Intraday Market Thoughts

Archived IMT (2009.10.26)

by Ashraf Laidi
Oct 26, 2009 9:46

Sterling is the biggest loser in Monday Asian/European trade, followed by USD and CAD. Market chatter has it that the unexpected decline in UK Q3 GDP was greatly exaggerated by destocking and that the BoE should not panic into fresh excessive QE easing. CAD remains under pressure after words of concern from BoC governor Carney regarding CAD strength. CAD pressure also driven by oil declines towards the $80. EUR regains strength after ECBs Constancio said a strong euro helped contain inflation, hence EURGBP attempts to regain 0.9270, while GBPUSD aims to regain $1.6360s. USDJPY eyes 91.20 after failing 92.22.


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