Intraday Market Thoughts

Archived IMT (2008.09.30)

by Ashraf Laidi
Sep 30, 2008 18:00

Dollar accelerates gains on combination of technical and fundamental factors, with the technicals being dictated by end of quarter position squaring, and pre-London fixing gains giving the euro its biggest single one-day point loss. There are also funding concerns among banks serving as credit counterparts to one another, which is speeding up the moves. Fundamentally, bad news from European banks Fortis, Dexia and insurer Hypo resurface at the expense of the euro. Emerging Market Funds unwinding positions back into USD are also said to prop the greenback. USDJPY gains along with all other yen crosses on overall rebound in IS and global bourses. 106.35-40 seen as key resistance, while EURUSD and GBPUSD eying support $1.4020 and $1.7730.


Latest IMTs