Archived IMT (2009.11.13)

WHILE THE MEDIA IS BUSY with the cacophony of Chinese remarks about a possible revaluation and US officials about the importance of a strong dollar, FX markets are doing what they did over the last 2 Fridays; Yen strength and prolonged oil weakness. In fact, oil, briefly broke below the 76.50s support to hit a 4-week low of $76. EURUSD held above its $1.4820 shoulder support in the reverse H&S formation, while EURGBP is seen consolidating at the 0.8890 foundation. GBP strength continues to emerge across the board, with GBPUSD slated for prolonged gains towards the $1.6750 trend line resistance. CADJPY posts 2-daily loss, eyeing 84.70.