Intraday Market Thoughts

USDJPY Breaks 100

by Ashraf Laidi
May 10, 2013 0:21

USDJPY finally breaks the 100 level for the first time since April 14, 2009 amid a combination of prolonged risk appetite and relentless easing by the major central banks—Rate cuts in Australia, South Korea or currency intervention in New Zealand, traders are facing witness rampant currency deprecations and policy easing. AUDUSD breaks below 1.01, while EURUSD is 16 pips away from our final 1.3020 target signalled on May2nd. Our Premium Insights had called for renewed bearishness in AUDUSD, based on a unique combination of converging daily/weekly/monthly momentum indicators and deteriorating fundamentals covered last Friday. Wednesday's EURAUD longs are both in progress and so is our short in EURJPY and longs in USDCAD. Full details in our Premium Insights.


Latest IMTs