Intraday Market Thoughts

Archived IMT (2009.10.02)

by Ashraf Laidi
Oct 2, 2009 15:13

The unambiguously negative jobs report (Unemp rate to 9.8%, payrolls -263K) triggered an initial jump in USD and JPY, only for the former to retreat lower as oil regained 70 (resist still capped at 72.30) and stocks curtailed their losses by over 60% from session lows. Post-jobs whipsaws in the markets are frequent but must not be overshadowed by FUNDAMENTAL DRIVERS FOR RISK AVERSION (especially with such jobs report bond yields testing 3.10%). EURUSD resistance pushes up to $1.4645-50, while GBPUSD rebound seen limited at $1.5945. Long USD positions best be hegded with short USDJPY, which eyes 88.50. REGISTRATION DEADLINE for SATURDAY'S WEBINAR IS TODAY 15:00 EDT (20:00 GMT)


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