Intraday Market Thoughts

Archived IMT (2009.04.03)

by Ashraf Laidi
Apr 3, 2009 17:19

Profit-taking weighs on the Aussie as traders curtail up 3-days worth of gains of 4 cents vs USD. This is occurring despite stocks trimming their losses and other currencies rallying against the USD. But the April 7th rate decision by the Reserve Bank of Australia may offer renewed boost for the currency in the event interest rates are held steady again at 3.25%, I mentioned last week that the odds for an April rate cut were diminishing. The latest decline in retail sales proved a short-term bump for the currency as has each bout of selling in global equities. With the govt set to activating its latest stimulus package soon, it may be viable for the central bank to remain on hold this time around. Weekly stochastics suggest 73.50 cents is viable next week.


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