Intraday Market Thoughts

Archived IMT (2009.07.07)

by Ashraf Laidi
Jul 7, 2009 18:31

Bond yields and oil prices are both tumbling, in line with our latest article of the week as economic concerns further reduce the appetite for risk. 10-year yields test the 3.45% support, while oil struggle to hold above $63. We still expect 3.20% to be the yield low in the current cycle. The 3-year US auction garnered sufficient interest from indirect dealers (proxy for foreign investors). USDCAD hit a session high of 1.1660, looking to regain yesterdays 6-week high of 1.1680. Aussie topped out at 0.8037 vs USD and 76.60 yen, eyeing 75 support. Cable remains vulnerable to a break towards $1.6070, with upside capped at 1.6330.


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