Intraday Market Thoughts

Archived IMT (2009.04.20)

by Ashraf Laidi
Apr 20, 2009 13:30

Keep an eye on AUDNZD as the battle of the high yielders may be lost to the Kiwi in the short term as the Aussie retreats after worse than expected 0.4% decline in q/q PPI (, which means that Wednesday's CPI will also show bigger than exp decline, hence a negative for RBA. These dynamics are seen as fundamental catalyst for the turning point in AUDNZD daily chart. Target seen at 1.22440 and 1.2350. Stocks drop across the board after S&P500 failing to go above 860-865, which is the 30-31% point of the rally from the March lows.


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