IIFT Daily Note with Peter Brown

Sunk

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Just when the market was looking to settle and gain some, we got sunk by Moody’s. Down grades on Friday have left the market reeling.

W e are back to the 1.2650  floor this morning having been lower Firday night. Key level is 1.2600. The effect of the downgrades will be seen when funding resumes. So in the meantime we are back to selling all rallies. 1.2850 should be a huge top on this pair now.

The S&P despite also been lower is back to 1280 area. This morning it will take it’s que from Euro stocks. Will be interesting if this afternoon we can mount a rally.

One Comment

Gerry McEvoy

January 16, 2012

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Hi Peter,

Do you think the rally might be stuck until the Draghi speech??

Regards,

Gerry