Intraday Market Thoughts

Archived IMT (2009.07.15)

by Ashraf Laidi
Jul 15, 2009 9:41

European equities rallying despite the late session retreat in the Nikkei in the aftermath of stronger than exp earnings from Intel. FX positioned towards risk at the expense of USD and JPY with USDJPY looking to test the 93.90 trend line resistance extending from the 97 high. NZDJPY and AUDJPY favoured to eke out additional gains towards 60.50s and 75.20s. CAUTION must be exercised ahead of the days US economic releases especially if US CPI regains the 1.8% y/y or higher, in which case could weigh on overall appetite. An ideal scenario for risk appetite would be a softer CPI (12:30 GMT) and stronger than expected Empire manufacturing survey (12:30 GMT) (exp -5 from -9) as well as better than exp industrial production (13:15) (exp -0.6% from -1.1%). S&P HotCharts updated.


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