Archived IMT (2009.11.17)

ASIAN & EUROPEAN markets fail to rally following the 1.4% gains in NY, further highlighting the unsustainability of the gains in the US, which have been largely dollar-driven. But even the dollar retreat stabilized as oil prices failed to break above the 21-day MA of 79. YEN STRENGTH still the name of the game as CADJPY hits 1-week low at 84.11, eyeing 83.40, EURJPY tests 132.50s and USDJPY is capped at 89.40s. GBP joins JPY in rallying after UK CPI jumped to 1.5% from 1.1% (matching forecasts), but the $1.6880 resistance still holds.