Intraday Market Thoughts

Archived IMT (2009.10.22)

by Ashraf Laidi
Oct 22, 2009 11:22

GBP loses further ground after UK Sep retail sales came in flat on a month-to-month basis vs. expectations of a 0.5% increase. After having failed to regain $1.6660, GBPUSD extends losses towards 1.6490s. Yesterdays late session sell-off in US equities following the downgrade of Wells Fargo triggered broad losses in Asia and Europe, offering a modest boost to USD. We expect prelim support standing at $1.64555, followed by $1.6370. USDCAD looks to regain 1.0570, while CADJPY proves a fresh failure at 87. USDJPY still fails to regain that 91.70 resistance and is bound for further losses towards 90.80.


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