Intraday Market Thoughts

Archived IMT (2010.02.10)

by Ashraf Laidi
Feb 10, 2010 22:01

READERS OF THESE IMTs and FOLLOWERS of were given the heads-up immediately after the Bank of England's inflation report, alerting them of the negative implications for GBP following the report and the release of Mervyn King's speech. Yesterday's IMT warned that all of King's speeches had ended up being NEGATIVE FOR STERLING. GBPUSD ended 2 cents lower. If those insights were not enough, we issued an IMT 25 minutes prior to Bernanke's testimony warning readers how the speech on "Exit Strategy" could be positive for USD. TWO MINUTES after the speech hit the wires we confirmed on twitter the following: "Exit Strategy will be attained by increase interest paid on bank reserves.$USDX bullish/ NEGATIVE FOR STOCKS". We then told twitter followers: "dont get carried away in selling $GBPUSD below 15570. it fell 200pips alrdy so dont start chasing now". Cable did bottom at 1.5570 before rebounding later in the session & topping out at 1.5620s before falling back to 1.5580s. This is what is about.


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