Archived IMT (2009.08.17)
The 2 occasions today during which markets eased off their selling and FX retraced from their risk aversion plays were the release of the better than expected NY Fed Empire survey and at present, the release of the NAHB Housing Market Index (rising to 17 from 18). The NAHB coincided with NY Lunch time, which usually a bit of profit-taking. The fact that CAD, GBP and AUD are well off their session lows against USD suggests the viability for a renewed retest of these lows as early as post-NY lunch, if not then the weeks UK and Canadian CPI/retail sales data could trigger prolonged losses. While AUDUSD has neared key support levels at 0.8155, technical downside for CAD and GBP stands at 1.1170 and 1.6220. Readers of our IMTs were told of 1.1120 in $USDCAD & 1.6270 target in $GBPUSD, as seen in the 3:26 am EDT IMT http://bit.ly/338li
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