Intraday Market Thoughts

Tomorrow's ECB Conference & ADP

by Ashraf Laidi
Oct 1, 2013 18:27

As the focus falls on the US govt shutdown, don't forget tomorrow's ECB press conference (tomorrow not Thursday), which could be an opportunity for Draghi to talk down the euro. In today's new version of the Premium Insights, we compare the current weekly stochastics with those of February 6th –the eve of Draghi's euro-slamming press conference and the currency's peak for the year. We compare and contrast the two cases and give our trades for the day. No indication yet, as to whether Italian PM will call a snap election this week or try to form a new govt. The ADP report on US private sector jobs is due tomorrow, 15 mins before Draghi's conference. Aussie stabilized right above its 100-DMA after the RBA removed its easing bias. US manufacturing hit a fresh 2-year high, giving temporary USD support, but any positive implications for an October Fed tapering are muted by the govt. shutdown and the looming debt ceiling.

Today's Premium Insights issued 1 new trade in EURUSD in addition to the existing trade with 2 charts comparing the current weekly momentum with that from February 6. We also added 2 new trades in GBPUSD and 2 new in AUDUSD along a new AUDUSD chart.
Act Exp Prev GMT
ADP Employment Change (SEP)
180K 176K Oct 02 12:15

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