Intraday Market Thoughts

Archived IMT (2009.09.17)

by Ashraf Laidi
Sep 17, 2009 9:04

Markets await UK Aug retail sales (8:30 GMT) exp +0.1% from +0.4%, and y/y exp +2.7% from 3.3%. GBP strength vs. USD is not reflected against EUR and JPY. Better than exp figures could retest the 1.6580 TL resistance from Fridays highs and onto $1.6630s. UNUSUALLY YEN-POSITIVE comments were issue by Bank of Japan governor Shirakawa who said yen strength was good for the economy in the long term. The fact that the new Fin Min Fujii reiterated that yen weakness is NOT not in Japan's interest (and that no currency intervention is planned) remains supportive for the currency. SNB decision at 12:00 GMT followed by conference.


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