Archived IMT (2009.02.18)

Sterling is the second worst performer amid G10 FX since NY trade behind the franc as the minutes of the Bank of Englands latest meeting show the MPC voted unanimously in favour of credit easing (purchasing corporate bonds). Yesterday GBP fared better against USD relative to other FX mainly due higher than expected CPI but cable will likely hold above $1.4080 until M3 and retail sales on Thurs and Fri. One more intermed. downleg towards $1.3930 has yet to be played out.