Intraday Market Thoughts

Archived IMT (2010.01.27)

by Ashraf Laidi
Jan 27, 2010 11:39

State-of-the-Union-Address to Overshadow FOMC While much talk circulates around todays FOMC (19:15 GMT) and Friday US GDP report, I warn over todays State of the Union Address (21:00 EST; 02:00 GMT), in which President Obama will likely reiterate his pledge for restraining banks proprietary trading. Any more underlying tones of populism in the aftermath of last weeks Democractic loss in Massachusetts could cause trigger a negative reaction in Thursday Asian trading, before EU and US markets position for Friday's US figure. GBPUSD remains capped at 1.6250s after weaker than exp CBI survey; while EURUSD unlikely to regain 1.4120-30 ahead of the FOMC survey. 1.4015 to hold for now until the FOMC.


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