Intraday Market Thoughts

Archived IMT (2010.09.13)

by Ashraf Laidi
Sep 13, 2010 12:52

CHINESE YUAN HITS NEW RECORD HIGH at 6.75 as Beijing seeks to avoid new currency confrontations with Washington. The stronger than expected 14% increase in Chinas August industrial production validates prolonged yuan strengthening. US Congress may move a step closer to enacting legislation forcing Beijing to revalue. Strong Chinese data and new highs in the Chinese currency are synonymous with rising equities. CAD extends its run-up, focusing on 1.0270, followed by 1.0220s. USDCHF broke below 1.0150 trendline support, now acting as a med term resistance, w shorts eyeing 1.0090. AUDJPY gapped up breaks above 78 trendline resistance; a daily close above 78.20 would pave the way for 78.80s.


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