Archived IMT (2010.05.28)
DENIAL IS GOOD? Denial by China and Kuwait that they are not unloading EUR-assets is the most popular fundamental explanation for the rebound in stocks + risk currencies, but technically, major US indices needed more fear to post a close below their "flash crash" lows of May 6 lows. We must emphasize the importance of a weekly close in Dow and SP500 above their 200 day MAs (see prev IMT). Players are already talking about next week's release of the US jobs report, which is exp to show a net creation of 415K due to the hiringof 2010 U.S. Census workers. The US Commerce Department said 574,000 temporary census workers were hired for the week ending May 15 vs. 156,000 for the week ending April 17. CADJPY still favoured as the preferred risk currency vs USD and JPY going into next week's policy decision. Last 5 IMTs have continuously favoured CAD due to the anticipated BoC tightening.
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