Archived IMT (2009.09.11)
The dollar damage intensifies as EURUSD hits fresh high for the year at the $14627 resistance, GBPUSD knives through the $1.66 resistance onto $1.6742, calling $1.6842 into focus. The Nikkei fell 69 pts to 10,444, while the Shanghai Composite gained 64 pts to 2,989, still failing to regain the 3,000 level. DOLLAR WEAKNESS is occurring simultaneously along with YEN STRENGTH, which is an unusual pattern when markets are on the rise. This suggests that dollar weakness is NOT necessarily a reflection of improved risk appetite but secular damage in the greenback. And the fact that oil prices continue to fail at the 72.40 resistance and are lagging gold and other commodities, suggests caution with overinterpreting dollar weakness to be a result of improved risk appetite.
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