Intraday Market Thoughts

Archived IMT (2009.05.06)

by Ashraf Laidi
May 6, 2009 7:58

Reports that stress tests will show Bank of America requiring as much as $34 bln in new capital are weighing on risk appetite and dragging down currencies against USD and JPY. Even the rallying Aussie failed to react to better than expected 2.2% increase in retail sales as the BoA story takes precedence over global risk appetite. EURJPY hit a 129.87 session in Asia, 17 pips short of the target in yesterdays Hot-Chart from the initial entry point of 132.70. Bearishness remains in most JPY pairs with USDJPY eyeing 97.40, NZDJPY eyeing 56.20.


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