Archived IMT (2010.07.16)

EURUSD BREAKS above $1.29, regaining the 100-day MA for the first time since December mainly on a weakening US dollar and good news on the earnings front. Euros momentum shows the elements of an extenstion towards $1.3120. US equities made a late session rally on news that Goldman Sachs would settle its lawsuit with the SEC, but news of Googles earning miss was not ignored by Asian markets. Nikkei-225 fell 2.9% on what is said to be fears of prolonged yen strength. Were maintaining negatve stance on GBPJPY despite emerging rallies in GBPUSD and GBPCAD.