Intraday Thoughts – December 12, 2008

With US equities tanking in late trade, Asian markets are set to open with a bearish bias as the rescue plan for Detroit automakers stall in the US senate. Early numbers in the region should also weigh in the rest of Asian markets as New Zealand’s Retail Sales numbers for October dropped sharply at -1.3% against a consensus of steady rates from the previous 0.3% read. Technically hourly charts and even lower time frames suggests weaker Yen crosses with EURJPY and GBPJPY poised to break lower of the congestions following the early NY market rally.