Intraday Market Thoughts

Archived IMT (2009.07.08)

by Ashraf Laidi
Jul 8, 2009 15:22

US equities attempt to stabilize risk appetite after the Asian equity selloff sent JPY to 6-week highs as oil and bond yield tumbled to 9-week lows. With Chinas president leaving the G8 meeting earlier than expected and Forex determined to not be a topic of this weeks meeting, traders may expect further robustness in the currency. Any accumulation in equities bounce is to boost AUDUSD and NZDUSD back towards 0.7920 and 0.6340, while USDJPY remains in its lose-lose cycle, facing resistance at 95.50. Markets await the US oil inventory data out at 14:30 GMT.


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