Intraday Market Thoughts

Archived IMT (2009.11.24)

by Ashraf Laidi
Nov 24, 2009 10:24

GBP DROPS AS KING SPEAKS seems to be the recurring headline each time the head of the Bank of England testifies. GBP drops below $1.65 as BoEs King testifies to Parliament, but this time sterling losses are part of overall risk aversion. Nikkei (-1%) once again failed to rise despite the +1.3% gains in Dow and S&P500. MARKETS ARE JITTERY AHEAD of US Q3 GDP, expected to be revised to as low as 2.7% from the initial estimate of 3.5%. GBPUSD testing the 61.8% retracement of the 1.6265-1.6874 rally. Interim support emerges at 1.6460, but a deeper decline towards 1.6380 is seen in case of a sharper negative revision in US GDP. USDCAD held up above the 1.0490 support, eyes 1.0690.


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