Intraday Market Thoughts

Archived IMT (2009.11.02)

by Ashraf Laidi
Nov 2, 2009 16:05

POSITIVE US DATA TRIFECTA (ISM 55.7, pending home sales +6.1%, construction spending +0.8%) is boosting equities across the board at the expense of USD and JPY. But GBPUSD is quickly losing its post-data gains, now back to $1.6370s. RECALL GBPs habit of giving up gains after the London close. Interim support starts at $1.6320 and $1.6270. OIL rebound dissipated at 78.30s before retreating back towards 77.60s. We stick with our 75 price target. EURGBP facing pressure at 0.9070, followed by 0.9130, while support climbs towards 0.90.


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