Intraday Market Thoughts

Archived IMT (2010.05.11)

by Ashraf Laidi
May 11, 2010 15:31

EURGBP and GBPUSD CLOSELY WATCHING THE LATEST behind-the-scenes negotiations between the British Conservative Party and Liberal Democrats, who are attempting to build a coalition and ultimately a majority in Parliament, an outcome whose impact will be an immediate positive for GBP and FTSE-100.IMFs chief economist Lipsky told Market News Intl that the E220 billion in potential IMF support is a "hypothetical" figure and allocated solely for the Eurozone. MNI also learned that Greece has already applied for the 1st tranche of IMF aid of E14.5 bln and will obtain a separate E5.5 bln as early as tomorrow. The E20 bln will be more than enough to cover the E10.4 bln in Greek debt payments due this month. Markets continue to doubt Greeks ability to implement the austerity policies required to trigger the latest IMF packages.


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