analyis, page-14

May 7, 2009 12:34:55 PM GMT
(IGM)[AUD/USD] has shrugged off decent selling into the 0.7560/70 zone in favour of further strength, with Asian CB sales ahead of...[AUD/USD] has shrugged off decent selling into the 0.7560/70 zone in favour of further strength, with Asian CB sales ahead of the figure also being wiped out. The pair has also been driven higher on post-ECB Eur strength, whilst the surprisingly strong Aust April employment figures have worked to boost the Aud in its own right. Note, the June and July meeting narrowed in from 30bp ease only a few days ago to 15-16bp cuts following the data, with many now touting the possibility that the RBA will leave rates on hold at the present 3% level right until August's meeting. The low point of the current easing cycle is now priced at a mere 2.64% now vs 2.46% prior. Contacts talk of hefty model demand in Kiwi also driving up the headline. A large expiry lurks at 0.7500 today. 12:32 GMT - [US JOBLESS CLAIMS DATA] New claims for week ended May 2 fell by 34K to 601K from revised 635K last time. Mkt f/cast was for +4K. The 4-week mov avg fell to 623.5K vs 638.3K last time. It was 368K year ago.