Intraday Market Thoughts

Archived IMT (2010.07.29)

by Ashraf Laidi
Jul 29, 2010 11:16

USD DROPS ACROSS THE BOARD on a combination of cautious remarks from Moodys about the US credit rating and persistent improvement in the Eurozone consumer sentiment. Although Asian equities finished around neutral territory, markets are decidedly USD-negative. AUD stabilized at 0.89 before rallying over a full cent, eyeing interim resistance at 0.9075. GBPAUD and EURAUD hourly stochastics showing deterioration but daily charts remain bullish. EURUSD continues to eye the 1.3130 target, while USDCAD is increasingly confined to a symmetrical wedge between 1.0275 and 1.0440. RBNZs rate hike proved rather dovish, with the policy statement using words such as deteriorated and subdued regarding future growth and indicating NZD strength to be inconsistent with the growth outlook.


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