Archived IMT (2011.02.25)
EUR & GBP SWAP ROLES with AUD & CAD against the USD. Both EUR & GBP are losing ground against the US currency after holding firm earlier in the week, while AUD rebounds towards the key resistance of 1.1050s after falling victim to the MidEast-driven sell-off in equities earlier in the week. While EURUSD broke well above the $.3750s resistance (1.3830s), it risks closing the WEEK below this level, in which case the pair may find its path back towards 1.3550s. GBP gets slammed after an unexpected downward revision in UK Q4 GDP to -0.6% from -0.5%. GBPUSD, which never made it above 1.6250s despite the emergence of a 3rd BoE hawk, is now below $1.6040s. And although EURGBP jumped above 0.8550s, it remains under the top of the weekly wedge as seen in this chart (0.86). http://chart.ly/82qkyja ASHRAF REMAINS ON TRAVEL, and shall return mid next week when the frequency of the updates returns to normal.
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