Intraday Market Thoughts

Archived IMT (2010.08.17)

by Ashraf Laidi
Aug 17, 2010 14:59

US JUL INDUS PRODUCTION +1.0%, twice more than expected, with capacity utilization rising at its strongest pace since Sep 2008 at 74.8. YEN CROSSES seen making the best of the day as Japanese intervention is in focus. NZDJPY eyes 61.20, CADJPY seen at 83.20. AUD builds on gains after a neutral RBA minutes. A close above 0.9030 in AUDUSD could eye 0.9090s. EURGBP eyes pressure at 0.82880s as the downtrend remains firmly intact. Once again, I advise readers to view my tweets for more timely analysis since it takes some time for these mailings to get to your mailbox. Keep an eye on US-10 yr yields for a gauge on markets interpretation of the data. Were still below 2.6%, but a weekly close between 2.65 % and 2.67% would be weekly bullish candle, setting up for possible gains in appetite in the subsequent week. OIL faces strong resistance at $78, where both the 100 and 200-day MAs stand.


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