John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (3931)	5/29/2001 11:18:47 AM
From: OX	Read Replies (2) of 33421

fyi those for who don't have briefing.com access... from earlier today... Still seeing some good news for Treasuries on the reflation front. One of the most credible reflation indicators, the Australian dollar, continues to see better selling. The recent push through the $0.5300 level was thwarted by the 200-day moving average, while the 100-day moving average provides some more significant nearby resistance just above the $0.5200 level at $0.5210. While the Aussie has been hampered today by weaker than expected Q1 corporate profits, a A$7 bln trade deficit in the face of expectations for a A$100 mln trade surplus and another pullback in gold, we would note that euro weakness also remains a major drag. Of course, euro weakness has been a function of long liquidation on the back of expectations of a heightened deepening of US contagion, a dynamic that suggests that the markets are still not comfortable with the extent of central bank easing on a global basis. chart.bigcharts.com

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