Intraday Market Thoughts

Archived IMT (2009.05.20)

by Ashraf Laidi
May 20, 2009 14:10

CAD shrugs CPI weakness as renewed oil strength above $60.50 and positive Dow futures at +50 pts support the currency. USDCAD now eyes the 1.1475 low from May 2008. USD weakness remains a key topic in FX, while USDJPY retests seeks to retest the 95.40s. Yen pairs also under pressure but yen weakness pales compared to that of USD. GBPUSD stopped at the session high of $1.5543, which is 10 pips below the latest 200-day MA. IMF just stated UK economy is susceptible to potential shocks given high borrowing. EURGBP again finds support at 0.8750 before regaining a full cent.


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