Intraday Market Thoughts

Archived IMT (2009.07.17)

by Ashraf Laidi
Jul 17, 2009 10:11

European bourses once again attempt in replicating Wall Streets Thursday rally after the Nikkei-225 delivered a more reserved 0.5% gain. The late Wall St rally was attributed to remarks by NYU Prof. Roubini saying the worst in the US economy was over only for Roubini to issue a statement indicating he was taken out of context and he still didnt see growth before end of 2009. The hotel bombings in Jakarta have prompted USD off its lows, further dragging EUR and GBP from their highs after the failure of $1.42 and $1.65 respectively. CIT continues to weigh on the markets. USDJPY resistance at 94.40 still stands. Earnings from Ciitigroup, BoA and GE all due today.


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