Intraday Market Thoughts

Archived IMT (2009.12.11)

by Ashraf Laidi
Dec 11, 2009 9:43

Rising risk appetite provides a hefty rebound in global bourses but both USD and JPY remain stronger than last weeks levels, suggesting that FX traders once again unwilling to respond to the risk trade in equities. The same applies for oil and gold as these trade near their lows of the week despite the 1-2% rally in global equities. UK Nov PPI rise 0.2% vs. exp 0.5%. GBPUSD faces trend line resistance at $1.6370 (extends from Dec 3 high thru Dec 4), while EURUSD faces initial resistance at $1.4780 (see current HotChart). Markets await US Nov retail sales (13:30 GMT) expected +0.6% from +1.4%, while core sales seen +.6% from +0.2%. The preliminary release of the Dec Univ of Michigan consumer sentiment (15:00 GMT) exp at 68.6 from 67.4.


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