Intraday Market Thoughts

Archived IMT (2010.01.04)

by Ashraf Laidi
Jan 4, 2010 10:27

Higher than expected manufacturing figures in the UK and Eurozone are boosting European FX against the deteriorating JPY and retreating USD. Nikkei-225 rose 1% to 10,654, closing above its 100-week MA. FTSE-100 is up 34 pts at a fresh 13-month high of 5447, facing its 200-week MA at 5552. GBPUSD regains its 200-day MA for the 4th straight day, testing the 38% retracement from the Nov high at 1.6236, which also coincides approx with the highs of Dec 18 & 31st. Next resistance emerges at Cable has usually extended its gains into the US session on days of stronger UK data and particularly in those of strong confirmation in the US. All eyes will be on US ISM at 15:00 GMT. SEE ECON CALENDAR for today's data as well as the rest of the week.


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