Intraday Market Thoughts

Archived IMT (2009.04.17)

by Ashraf Laidi
Apr 17, 2009 11:02

Euro finally breaks below that 5-week trend line support of $1.3130-40, to $1.3050, in line with Wednesday's Hot-Chart calling for $1.3090 and $1.3030 targets. The rift among ECB policy makers regarding whether to cut rates below 1.00% is reported to be a main reason, but the both the EUR and GBP came under pressure against USD before JC Trichets speech. Our calls for falling GBPUSD towards $1.4770 (see this weeks IMTs and Twitter updates) from $1.50 have materialized, and prolonged declines seen at $1.4690. USDCAD eyes 1.2230s.


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