Intraday Market Thoughts

Archived IMT (2010.07.15)

by Ashraf Laidi
Jul 15, 2010 13:41

MIXED US DATA as US June PPI falls 0.5% vs. exp 0.1% decline, Empire State index WORSENS to 5 from 19.6 with broad declines in New Orders and Employment Index. The good news is the 21K decrease in jobless claims to 429K. WATCH US JUNE INDUSTRIAL PRODUCTION (13:15 GMT) which could show the first monthly decline in 12 months after a 1.3% rise in May. July Philly Fed (14:00 GMT) is expected at 10.0 from 8.0 and 21.4 in June and May respectively. Watch the employment and prices paid indices for an indication of the internals and impact on overall sentiment. EURUSD extends run-up above $1.28, eyeing $1.2880 as EUR overtakes GBP visa rising EURGBP. 0.84 remains a key support, while GBPUSD is likely to probe $1.5380 a breach of which to make $1.5450 the next focal point. USDJPY awaits Indus production for a retreat to 87.20.


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