Intraday Market Thoughts

Archived IMT (2009.10.13)

by Ashraf Laidi
Oct 13, 2009 18:54

Sterling rebounds off its 5-month low of $1.5710 after BoEs Bean talks about the need to withdraw liquidity at the right time to avoid inflation. There were no other fundamentals to the GBP rebound aside from renewed risk appetite along with surging oil prices. Interim resistance stands at 1.5950, followed by 4-week trend resistance at $1.60. Watch IBM and other tech earnings after the bell for the influence on risk appetite. AUDJPY STILL FAILING to regain the double top of 81.50s, now ready to take another fall below 81. Disappointing consumer confidence from Australia are weighing on AUD. Look for interim downside at 80.60.


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