Intraday Market Thoughts

Archived IMT (2010.01.26)

by Ashraf Laidi
Jan 26, 2010 11:44

USDX attempts to break above its 200-day MA for the 4th time in the past 6 sessions, while GBP drops across the board after UK Q4 GDP fell short of expectations; +0.1% q/1 (exp +0.4); -3.2% y/y (exp -3.0%). 10 year gilt yields hit a 5-week low at 3.84%. GBPUSD daily suggests 1.6030 is viable as resistance drops to 1.6220. AUDJPY respected the 82.20 resistance before tumbling to 80.00 on renewed reports of Chinese bank tightening (PBOC asked some banks to raise reserve requirments). Any rebounds are now seen capped at 0.8050s. EURGBP rallies +100 pips, now looking for 0.8790s.


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