Archived IMT (2009.12.15)

Previous IMT stated the equities modest response to improved macro data, and even any modest gains in the US prompted tepid response in Asia. US dollar stabilization is not only resulting from seasonal window-dressing of the last 5-6 weeks of the calendar year, but also due to sovereign debt concerns with the major anti-USD currencies (EUR & GBP). JPY continues to retreat at each occasion USD edges forward (on improved US data or risk aversion), allowing traders a lasting choice between the two risk currencies. EURUSD daily resistance dragged down to $1.4680, USDCAD support lifts to 1.0520, targetting initial resistance at 1.0705.