Intraday Market Thoughts

Archived IMT (2009.07.01)

by Ashraf Laidi
Jul 1, 2009 15:34

Weakness in the yen and sterling dominate trading. Bigger than exp decline in US ADP jobs, bigger than exp decline in construction and negative pending home sales weighed on risk appetite temporarily. ISM was w/in expectations. NZD, GBP and JPY among the big losers. USDJPY fails to break above the right shoulder of 97.10 (some charts have the high at 97.18), but we could see a renewed attempt. 96.20 support holding firm. Weekly Crude oil stocks show a draw of 3.7 mln bbs vs forecast of a draw of 2 mln.


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