Archived IMT (2010.12.15)
EUROs LATEST DECLINE makes the transition from falling on rising US yields to falling on the latest credit rating warning, this time by Moodys (1h ago) placing Spain under review for a possible downgrade due to rising funding needs. Yesterdays announcement by S&P to place Belgium under review due to political indecision since June. US 10 Yr yields hit 3.50% in Tokyo, highest since May. 3.65% now stands as the 200-week MA, a technical measure last seen in October 2007. EURUSD ONCE AGAIN proves its inability to follow up on its gains as long as it fails to close above $1.3400. Tuesdays gravestone doji candle suggests 1.3170 is a possibility, especially if US Indus production data come show another upside surprise. EURGBP 2hr and 4hr charts showing suggesting a looming retest of 0.8420, with key support seen at 0.8360.
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