Intraday Market Thoughts

Archived IMT (2009.07.09)

by Ashraf Laidi
Jul 9, 2009 15:38

What goes up must go down and what goes down keeps on falling. Oil extends its damage, falling below $60, while stock head back into negative territory, supporting JPY and USD anew. The BoEs announcement to maintain its quantitative easing intact at $125 billion did help GBP only temporarily before sending cable back to $1.6190s. S&P500 will once again attempt retesting the key 877 support. US bond yields remain weak at 3.35% despite the bigger than exp decline in US jobless claims, which proved to be more of a result of July 4th holiday (people less willing to file for unemployment during holiday). EURUSD fails at $1.40, while USDCAD regains 1.16, eyeing 1.1630.


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