» Intraday Thoughts – November 10, 2008

European markets took its cues from Asia where Equity indices ended up with another strong performance following reports of more stimulus packages over the weekend. With this earlier attempts to pullback to the close on Friday are being reversed with Cable now back where we started as of writing. From the Calendar today’s key numbers will be coming out of the UK and Canada where consensus forecasts for the former’s PPI Input figures are at -2.6% a number needed to reassure markets that the BoE was fully justified in taking the drastic 150bps cut last week. As for Canadian data consensus for Housing Starts points to a 202,000 print easing of the previous 217,000 but this should be of no concern given the upside surprises in the previous read. For now equity market correlations remain the main barometer for the currencies with broad gains meaning a weaker greenback and yen.

This entry was posted on Monday, November 10th, 2008 at 9:13 am and is filed under Forex FunnyMentals.
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