Intraday Market Thoughts

Archived IMT (2009.06.01)

by Ashraf Laidi
Jun 1, 2009 10:17

Relentless Dollar Selling Underway. USD net shorts vs EUR, AUD and CAD fall to fresh 10-month lows, reflecting deteriorating sentiment in the US currency as emerging markets and commodity currencies continue to deliver rising yields at the expense of the greenback. Yen fares as the next weakest currency after USD, followed by CHF. US March consumer spending (due 12:30 GMT) seen -0.1% from -0.3%, while annual core PCE price index (Feds favourite inflation measure) seen unchanged at 1.8%, which is below its preferred 2.0% target. 1.5 hrs later, US May ISM seen at 42 from 40.1, but will the report surprise on the downside as did the Chicago PMI on Friday (to 34.9 from 40.1).


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