Intraday Market Thoughts

Archived IMT (2009.07.10)

by Ashraf Laidi
Jul 10, 2009 19:12

I was giving a course on Intermarket Cyclical Analysis for the past 5 hours for our London attendees so was unable to provide more frequent updates. While the mainstream media is increasingly focusing on the latest probing lobs in international currency diplomacy (China, France & Germany), FX traders are focusing more on the latest evidence of risk aversion (tumbling oil, falling yields and retreating equities). Yesterdays yield spike in UK gilts looked more of an aberration to a Bank of Englands decision (not to announce extra asset purchases scheme) that would almost inevitably be changed when the BoE is forced to renew the scheme next month. W'e're back to the risk aversion play as predicted throughout the past 3 days.


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