Intraday Market Thoughts

Archived IMT (2009.11.24)

by Ashraf Laidi
Nov 24, 2009 15:39

US Q3 GDP was revised down to 2.8% from the initial 3.5% reading while the personal consumption component was revised to 2.9% from 3.2%. Risk currencies are faring better than prior to the figures, but with equity indices yet again failing to near those 50% retracement levels (we shall not stop emphasizing this point as long as the indices remain near them), we continue to have a clear case of lower highs in JPY crosses and the inability for EURUSD to regain $1.5050. The release of the FOMC minutes (19:00 GMT) from this months meeting could cause further drag on USD if they reveal a little or no consideration towards reducing liquidity among Committee members.


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