Archived IMT (2009.06.08)

Euro extends losses after S&P downgrades Republic of Ireland's credit rating to AA from AA+, which subject the $1.3785 support to the test (see latest HotChart). Sterling lost 1.5 cents from Fridays $1.5950 as further reshuffling is expected in PM Browns govt. A sterling bounce is seen limited at $1.5950, but any signs of deepening losses in equities below the 920 (200-day MA in S&P and 8,700 in the Dow. Rebound in AUDUSD, NZDUSD seen capped at 0.7930 and 0.6280.