Intraday Market Thoughts

Archived IMT (2009.10.07)

by Ashraf Laidi
Oct 7, 2009 17:32

Oil sheds +$1.00 despite an unexpected drawdown of 1.0 mln barrels in EIA crude inventories, as USD gains across the board. Chatter of a possible collaborative effort by the G20 to talk up the US currency as well as an actual intervention by the BoJare doing the rounds. The White House confirms a meeting between Pres Obama and House Speaker Pelosi, thus raising the possibility of a supplemental stimulus package (not necessarily spending-oriented but jobs-oriented). USDJPY continues to show lower highs AS ARE ALL YEN CROSSES, eyeing a retest of 88 from the current 88.80. EURUSD retreat could lead to a 129.70. The probability of yen jawboning is increasing but the likelihood of success for such action is relatively weak i.e. any resulting yen weakness is seen shortlived. LINK TO THE RECORDING OF SATURDAY's WEBINAR with Ashraf Laidi and Chris Lori. Ln0cM This Link can ONLY BE ACCESSED by those who purchased the webinar before Saturday. (use your username and password). Those who have YET TO PURCHASE the recording will have to wait later in the week.


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