Intraday Market Thoughts

Archived IMT (2010.06.02)

by Ashraf Laidi
Jun 2, 2010 3:23

ANOTHER JAPANESE PM BITES THE DUST, this time PM Hatoyama steps down over the destabilization of his tripartite coalition govt resulting from his failure to move the US military base out of Okinawa. Both JPY and USD had recovered in afternoon NY trading as US stocks ended in the red. Markets turn to more European PMI figures as well as the US ADP report, which will NOT include the impact of Census workers expected to add +200k in Friday's NFP (issued by the Dept of Labour). The Japan news means that any improvement in risk appetite will be better capitalized upon viabuying Yen crosses (CADJPY, NZDJPY and GBJPY). Meanwhile, EURGB deepens losses below the key 0.84 support, eyeing 0.8150. DUE TO OVERCAPACITY, LOCATION OF ASHRAF's SYDNEY SEMINAR TODAY has been moved to MUSEUM OF SYDNEY 6 pm Sydney Time


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