Intraday Market Thoughts

Archived IMT (2009.05.19)

by Ashraf Laidi
May 19, 2009 12:38

Yen retreat joins dollar weakness as global equities are further boosted by the emerging market-driven rally from Indias election results. GBPUSD targets the 200-day MA at $1.5570, but the $1.5720 high from Dec 17 remains a key barrier. Oil went as far as $60.48 and appears set to claw additional gains towards $61.30. USDJPY resistance remains solid at 97.40, while USDCAD support appears held at $1.151838% retracement of the 0.9070-1.3031 move. 12:30- GMT release of US housing starts and building permits will be key in adding to risk trades. But douts arise over macro implications of US autos. NEW POLL on GOLD added.


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