Archived IMT (2010.03.08)
European markets stall in Monday morning despite a 2% rally in Tokyo and Hong Kong, while Dow futures are unchanged. With equities have already rallied on Friday in response to US jobs data, the lack of US data today and tomorrow could allow the bulls to retest the mid Jan highs. AUDUSD breaks well above the 0.9080 resistance and could be set for further gains towards the 0.9230s, which coincides with the trend line resistance from the Nov high through the Jan high. GBPUSD stall below $1.52, with any deterioration in appetite likely to drag down cable back to $1.5090 (toppish oscillators in 3-hr chart). $1.5240 stands as the short-term obstacle in the event of fresh pick-up. markets await Greek PM Papandreou trip to Washington as speculation mounts about a possible IMF deal.
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