Archived IMT (2009.03.09)

JPY firms gradually as markets hesitate around neutral territory, while EURGBP extends rally to 7-week highs line with the March 2nd Hot-Chart. GBP is the day's weakest curency on a flurry of negative UK banking news. USDCAD retreats lower after hitting a fresh 5-year high of 1.3060. Support may drop to as low as 1.2550 before resuming the uptrend towards 1.33s. Friday's release of Canadian Feb unemployment is expected at 7.4% from 7.2%, while payrolls are seen falling by a mere 50K following a decline of 129K, which spells much room for surprise of a bigger than expected decline. Also keep an eye on the latest developments from US autos and their ability to meet their shor-term debt.