Intraday Market Thoughts

Archived IMT (2009.01.22)

by Ashraf Laidi
Jan 22, 2009 13:52

US JOBLESS CLAIMS soar to 589K from 527K (exp 540K), while housing starts and building permits -15.5% and -11% in December respectively. USDJPY tests 88 yen, seeking the 87.60 target. The reports are as horrendous for US fundamentals as they are for equity futures, hence, negative for risk appetite, GBP and CAD. The 2.4% slump in Canadas Dec retail sales is likely to call up 1.27 in USDCAD and onto 1.2830, especially as March crude tests the $43.50 support. Expect broad weakness in CAD vs EUR, JPY and USD.


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