Intraday Market Thoughts

Archived IMT (2009.02.27)

by Ashraf Laidi
Feb 27, 2009 16:45

EURUSD shrugs news of the latest 24.5 billion loan to East/Cent European banks and down on mounting risk aversion. Next source of major event risk likely to take the form of an actual credit downgrade of a major Eurozone bank or the failure of an East/Cent European bank. Sub $1.2650 break likely to retest the months low of $1.2513. Persistent risk aversion that is particularly provoked by Eurozone-related issues is expected to trigger a break of $1.24 and onto the $1.2360. Upside so far capped at $1.2830. Hot-Chart on USDNOK remains valid from yesterday's call.


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