Intraday Market Thoughts

Archived IMT (2009.11.24)

by Ashraf Laidi
Nov 24, 2009 19:16

FOMC minutes of the Nov 3-4 meeting show officials at odds over asset sales and some expressed their alertness over the negative side effects of low substantially interest rates. FOMC raised its 2009 and 2010 forecasts on GDP target to -0.4% to 0.1% from the previous -1.5% to -1.0% and to +1.0% to +3.5% from previous +2.1% to 3.3%. FX showing no major moves away from post-GDP ranges as indices remain in negative territory. EURGBP makes a fresh attempt towards regaining the 0.9070 resistance but must break the 38% retracement of the 0.9408-0.8835 decline. EURGBP follows no clear-cut path with risk-aversion, but the 0.88 support shows to be a more solid support. Tomorrow's UK Q3 GDP revision & US Oct personal spending will be key. HAVE YOU CHECKED THE OIL PRICE LATELY? Read our Nov 19 article.


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