Archived IMT (2009.08.18)

JPY selling outpaces that of USD as US equities push to days highs. Sterling surpasses Aussie and Kiwi as the day's best performing currency amid the combination of higher than exp CPI, recovering equities and extreme Monday selling. http://twitpic.com/ecun5 is the GBPUSD chart showing the $1.6570 and $1.6670 are the levels to break not only for the day but for the US session. EUR, GBP, AUD and NZD each got their fair share of unconfirmed session highs in (closing below session highs). Wednesdays release of UK CBI industrial trend survey and Thursday's release of Jul retail sales (exp 0.4% m/m from 1.2% m/m and 2.7% from 2.9% y/y) raise downside risks for GBP. Oil's growing intraday bullishness extends over $1.10 in gains, eyeing $68.00. Just like on Jul 26, 27 and 28, oil may print as high as 68.50 but a close is expected at 68.