Intraday Market Thoughts

Archived IMT (2009.05.26)

by Ashraf Laidi
May 26, 2009 17:02

Dollar sustains broad damage after the 8-month high in consumer confidence boosts risk appetite. The sell-dollar story shows very little resistance as long as the S&P, Dow and FTSE-100 remain above 880, 8200 and 4,300 respectively. Todays auction of 2-year US treasury notes due at 6pm London (1pm EST) may not be as closely watched as Wednesdays 5-year auctions and Thursdays 7-year auctions because these two involve rising bond yields and reduced purchases from Chinese investors. Thus, weak foreign participation in Wednesday and Thursdays auctions may exacerbate the rise in yields and the dollars decline.


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