Intraday Market Thoughts

Archived IMT (2009.07.17)

by Ashraf Laidi
Jul 17, 2009 14:43

Yen weakness broadens (even vs USD) while USD weakens against non-USD as all major US bank earnings beat expectations while US housing starts printed building permits rose beyond forecasts (starts +3.6% to 582K, permits +8.7% to 563K. The econ data encourages the notion of stabilizing housing market. Multi family housing, however, did not share the strength seen in single family units. Bond yields push higher (10 yr above 3.60%) as stocks push lower, but the strength in oil (62.60s) suggests prolonged robustness in risk appetite, hence renewed selloff in USD. USDCAD supported at the 1.1140 fibonacci, but facing resistance at 1.1230,


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