Intraday Market Thoughts

Archived IMT (2009.10.05)

by Ashraf Laidi
Oct 5, 2009 1:30

GENERIC G7 STATEMENT: USD broadens weakness after the G7 issued the usual FX statement about excessive currency moves being undesirable without specifying USD weakness or JPY strength. Although this was no surprise, traders must watch out for the POST-G7 comments by individual policy makers, such as European officials reiterating the importance of USD strength. Monday may produce the usual risk bounce, but CAUTION OVER Mondays UK data on services PMI, which could trigger fresh GBP weakness in the event of a disappointing figure (exp 54.1 from prev 54.1) just as last weeks manufacturing PMI fell unexpectedly. But if UK data are w/in expectations and stocks have a solid Monday session, then remember what we said about GBP intraday patterns in Saturdays webinar. A recording of the webinar will be posted early this week. GBPUSD gains seen limited at 1.6130, GBPJPY eyes 144.90-00.


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