Archived IMT (2009.03.26)

US crude oil gains nearly $1.00 to $53.60, chasing the 2-month high of $53.80. As long as EURUSD continues to hold $1.33, oil is likely to hold above the 100-day MA of $51.25, thereby likely garnering fresh momentum towards the medium target of $55.20. Caution with the oils lag behind general turnarounds in the USD. NOK partially regains footing after yesterdays rate cut-damage, while only the unfolding US data is set to interrupt the current weakness in the yen.