Intraday Market Thoughts

Archived IMT (2008.11.10)

by Ashraf Laidi
Nov 10, 2008 13:44

EURGBP crosses above the previously mentioned target of 0.8155, nearing last month's record high of 0.8194 by 4 pips, just days after the Bank of England cut interest rates below those of the Eurozone for the first time in the life of the euro. The figure would be the highest since 1996 when using the Deutsche mark for a synthetic representation of the euro. With Eurozone rates at 3.25% vs 3.00% in the UK, and todays bigger than expected decline in UK PPI justifying prolonged BoE cuts, towards 2.25%, EURGBP could carry further fundamental momentum to reach as high as 0.8250. GBPUSD faces 2-week trend line resistance at $1.5900, a breach of which faces renewed pressure at $1.5960. The lower highs from Oct 14, Oct 20, Oct 30 and Nov 05 underscore ... MORE AVAILABLE TO SUBSCRIBERS OF INTRADAY THOUGHTS


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