Intraday Market Thoughts

Archived IMT (2009.09.16)

by Ashraf Laidi
Sep 16, 2009 14:20

Dollar preserves robustness despite stronger than expect +0.8% in US indus production. CPI comes in line with expectations (CPI +0.4%, core +0.1% m/m). Todays EIA inventory report (14:30 GMT) expected to show a drawdown of 2.4 mln brls in crude supplies, while distillate stocks (heating oil and diesel fuel) seen to show a build of 600K and gasoline stocks showing a build of 600K. Bearish figures were released by the American Petroleum Institute, which reported a jump of 631K barrels in crude (vs. expectations of a 2.4 mln brls drawdown). Gasoline stocks rose 1.3 mln brls and distillates jumped 5.2 mln brls. CADJPY seen testing 84.20, followed by 83.80. $GBPUSD seen retesting 1.64.


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