Intraday Market Thoughts

Archived IMT (2009.09.28)

by Ashraf Laidi
Sep 28, 2009 17:30

EURO DRAGGED BY JAWBONING FROM TRICHET & NOVOTNY reiterating the importance of a STRONG DOLLAR. EURUSD drops below 1.46 despite stock's rally. Aussie attempting to catch up with Kiwi after the latter was damaged in Asian trade following its violent run against USD and GBP. The 1.5% rally in US stocks has slowly lifted AUDUSD towards 0.8740s, eyeing last weeks 0.8780s highs. The level would only be breached in the event of another convincing improvement in the US ADP report on private sector jobs (due Wed 12:15 GMT), which could pave the way for a promising US payrolls report. Thursday's release of US manufacturing ISM could also serve as a catalyst for a possible data-confirm recovery bounce. the inability for AUDUSD and NZDUSD to regain 0.8780s and 0.7250s would reflect FX reluctance to extend the risk trade ahead. DETAILS ON SATURDAY'S FOREX WEBINAR


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