Archived IMT (2009.06.24)
Dollar extends losses as equities cheer those stronger than expected US figures. Further strength from new home sales could deliver a prolonged rally into early afternoon until the FOMC decision, during which we could see 1.1370 in USDCAD and 1.0880 in USDCHF. Our latest HOTCHART on USDJPY CYCLICAL PATTERNS is now up. According to sentimentrader.com, when the S&P gaps up more than +0.5% on FOMC day, it has closed HIGHER than the open 10/11 times for an avg of +1.2%...but most often reverses in following day(s).
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