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Opening Comment 05.24

Opening Comment 05.24

2010-05-24 04:42:00
Joel Kruger, Technical Strategist
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Most recently, we have heard rumors of even Australian official activity following the latest intense slide in the local currency. Overall, it is has been the Euro that has led the sell-off over the past few weeks, with the commodity currencies only recently playing catch-up and starting to show some relative weakness. 
 
The crisis in the Eurozone is still very much with us right now, and comments from doom and gloomer Nouriel Roubini over the weekend have not helped. The famed NYU professor has said that Greece’s crisis is “just the tip of the iceberg” and that the prospects of a breakdown of the EMU still exists. Meanwhile, the news that the Spanish central bank was forced to takeover a small regional bank over the weekend, has not helped matters. 
 
Nevertheless, there have been some areas of silver lining, with Australian new motor vehicle sales rising impressively for the first time in four months, while Asian equities have been tracking higher and are looking to carry over from the positive momentum of a higher close in US equities on Friday. Elsewhere, Treasury Secretary Geithner is in China and is on the wires welcoming China’s stance on Yuan reform. Geithner reiterates that a market driven Yan is important for China’s recovery. 
 
Looking ahead, to European calendar is entirely blank, and most of the attention will be focused on UK Chancellor of the Exchequer Osborne’s unveiling of the GBP6B in spending cuts. Equity futures are pointing to a slightly softer open, while commodities are decently bid. 
 
 
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 
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