Intraday Market Thoughts

Archived IMT (2009.07.08)

by Ashraf Laidi
Jul 9, 2009 0:22

HEADS UP: Australian June jobs report at 1:30 am GMT expected -20K from -1.7K in May, and the unemployment rate up to 5.9% from 5.7%. (risk seen for 6% unemp). Recall that yesterdays solid consumer confidence figures reaching 19-mth highs were easily overwhelmed by the sharp risk aversion trades weighing on AUD and other risk currencies vs USD and JPY. Chinas arrest of Rio Tinto executives and the potential for disrupting Australia-China economic relations is also said to have contributed to the negative reflex against the Aussie. AUDUSD resist at 0.7840s at which renewed selling is seen. AUDNZD extends damage and eyes 1.2380 target, followed by 1.2330. AUDJPY upside seen capped at 73.30s.


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