Intraday Market Thoughts

Archived IMT (2009.06.03)

by Ashraf Laidi
Jun 3, 2009 15:43

Markets extend retreat on worse than expected ADP payrolls, sending bids into USD and JPY against EUR, AUD, NZD and GBP. Dow's failure to close above 200-day MA proved material. CAD seen losing further against USD ahead of Canadian jobs report. EURUSD uptrend remains intact but interim downside stands at 1.4120, followed by 1.4070, while AUDJPY and NZDJPY eye 76.80 and 60.80 respectively, especially as Asian equities respond negatively to todays negative close in NY. USDJPY continues to fail at 96.50, eyeing 95.30, followed by 94.80. Oil inventory showed unexpected builds, which is negative for prices


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