Intraday Market Thoughts

Archived IMT (2009.08.19)

by Ashraf Laidi
Aug 19, 2009 14:28

GBPUSD hits $1.6380 target, leaving Tuesdays higher than exp CPI behind as the BoE minutes reveal Gov Mervyn King to have voted for a higher 75 bln in new QE (along with 2 other members), more than the agreed upon 50 bln. (this is the the 3rd time King was outvoted since taking over the Governorship in Jul 2003). Cable to revisit $1.6330. USDCAD hits 1.1130 after BoC annual core CPI rose to 1.8% lower than exp 1.9, while annual headline CPI fell to - 0.9% from -0.8%, its lowest since 1953. CAD markets await the 14:00 GMT release of the July leading indicators index exp +0.2% from -0.1%. Any disappointment should help attain a clear break of 1.1120 and towards the next barrier at 1.1180, Neutral to positive report may fail to drag down the pair if equities extend selling and oil breaks below 67.50s.


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