Intraday Market Thoughts

Archived IMT (2009.09.29)

by Ashraf Laidi
Sep 29, 2009 11:27

Stronger than expected Sep CBI retail sales 5-month high) boosts GBP across the board. $1.60 slated to become the next key resistance. A breach above $1.5970 would be possible in the event of prolonged risk appetite US consumer confidence (14:00 GMT exp 57 from 54.1). EURUSD dips back below $1.4590s on a combination of ECB jawboning and selling in European bourses. Oils inability to regain 68 should also weigh on risk currencies to the benefit of the USD. Remarks from Japanese Fin Min Fujii about readiness to intervene are no more than attempts to dispel misconceptions of a benign neglect policy by the new govt in the face of a strengthening currency, rather than the beginning of an interventionist campaign against rising JPY.


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