Intraday Market Thoughts

Archived IMT (2009.12.04)

by Ashraf Laidi
Dec 4, 2009 10:18

Nikkei-225 closes above the 10K level for the first time since Oct 30, rallying for the 5th consecutive day. The last time the index rallied for 5 straight days was in July. The Dow/Nikkei ratio extends declines after having hit a 14-month high last week. Canadian jobs due at 12:00 GMT and could be expected to show stabilization after the 43K decline in October. But the lasting impact will likely be influenced by the US jobs report, whose bar of expectations may have been set too high with a consensus for a decline of 120K. USDCAD faces interim support at the 1.05 trend line, backed by 1.0470. CADJPY still capped at 84.50. EURUSD & GBPUSD bulls will have to contend with the 1.5145-50 and 1.6740 resistance levels in the event of a market-friendly US figure.


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