Intraday Market Thoughts
Archived IMT (2009.11.18)
by
Nov 18, 2009 14:00
Markets do not like high inflation and 6-month lows in US housing starts. Dow futures move -16 pts from +20 prior to the data, USDCAD regains 1.05 from 1.0450s , while GBPUSD struggles to hold at $1.68. While the data are negative for risk appetite, markets will remain cautious, especially ahead of EIA report (15:30 GMt), expected to show a build of crude oil inventories +0.8 mln barrels following +1.8 mln barrels. But Tropical Storm Ida may have caused a drawdown of inventories (as did the API report showed -4.4 mln). CADJPY struggles at 85.15 trend line resistance, loking to regain 84.50, EURJPY capped at 133.70 trend line, eyeing 132.80. AUDUSD 4-hr shows bearish engulfing, pattern suggesting 0.9260.
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