Intraday Market Thoughts
Archived IMT (2011.02.15)
by
Feb 15, 2011 13:02
BRITISH POUND POWERS AHEAD as UK Jan CPI hits 4%, the highest since Aug 2008, twice double the Bank of Englands target. 10-year gilts push up to 3.87% but still below the last weeks high of 3.93%. The theme of intermediate longs in GBPUSD (idea communicated last week) up to 1.6170-00 coupled with EURUSD shorts (targeting 1.3440, 1.3350s) suggests a short in EURGBP, which now targets 0.8370 support (see prev IMT) for ultimate objective of 0.8100 as seen in this chart. Markets await the snow-filled US Jan figures on US retail sales (exp 0.6% from 0.6% and ex autos exp 0.5% from prev 0.5%). WATCH GOLD TESTING its 55-day MA (1373) for the first time since Jan 13, a break of which could potentially call up 1388.
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