Intraday Market Thoughts

Archived IMT (2008.11.14)

by Ashraf Laidi
Nov 14, 2008 13:41

US Retail sales fell 2.8% in October vs expectations of -2.1% following a revised 1.3% decline, while sales excluding autos fell 2.2% vs expectations of a 1.9% decline. Stock futures curtail some of their earlier losses, while USD remains under broad pressure. EURUSD seen confined in its symetrical wedge, with upside capped at $1.27 trend line and support resting on $1.2570. GBPUSD faces resistance at previous support of $1.4780, while USDJPY resistance standing at 96.80, with downside potentially extending towards 95.70 trend line support.


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