Archived IMT (2009.10.06)
The RBA decision to raise interest rates by 25 bps to 3.25% boosted the Aussie across the board, along with commodity currencies against USD and JPY. The story from the Independent about Arab Gulf states launching secret moves with China, Russia and France to move away from USD for oil trading. Neither such a story nor the immediate denial from Saudi Arabian officials is new. But the oil exporters element certainly adds to the China element in highlighting the structural weakness of the US currency. GBP DROPS ACROSS THE BOARD on the unexpected decline in UK manuf output (-1.9% m/m and -11.3% y/y biggest since Jan). Cable eyes 1.5920, 1.5870. EURGBP eyes 0.9260. We did warn in yesterdays IMT over the possibility of data disappointment and its impact on GBPUSD. WATCH ASHRAF ON BLOOMBERG TV at 9:15 am GMT (10:15 am BST) discussing the China-Arab States story.
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