Archived IMT (2009.08.26)
Today's EIA inventory data expected to a show decline of 600K brls in crude oil following the prior week's giant decline of 8.8 mln brls. Although consensus is for a draw, whisper numbers are for a surprise build. Tuesday's API data showed an unexpected rise of 4.3 mln crude stocks vs. expectations 1.1 mln decline following a 8.4 mln decline. Any increase in the oil inventory data would likely magnify the losses in crude towards the 69.30 support. GBPUSD draws near the $1.6040 target especially if it closes below $1.6300. Our bearishness in oil and sterling is being largely played out as detailed in the latest article. USDCAD still eyes 1.0960 and CADJPY at 85.10.
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