Intraday Market Thoughts

Archived IMT (2010.01.28)

by Ashraf Laidi
Jan 28, 2010 13:55

GBPUSD continues to demonstrate its robustness, with major pullbacks quickly reversing. GBP requires UK-negative news in order to generate marked declines. Falling stocks alone are no sufficient in triggering continued losses in GBP without disappointing UK news or economic data. $1.63 remains an important resistance (both 55 and 100-day MAs) which is unlikely to be broken ahead of tomorrow's USD GDP. USDCAD pauses for steam after rallying in 6 of the last 7 days, likely to find support at 1.0510. Tomorrow's release of CAN Nov GDP exp +0.3% from +0.2%. GOLD languishes at 1090, furthering its bearish flag and riasing outlook towards 1040. GRK-GER SPREAD now at 380 bps. Follow us on twitter for more current insights & analysis


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