Intraday Market Thoughts

Archived IMT (2010.06.04)

by Ashraf Laidi
Jun 4, 2010 11:23

DONT FORGET CANADIAN JOBS, due in 45 mins (11:00 GMT) expected at +21K from 109K, with the unemployment rate expected down at 8.0% from 8.1%. Positive CAN figures should further prop CADJPY towards 89.70 (61.8% retracement), followed by 90.40. USDCAD remains supported at 1.0335. Downside surprise in CAN figures combined w. disappointing US figs should prop USDCAD back to 1.0450s. ON MONDAY WE SHOWED the Spain-Germany 10-year spread, which was at 1.53%, warning against 1.80% (see Monday chart Today, the spread hit a fresh high of 1.80%. The reason we continue showing this chart, is that 1.90% is attractively low compared to the +900 bps seen for Greece earlier this year, which means more upside remains for these spreads and hence, downside for euro.


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