Intraday Market Thoughts

Archived IMT (2009.08.05)

by Ashraf Laidi
Aug 5, 2009 15:41

Risk aversion trades accelerate on disappointing ISM and bigger than expected build in oil inventories as these intensify selling in CAD. Not only July ISM fell to 46.4 but also the employment index slipped to 41.5 from 43.4. The unexpectedly large builds of US Crude oil inventories by 1.67 mln vs expectations of +0.6 mln drag slam down crude prices to 69.74 from 71.82 session high. USDCAD reaches 1.0780, but pressure stands at 1.0820. USDJPY hits 94.88, and set to test 94.50. USDNOK eyes 6.09.


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