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Intraday Thoughts – November 7, 2008

Premium Market Reports by FXTechStrategy

Intraday Thoughts – November 7, 2008
Thursday, November 6th, 2008 @ 11:12 pm by Mark De La Paz

US stocks markets again ended-up deep in red as weak economic numbers continue to pile up ahead of Friday’s all important employment situation report for October where the Non-Farm payroll figure is forecasted at -200,000. What makes the drop all the more disconcerting is that it comes following another round of rate cuts that saw the BoE taking an unexpectedly aggressive 150bps move which takes the Bank Rate down to 3.0%. Meanwhile in currency action weak fundamentals eventually reasserted themselves after the close of whippy Europe with the Yen broadly firmer on risk aversion and the dollar trailing a close second. Going forward we are looking forward to the open of Japanese markets with fresh liquidity from Asia likely to trigger some upside in already oversold intraday charts though we remain in favor of selling into strength given an already weak open from the ASX 200.

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