Intraday Market Thoughts

Archived IMT (2009.09.09)

by Ashraf Laidi
Sep 9, 2009 15:21

Four consecutive daily gains in US stocks adding to the broad US dollar damage as EURUSD eyes the $1.4627 resistance and AUDUSD regains 0.86 despite disappointing Aussie retail sales and home lending. Participants must be cautious from fundamentally weak currencies, which are gaining vs USD, such as GBP and CAD. GBPUSD continues to fail in breaking above $1.66 (as signalled in our weekly article below), while EURGBP hits 2 months high at 0.88, aiming for 0.8990. Further losses in USDCAD remain a USD story but todays low remains well above yesterdays 1.0677. Expect 1.09 before weeks'end.


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