Intraday Market Thoughts
Archived IMT (2009.11.25)
by
Nov 25, 2009 10:37
FX markets show unusual occurrences as USD and JPY stand at opposing sides of the return spectrum. USD is the worst performing currency of the day (USD falling to fresh 11-month lows) and JPY is the second highest performer (just behind AUD). Yesterdays FOMC minutes describing USD decline as orderly was a green light to sell the currency, especially as risk appetite improved following a 2% rebound in China. UK Q3 GDP was revised to -0.3% from -0.4%, sending GBPUSD to $1.67, but resistance stands at $1.6755. Gold hits 1,180, while silver retreats to 18.55. OIL STILL LAGS BEHIND, below 77 despite USD weakness. CADJPY seen capped at 83.90, EURJPY eyes 131.20 and capped at 132.70.
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