Archived IMT (2009.04.07)

Oil prices lose for the second straight day, testing the 100-day MA of $49.90 and nearing the 200-day MA of $78.78, which is just below the trend line support from the February low. Renewed data weakness on the UK front (Indus production) combined with falling stocks helps accelerate cables losses to as low as $1.4550 before a subsequent rebound towards $1.4780. UKs GDP estimate from the NIESR at 11 pm GMT will be key and so will the Mar PPI data on Thursday. A close below $1.4560 would be a notable negative as it is the 100-day MA, a break of which would extend losses towards $1.4347.