Intraday Market Thoughts

Archived IMT (2010.02.01)

by Ashraf Laidi
Feb 1, 2010 10:21

GBP selloff deepens in Asia & Europe after Asian equities hit 3-month lows. UK Dec money supply fell 1.1% m/m, biggest monthly decline since records began. GBPUSD eyes interim support at 1.5870, but the major support remains at 1.5750. FSA Chief said carry trades were economically valueless, suggesting a crackdown might be needed. The remarks made JPY second worst performing currency (after GBP) today. USDJPY only vulnerable to break below 89.70 in event of disappointing US data, or else, upside targetting 90.70. CADJPY remain capped at 85.20 and biased towards 84.20 and 83.70. US Dec personal spending and Jan manufacturing ISM both due today See calendar for more detail


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