Intraday Market Thoughts

Archived IMT (2009.06.05)

by Ashraf Laidi
Jun 5, 2009 15:09

FOREX GETS IT RIGHT before equities and bonds. Forex initially curtailed its risk appetite trade before equities joined in by sending stocks from +1.2% to -0.1%. The initial reaction in forex, bond and equities markets to the jobs report focused on the smallest job loss in 8 months (-345K vs expectations of -530K), while shrugging the 0.5 jump in the unemployment rate to 9.4%--highest since 1983. But FX later cut dollar losses by 200-pts in minutes, by dragging down EUR, AUD, GBP and CAD. Some analysts are stating the payrolls wqere erroneous according to the BLS birth-death model. USDCAD regains 1.11, GBPUSD tests below $1.60 and EURUSD eyes 1.3970.


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