Intraday Market Thoughts

Archived IMT (2010.07.08)

by Ashraf Laidi
Jul 8, 2010 9:49

MODERATE HAIRCUT SCENARIOS are assumed by European banking stress tests relative to what is priced by the market, thus further helping risk appetite and EUR. The 16-17% haircut assumed for Greek banks is half of what is traded in the market, but equities will likely extend the end of this week higher before likely locking in profits ahead of next weeks US corp. earnings. ANOTHER STELLAR AUSSIE JOBS report instrumental in greasing the wheels of the Asian bulls as June unemp. rate dipped to 17-month low of 5.1% and payrolls jumped +49.5K vs. expectations of 17.5K. AUDUSD eyes 0.8780, while robust manuf. Figures will likely lift Cable back towards the 1.5250s resistance.


Latest IMTs