Intraday Market Thoughts

Archived IMT (2008.11.17)

by Ashraf Laidi
Nov 17, 2008 14:40

NY Fed's manufacturing index hit a new low of -25.4 from -24.6, but better than expectations. The components were equally dismal, with the new orders and employment indices also dipping to new lows. Industrial production rose 1.3% in October following a revised 3.7% in September, which was exaggerated by the hurricanes and Boeing strikes. STERLING PAIRS ARE THE BIG WNNERS, beating even their yen counterparts as orders rushed in to snap up the currency pound following sharp gaps down in early Monday Asia/Pacific trade. Confirmation of a Japanese recession limited forex risk-seeking trades from a yen stand-point. GBPUSD is seen extending gains towards an interim pressure point of $1.5060, with major trend line resistance standing at $1.5150. Support climbs towards $1.4950 and $1.4970.


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