Archived IMT (2009.03.18)

Awful UK job numbers drive down GBP across the board and make GBP one of the few currencies to underperform USD. GBP/NOK drops to 9.33, its lowest since 1977. Cable to attempt holding above TL support of $1.3845, which could call up the $1,3750s, but persistent dollar weakness is likely to temper the declines in sterling. Today's FOMC decision will likely highlight the negatives of US overborrowing and further lift EUR, AUD and NZD.