Archived IMT (2008.10.28)
A rare positive linkage across world markets drags USD and JPY lower as markets anticipate a 50-bp rate cut in the Fed funds rate to 1.00% tomorrow. The Fed also began purchasing commercial paper, helping to ease strains on corporate liquidity. Pre-FOMC market consolidations are common as players reposition ahead of any sharp shifts in risk appetite. Yen-selling intervention is not ruled out after the FOMC decision as authorities aim to magnify the desired effect of easing the global cost of capital presented by the rising Japanese currency. GBPUSD is shored up by rising equities but struggles to regain $1.5750, now drifting near $1.5690. Interim support stands at $1.5620, followed by $1.5540. Trend line resistance stands at $1.5780.
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