Archived IMT (2010.07.20)
CAD DROPS ACROSS THE BOARD on combination of a dovish rate hike from the Bank of Canadas and broadening risk aversion. The BoC did raise rates to 0.75% as was expected but cut its 2010 GDP growth forecast to 3.5% from 3.7%, while indicating Canadian housing activity declining markedly. USDCAD upside eyes subsequent resistance at 1.0620. EURUSD failed to regain $1.30, extending losses below $1.29. The revenues miss by Goldman Sachs and further declines in US housing starts (lowest since Oct 2009) have weighed negatively on risk appetite. EURUSD is seen supported at $1.22770 trend line support, ahead of Fridays stress test.. AUDUSD seen retesting 0.8680. YEN CROSSES EXTEND LOSSES with EURJPY 113.40 once again proving key resistance before calling anticipated 111.20. AUDJPY eyes 75.55.
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