Intraday Market Thoughts

Archived IMT (2009.09.08)

by Ashraf Laidi
Sep 8, 2009 15:03

Ashrafs interview earlier on Bloomberg TV on the dollar selloff and gold

USD The broadening decline in the US dollar has helped gold regain $1,000 and oil above $70, which printed $1.45 in EURUSD. Re-merging structural concerns with the US budget deficit are at the forefront of the FX price action. Higher than expected UK manufacturing data helped boost GBP above $1.6550. EURUSD hit a NEW HIGH for the year at $1.45 largely as an anti-USD play, facing next key resistance at $1.4609--61.8% retracement. Despite the gold's rally, we're expecting a failure of the current rally at 1,035-40 before an eventual retreat towards 960s. Projections for $1,200 are for later in Q4 and beyond.


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