Intraday Market Thoughts

Archived IMT (2008.10.07)

by Ashraf Laidi
Oct 7, 2008 4:37

RBA surprises with a 100-bps rate cut to 6.00% from 7.00%, versus expectations of a 50-bps rate cut. Aussie extends Monday's 10-13% selloff on the significant rate cut, AUDUSD targets 0.70 cents, AUDJPY seen targetting 72.20 yen. The resulting selloff in AUDJPY is not as deep as other AUD pairs because the move is shoring up risk appetite at the expense of JPY.


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