Archived IMT (2010.03.08)
US Markets adrift in neutral territory as the risk appetite cannot build on Friday's gains. GBPUSD loses +170 pts to $1.5030s on a combination of profit-taking and dovish comments from BoE's Kate Barker indicating a bumpy path to recovery while allowing for the possibility of further quantitative easing. S&P500 testing the trend line resistance from the Jan 11 high at 1140. GBPUSD hovers at the $1.5070s level indicated in the prior IMT, but any renewed selling in Asia could send cable back down to $1.4980. Watch out for UK Feb RIC housing figures at 0:01 (exp 35 from 32) and BRC retail sales. Euros failure was at $1.37 (lower than anticipated resistance of $1.3770) before retreating to $1.3630, now running the risk of calling $1.3570 as PM Papandreou's speech was countered by critical remarks from ECBs Stark regarding the notion of a European rescue fund (EMF).
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