Intraday Market Thoughts

Archived IMT (2009.10.09)

by Ashraf Laidi
Oct 9, 2009 16:18

CAD continues to lead across the board, extending gains vs. AUD and EUR, while GBPUSD risks breaking below 1.59 as equities meander in positive territory. CAD shrugged the biggest trade deficit on record while an unexpectedly decline in US trade deficit is further helping USD, especially following USD-supporting remarks overnight (directly and indirectly) by Fed Chairman Bernanke, Kansas Feds Hoenig and White House economic advisor Summers, whether directly or indirectly. Although statements from Fed officials are a mere reiteration of the obvious Fed ready to tighten when economy improves, the officials are seizing every opportunity to state their intention to normalize interest rates when the time is right. AUDCAD seen accelerating losses towards 0.9330 into next week.


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