Intraday Market Thoughts

Archived IMT (2010.09.14)

by Ashraf Laidi
Sep 14, 2010 8:51

KAN DEFEATS OZAWA to retain premiership of Japans DPJ. USDJPY hits fresh 15-year lows at 83.26 as the defeated Ozawa was a vocal proponent of yen-selling intervention. This is Japans 3rd Prime Minister w/in a year. Meanwhile, markets continue to ignore Japans Fin Min Nodas pronouncements about readiness to intervene in FX and that rapid prolonged yen rise is bad for economy. 80 USDJPY remains in focus, with 79.20s a viable target for as early as October. Any USDJPY rebound is seen capped near 84.20. $AUDJPY proving unable to follow-up above 78 despite soaring AUDUSD. EURO AWAITS 9 am release (10 BST) of ZEW survey. Economic Sentiment index seen falling to 10 from 14 but Current Conditions seen at 48-49 from 44.3 EURUSD seen testing 12920s as USD weakness goes from bad to worse. USDCHF drops to 1.0022 supporting my reiterations of CHF strength from fundamental stand points (see prev tweets). GBP awaits CPI while broadening losses after poor RICS house price figures (-32 from -8). EURGBP seen capped near 0.84. FOLLW ME ON TWITETR FOR MORE FREQUENT INSIGHTS & ANALYSIS http://twitter.com/alaidi

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