Intraday Market Thoughts

Archived IMT (2009.07.31)

by Ashraf Laidi
Jul 31, 2009 14:33

It will be bad day for CAD and better day for USD. Although US Q2 GDP was better than expected at -1.0%, the 2 major negatives were with Q2 GDP report were: 1) Q2 consumption headed back into the red to -1.2% from +0.6% in Q1 (which was revised down from +1.0%); 2) the downward Q1 revision to -6.4% from -5.5%. CAD May GDP -0.5% from a downwardly revised -0.2% in April. USDJPY held up at 95.80 resistance, eyes 94.80, while $GBPJPY shorts could expect 156.50. CADJPY targets 87.10, while USDCAD eyes 1.0890. Wait for Chicago PMI next for confirmation. Latest updates on twitter.


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