Intraday Market Thoughts

Archived IMT (2010.03.03)

by Ashraf Laidi
Mar 3, 2010 15:19

US Feb services ISM hits 53 (exp 51) highest since Dec 2007, while Employment component rises to 48.6 (highest since April 2008) from 44.6. The report pushes 10-year yields to 3.65%, while EURUSD remains capped at the $1.3670 resistance mentioned in previous IMT (61.8% retracement of the 1.3785-1.3442 decline). EURUSD REMAINS WELL IN ITS 3-MONTH DOWN CHANNEL, whose validation can only be eroded by a breach above $1.3820. GBPUSD downtrend also intact, with any extended rebound seen capped at $1.5134. With ADP coming in line with expectations at -20K (previous revised to -60K from -22K) we warn about the possibility for a positive surprise in Fridays job report. AUDNZD shorts may consider short positions in NZDJPY especially as AUDUSD and AUDNZD continue to fail those important resistance figures addressed in this IMT *** WATCH ASHRAF ON CNBC-US (Power Lunch) at 12:25 EST (17:25 GMT) ***


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