Intraday Market Thoughts
Archived IMT (2009.05.06)
May 6, 2009 13:25
JPY and USD weakness return to the fray as risk appetite is boosted by smaller than expected decline of 491K in US ADP payrolls vs expected -645K from previous -745K. This is raising possibilities that Friday's jobs report will show a smaller decline in payrolls than the expected 610K. Does that mean that anything less than -500K will refuel resh a bout of buying? And what about the unemp rate? BoA rebounds after clarification regarding the reports on BoA needing $34 bln in extra capital. CAD rallies on +23.5% rise in building permits vs exp +2.5%. With no more figures from the US left for the day, GBPUSD will retest $1.5160, EURUSD eyes $1.3410.
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