Intraday Market Thoughts

Archived IMT (2010.11.03)

by Ashraf Laidi
Nov 3, 2010 19:14

USD EXTENDS SELLOFF DESPITE the Fed's opting for the lower end of monthly purchases ($75 bln), highlighting currency traders' mistrust with the USD outlook as the Fed becomes locked in QE into the summer. JC TRICHET's conference coming up later today will have to indirectly talk down the euro, otherwise, the single currency seems apt to target $1.4415-20 (76% retracement) followed by $1.4580--the 27month trendline resistance.

My take on CNBC yesterday today explaining why the Fed will NOT surprise on the upside with its QE announcement


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