Intraday Market Thoughts

Archived IMT (2010.09.07)

by Ashraf Laidi
Sep 7, 2010 9:30

BACK TO SCHOOL & RISK AVERSION as Asian stocks dip back into the red; Jullia Gillard keeps power for Australias Labour Party thanks to the backing of 2 independents. Though her tax on resource makers is a watered down version of her predecessors 40%, both Aussie equities and the currency are pullingback. YEN EDGES UP over CHF & USD, dragging EUR below the 107 trendline support (Aug low indicated in early morning tweet) now eyeing 106.50s. EURUSDs failure to close US above $1.2770s calls up 1.2690s. Reports that European banks stress tests were not tough enough as well as worries about PIIGS revisiting the bond markets this month is also causing broad EUR jitters. EURCHF eyes 1.2870s, while USDCHF makes another attempt towards parity.


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