Intraday Market Thoughts

Archived IMT (2010.11.23)

by Ashraf Laidi
Nov 23, 2010 13:34

US Q3 GDP REVISED UP TO 2.5% from 2.0%, with PCE aleasy revised up to 2.8%. GOOD US DATA IS GOOD FOR USD (as we saw last week) based on QE2 arguments. KOREAN BORDER FIRE, FBI RAIDS of US hedge funds & prolonged Irish uncertainty are are all ideal catalysts for renewed risk-aversion. Despite the late session rebound in US Monday session, markets are back in sell mode. USD & CHF regain the bulk of risk appetite as the YEN is hit across the board by the exchange of fire across the Korean border, resulting into 4 casualties. YEN has always sold off during Korean tensions, now allowing for USD and CHF to flex muscles EUR and commodity currencies. EURCHF eyes 1.3310 trendline support. Watch AUDUSD breaking below 0.98, eyeing 0.9730, 0.9650 later in week.


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