Intraday Market Thoughts

Archived IMT (2010.03.23)

by Ashraf Laidi
Mar 23, 2010 11:20

GBP FALLS across the board on a combination of a bigger than expected slowdown in inflation and disappointing CBI figures. Feb CPI fell to 3% y/y from 3.5%, supporting the Bank of Englands expectations that the previous rise in inflation would only be temporary before returning to its 2.0% target. CBI index on retail sales volume fell to 13 in March from 23 in Feb vs. expectations of 20. CORRECTION: UK BUDGET is Wednesday not Tuesday). GBPUSD seen retesting $1.4930, followed by $1.4880, while EURGBP shows preliminary signs of a turnaround that could reach 0.8830, followed by 0.8770 later this week.


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