Intraday Market Thoughts

Archived IMT (2009.12.17)

by Ashraf Laidi
Dec 17, 2009 9:13

US dollar index surges to 77.50 (highest since Sep 8th) as EURUSD breaks below $1.44 for the first time in 3 months, further nearing our HotChart target of $1.4270. GBPUSD drops to $1.62, awaiting Nov retail sales (exp +0.5% from +0.4%), which could decide the fate of the currencys trajectory. Disappointing UK sales would risk retesting $1.6160, followed by $1.6130, while any rebound remains capped at $1.6370. USDCAD tests the 3-month trend line resistance from at 1.07, eyeing interim target at 1.0740.


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