Intraday Market Thoughts

Archived IMT (2009.07.02)

by Ashraf Laidi
Jul 2, 2009 12:02

ECB press conference and US jobs due at the same time (12:30 GMT), with Trichet expected to talk more about last weeks 1-yr auction (EUR-negative. We expect payrolls at -425K, worse than the expected -375K and unemp rate at 9.3%, which could end up further propping the dollar on deepening risk aversion. Oil falling for the third straight day (longest string of losses since Apri), risking to breach below $66 and onto 64.90. USDCAD seen regaining 1.1580 and 1.1620. EURUSD seen testing 1.3880 and cable at 1.6270,


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