Archived IMT (2011.03.21)
Rising AUDUSD and falling USDCAD reflect the typical nature of rallying commodity currencies (AUD and CAD) during improving risk appetite (Dow-30 +113, SPX +12). Since AUDCAD remains unable to break 0.99, the bias remains in favour of CAD, thereby siding w/ USDCAD shorts instead of AUDUSD longs during improved risk appetite. I mentioned last week that EURUSD was another preferred pair during any stabilization in risk appetite (see longer article and prior IMTs). With USDX having broken below the key 76 foundation, USDCAD now stands to break below the 0.9770s trendline to retest 0.9720 and possibly 0.9680. Further gains in oil prices would be one (but NOT the only) driver for falling USDCAD. US existing home sales today and UK CPI tomorrow will be key drivers to FX in the next 24 hours. Stocks also boosted by AT&Ts announcement of a $39 billion deal to acquire T-Mobile USA. These Intraday Market Thoughts will no longer be available free of charge starting next month (not next week) when AshrafLaidi.com introduces a new Premium FX Service.
5 Near-Term Themes
by Adam Button | Jan 17, 2020 18:02
Ashraf in Dubai Jan 22-24
by Ashraf Laidi | Jan 17, 2020 14:20
Fear Crushed by Retail Sales & Round 1
by Adam Button | Jan 16, 2020 18:31
Sell the Fact or Sell the Economy?
by Adam Button | Jan 15, 2020 12:42
Markets Hesitant as US Makes Nice
by Adam Button | Jan 14, 2020 12:52