Intraday Market Thoughts

Archived IMT (2009.05.08)

by Ashraf Laidi
May 8, 2009 13:42

US April jobs report largely within expectations; payrolls -539K vs exp -663K, unemployment rate rises to 8.9% from 8.5% (highest since Sep 83). Dow futures ease of ftheir highs from +116 pts to +75 pts, with hourly chart on Dow futures signalling further declines towards 8,420 from current 8,500, but these losses are not enough to dampen risk appetite, hence, the broad decline in USD. EURUSD breaks above 200-day MA to $1.35, eyeing 1.3530, followed by 1.3580 (50% retracement of the decline from the 1.4710 high to the $1.2450 low. But any deterioration in equities may drag USDJPY to 98.60 and EURUSD back to 1.3410.


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