Archived IMT (2009.05.29)
With US equity indices showing smaller daily swings and consolidation becoming the name of the game, Forex markets seek less guidance from equities and more from the sell dollar theme, with major currency pairs targeting key August levels. Cable targets $1.62, USDCAD at 1.09, AUDUSD at 0.80 and NZDUSD at 0.64. Commodity traders push up oil to $66 and gold to $977. With neither the Fed or the Treasury likely to mention dollar weakness, markets will continue to push the envelopes on USD weakness. Todays weaker than exp Chicago PMI reminded markets that the green shoots argument of second derivative optimism has yet to be tested. Accordingly, next weeks ISM index could also surprise on the downside, while the May labour report will be key for any signs of stabilization on the unemp rate side.
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