Intraday Market Thoughts

Vigilant Trichet, Uncertain Bernanke Maintain Metals & Euro Upside

by Ashraf Laidi
Jun 9, 2011 15:57

Euro pulls lower but remains well within the more conventional levels of technical support (see below) on a classic buy-the-rumour-sell the fact pattern following his use of strong vigilance regarding the ECBs take on inflation. When asked whether strong vigilance signaled a July rate hike, Trichet gave the predictable answer it means we are in a mode where there MIGHT be an increase in rates but we are never preccommited.

EURUSD remains well underpinned as per our latest trades, after Wednesday's long of "Long EURUSD between 1.4550-1.4590 for 1.4620-1.4690, with stops at 1.4480" has been hit earlier in the day.

FTSE-100 continues to respect the trading ranges mentioned in the past 9 days. The fact that it continues to bounce off the 200 dma indicates the reliabiity for the bulls to buy on the dips

As stocks push higher, our trades in US crude and silver are nearing their near term targets. Click here for those trades: products/ sub01/access/?a=438

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