permit further yen gains during rising risk aversion. Consider starting partial yen longs vs USD at 94 and NOK longs at 7.08-10.


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