Intraday Market Thoughts

Archived IMT (2009.05.07)

by Ashraf Laidi
May 7, 2009 16:46

It's been a while since the euro emerged as the broad a winner in a single day, but today's ECB decision to defer any purchase of bonds until June pushed the currency above the $1.3420 level, drawing bids to test the 200-day MA of $1.3470 (todays high). As tech traders pushed up EUR, the currency gained even against AUD and GBP, both of which had stellar showing during the latest advances in stocks. Todays stocks drop cannot be explained cogently apart from profit-taking ahead of tonights stress test results and tomorrows non farm payrolls. EURCHF extended gains from yesterdays franc-damaging remarks from the SN, eyeing the 38% retrcmt at 1.5180. Those who were long GBPUSD and are reluctant to sell, could look into selling GBP vs EUR (EURGBP eyes 0.9040.


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