Intraday Market Thoughts

Archived IMT (2010.01.29)

by Ashraf Laidi
Jan 29, 2010 14:22

US Q4 GDP soared by 5.7%, overshooting consensus forecasts of 4.6%, driving down JPY across the board and propping USD vs. EUR and GBP. Subscribers to our IMT and twitter followers were warned (see previous IMT below) about the possibility of an !"explosive GDP". US GDP was NOT mainly driven by inventory accumulation but also by a 2.2% increase in final sales following 1.5%. GBPUSD target of 1.6080 has been hit before extending losses to 1.6038. GBP shorts could consider fresh entries at 1.6070-80 for 1.6030s. CAD Q4 GDP rose 0.4% vs. exp of 0.3%, which is capping the USDCAD gains at 1.0680, with support holding at 1.0610. ONE DAY LEFT into the FIRST ROUND of the Twitter Awards. If you have NOT voted for me in #finance or #education or #forex categories, please do so at MANY VOTES WERE ERASED because those twitter accounts were either INACTIVE (used mainly for voting) or were created AFTER the competition began in January. WE BROKE THE NEWS yesterday on S&P rating for the UK and warned you on today's GDP. alaidi works harder for you than any other provider at no charge. THANKS AS ALWAYS


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