Intraday Market Thoughts

Archived IMT (2010.01.18)

by Ashraf Laidi
Jan 18, 2010 12:06

Stronger than expected RICS housing figures are boosting GBP (see Econ Calendar for forecast and actual figures), especially against the damaged EUR, which is the 3rd weakest currency today (among a group of 12 currencies) following talk of the ECB's backtracking from any assistance to Greece. GBPUSD makes it past $1.6350, but will have to break the Dec 16 high ($1.64) to convince the bulls of further gains ahead. EURGBP breaks below the 0.8830 support to 0.8796 and the 61.8% retracement (lowest since Sep) at risk of calling 0.8720. US 10-year yields falls below 3.75% to 3.67% dragging diwb USDJPY to 90.60s, eyeing the 100 and 55-day MA at 90.40 and 90.10 respectively. But more JPY gains are seen against commodity FX ahead.


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