Market Insight (Intraday)
Posted On: Mar 18 2008 5:12AM ET / Mar 18 2008 9:12AM GMT
John Hunter is experiences some technical difficulties. I'll be providing updates in his absence.
My reaction after an initial look through the charts is to continue to favor a weak dollar. It's not so crystal clear, but the overall picture continues to allow for a fifth wave to a new low.
Both EUR$ and cable have held up, but so has $CHF. $JPY is higher then when I last looked at it seven hours ago but the rise from 95.75 continues to look corrective.
With data due in just over three hours and the announcement of the Fed decision on interest rates this afternoon things might just get a little volatile. It's likely to remain quiet in front of the data.
Jim Martens