Intraday Market Thoughts

Archived IMT (2010.02.10)

by Ashraf Laidi
Feb 10, 2010 20:11

Oil closes right at its 200-day MA of $74.34, propped by the EIAs bullish forecast, the US snow storm and reverberations from Iran telling the IAEA it will start making higher enriched uranium in earnest within days. But FX markets are locked in uncertainty as French & German diplomats say they're working on a declaration of "political" support for Greece. French officials said no agreement is reached but discussions were ongoing. Despite rising oil, USD is gaining vs. EUR, GBP and JPY but NOT against CAD, which is now eyeing 85.00 after breaching above its 61.8% retracment. USDCAD vulnerable to breaching 1.06 towards 1.0570 support.


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