Intraday Market Thoughts
Archived IMT (2009.11.16)
by
Nov 16, 2009 15:15
Weaker than expected US Oct retail sales fail to dampen risk appetite as markets expect Bernankes speech (17:30 GMT) to once again prove negative for the greenback confirming the Feds broadening shift to dovishness (similar to this months FOMC statement and most recent FOMC speeches). Gold surges to 1134. As the Dow tests above the key 10,345 level and S&P attempts to stay above 1,100, USD weakness deepens across the board. GBPUSD still struggles to regain $1.6750s, a break of which to recall $1.6760. Oil regains $78.30, eyeing the 21-day MA of $78.94. USDCAD eyes 1.0380 support, while CADJPY and EURJPY seen retesting last weeks 86.00 and 134.30.
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