Archived IMT (2009.05.05)

Today's Hot-Chart on EURJPY is already 10 pips in the green. One of the questions to ponder ahead of the next downturn in sentiment is whether the USD will outperform JPY as risk appetite retreats. There's more downside for NZDJPY and GBPJPY and to a lesser extent a more limited rebound in USDCAD and USDCHF. Recall that the SNB remains preoccupied with excessive CHF strength, so 1.11 in USCHF may prove too strong for the Swiss.