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Opening Comment 05.11

Opening Comment 05.11

2010-05-11 04:46:00
Joel Kruger, Technical Strategist
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IMF Lipsky has not helped matters after saying that the Eur250B that EU officials have claimed would be the IMF’s contribution to the crisis mechanism is merely a “hypothetical” figure. The threat that Greece may be pulled down to junk level and that Portugal’s rating may also be cut is simply too much to ignore and we would not be surprised to see the Euro retesting its recent 2010 lows by 1.2530 over the coming sessions. 
 
With the exception of the Yen (which benefits from carry liquidation), all major currencies are tracking lower against the buck on the day. The antipodeans have been showing the same weakness as the Euro on Tuesday, while Sterling is also weighed down on similar themes, and finding some additional offers following the news of the resignation of PM Brown in North American trade on Monday. Data released in Asian trade includes a weaker NZ credit card spending number, disappointing UK BRC retail sales, and a firm UK RICS house price balance. 
 
Looking ahead, Swiss SECO consumer confidence (-1 expected) is due at 5:45GMT, followed by German CPI (-0.1% expected) and German wholesale prices (0.9% expected) at 6:00GMT. UK industrial production (0.3% expected) and manufacturing production (0.4% expected) are then out at 8:30GMT. UK NIESR GDP estimate is due at an undisclosed time.  US equity futures have come back under pressure, while oil also racks lower, and gold trades flat. 
 
 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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