Archived IMT (2009.04.22)

UK unemployment rose by less than exp (+74K vs exp +120K) unemp rate to 4.5% vs exp of 4.6%, while avg earnings ex-bonus during the 3-montsn ending in Feb +0.1% y/y vs exp =1.4%, which the lowest on record. Falling wage growth is in line with prolonged weak price growth. Separately, the BoE minutes noted a sharp rise in unemployment is underway. Cables failure to breach above $1.47 reflects reluctance to get over interim resistance. Negative Intra-day stochastics converge w/ price action. Bids unlikely to emerge before the Budget. $1.4480 target ahead. Aussie weakened across the board after weaker than exp CPI.