Intraday Market Thoughts

Archived IMT (2009.10.22)

by Ashraf Laidi
Oct 22, 2009 14:44

A fresh selling wave hits the dollar after Boston Feds Eric Rosengren (not a voting member in this years FOMC) said the decline of the dollar reflected investors improved confidence with the economy and their resulting appetite for risk. While such remarks are no more than a stating of the obvious as far the current FX market dynamics, they constitute an overt green light to sell the currency, especially when uttered by policymakers of the interest-rate setting body. Key resistance in S&P500stands at 1,100. Oil faces substantial barrier at $82.00. EURCHF garnered a 40 pt move as per yesterday's warning before retreating back to 1.51.


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