Intraday Market Thoughts

Archived IMT (2010.01.07)

by Ashraf Laidi
Jan 7, 2010 10:28

US dollar regains ground after the post-FOMC minutes sell-off, now gaining across the board with the exception of the CAD. We noted on twitter last night that we disagreed with the market reaction of selling off USD after the FOMC minutes, which were communicated by the media to be pro-low interest rates. But there were also some FOMC members who did show concern about excessive dollar depreciation. GBPUSD clearly breaks below $1.5940 now heading towards next target at $1.5880. GBPCAD drops for the 6th straight day, eyeing its 24-year low. USDJPY still on its way to the 200-day MA of 93.50. MANY THANKS for those who voted for us on the Shorty Awards. Your support is tremendously appreciated !


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