Intraday Market Thoughts

Archived IMT (2010.07.02)

by Ashraf Laidi
Jul 2, 2010 13:42

US JUNE NONFARM PAYROLLS -125K from +433K, Unemp. rate DROPS to 9.5% from 9.7% (vs exp 9.8%), Average Weekly Hours flat at 33.4. Euro continues to rally across the board, eyeing the $1.2660 target (prev IMT), while JPY rebounds to gain versus all currencies (except EUR). USDCAD looks to retest 1.0680 as oil drops below 72.00. 10-yr bond yields unmoved at 2.93%, but a decline below 2.89% will likely see EURUSD regain 1.2630 and 1.2660. STOCK FUTURES UNCERTAIN where to go due to mixed US data. Dow futures rallied to +60 pts before losing all of those gains. Now +8 pts. MARKET CHOPPINESS WILL GROW WORSE into mid morninbg US trading as US approaches long weekend and attention shifts to World Cup Match Brazil-Holland at 14:00 GMT


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