Archived IMT (2009.12.17)
The 10-year yield differential between EUR & USD improves to -1.22%, the best level since March 11 as EURUSD $1.4340. GBPUSD breaks below $1.61 after the first decline in UK retail sales in 6 months (warned about in prior IMT). Cable approaches its 200-day MA of $1.60. The last time the pair was below its 200-day MA was in May 19th. We are gradually strengthening our case for expecting prolonged GBP losses in 2010. The days of $1.7 are behind us. Interim support stands at $1.6010, followed by $1.5800. Resistance drops to $1.62.
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