Intraday Market Thoughts @ 08:24 ET

 @ibtimes
on February 10 2010 9:08 AM

Cable down a full cent after BoEs inflation reaffirms temporary nature of the recent inflation rise and confirming sub-2.0% inflation by the end of the usual 2-year forecast period. GBPUSD mayhave broken above $1.57 but FAILED the $1.5790 TREND LINE RESISTANCE, now calling for interim support $1.5570, followed by the key target of $1.5350. Any rebound (such as from EU break through) is seen limited at $1.5790s. EU Fin Mins will hold a TELEconference today at 1400GMT to discuss Greece but the main EU Summit is due tomorrow. USDCAD remains range bound between 1.0620 and 1.06 and 1.0730, while CADJPY and EURJPY are supported at 83.30 and 122.70 respectivelly.

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