Intraday Market Thoughts

Archived IMT (2009.09.15)

by Ashraf Laidi
Sep 15, 2009 15:00

Broad USD strength emerges on stronger than expected US retail sales, with the core figure ex-autos and gasoline) jumping 2.4%. The consumer-friendly number is triggering the unusual development of rising dollar/rising oil/rising equities, all at the expense of the Japanese yen. GBP remains a broad loser following BoEs Kings remarks on reserve remuneration. GBPUSD breaks below $1.6480, calling for $1.6380 as the next major target, with upside capped at $1.6500. USDCAD risks extending losses below 1.0770, in which case is to stabilize at the TL support of 1.0730.


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