Intraday Market Thoughts

Archived IMT (2010.02.16)

by Ashraf Laidi
Feb 16, 2010 14:05

GBPUSD posts enters the longest consolidation period since October, remaining in the 150-pip territory of $1.5580-1.5730. UK Jan CPI jumped to 3.5% from 2.9% (vs exp 3.6%. NY Empire manufacturing jumped to 25 from 16, may help sustain risk appetite, but as we mentioned these past few weeks, USDX benefiting from the win-win scenario of gaining from falling equities, improved US data and neutral-negative in times of rising equities. Wednesdays release of the minutes from the Jan Fed meeting will likely boost USDX as they provide more details on the hawkish dissent by Kansas Feds Hoenig. GBPUSD eyes $1.5625 trend support on 4-hr chart, with resistance holding at $1.5745-50. GOLD breaks the Dec 3 trend line at 1105. A NYC close above 1118-1119, takes us to the next target at 1133. But do recall the need to see a WEEKLY CLOSE above these key resistance levels. Ashraf is in the NYC Trading Expo presenting all day so updates will less frequent than usual.


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