Archived IMT (2009.03.26)
I warned yesterday that cable's inability to close above the $1.4570 was ominous for the currency from a candlestick perspective. Todays bigger than expected decline in UK Feb retail sales added to yesterdays damage, which was triggered by the failed guilt auction and dismal CBI numbers. Slow stochastics suggest selling ahead tomorrow could break below $1.4340s and extend to as low as $1.4200s. Today's combination of improved risk appetite and USD strength is unusual. Prolonged equity Buying in Asia could lift USDJPY past the 99.00. Heads up for this evenings Q4 GDP from NZ and tomorrows Feb personal spending from the US.
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