Intraday Market Thoughts

Archived IMT (2009.05.22)

by Ashraf Laidi
May 22, 2009 13:56

Dollar selling intensifies as EURUSD hits $1.40, GBPUSD tests $1.60, gold is $40/oz away from $1,000, silver breaks to 9-month highs and oil above $61.60. Trend-following currency markets normally pursue the paths of least resistance for the goal of profit-maximization. And so as long as global equities remain in consolidation, economic optimism is guarded and fear is curbed, traders have plenty of lost ground to catch up and lift EUR back to $1.45, GBP to $1.65 and AUD to 0.80. CANADIAN VIEWERS catch Ashraf live on BNN at 10:40 am EST


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