Archived IMT (2009.12.21)
Equities looking for a last minute rally before the start of the Holidays amid improved macro data in and outside the US but the implications for the USD are no longer straightforward. The $1.4270 low in EURUSD is unlikely to serve as a lasting support in the midst of the credit challenges in the Eurozone as well as thinning liquidity and the improved USD tone. Resistance is seen standing at $1.4455, at which point fresh offers expected to re-emerge. EURJPY may claw fresh gains on the back of JPY weakness but euro weakness will stand in the way of the pair at 131.40. Canada's Oct retail sales were expectedly weaker than the Sep figures but improved risk appetite and stabilizing oil prices will likely support USDCAD at 1.0520. Ashraf on vacation so updates will be less frequent than usual.
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