Intraday Market Thoughts
Archived IMT (2008.12.04)
by
Dec 4, 2008 11:39
Although market consensus leans towards a -100 bps by the BoE and -50 bps by the ECB, the surprise element is more likely to emerge from the BoE in the form of a 125 bps or 150 bps, rather than a 75-bp cut from the ECB. As UK interest rates stand 200-bps more than the 1.0% Fed funds rate of the US, the Bank of England will see to it to bring down rates to at least as low as those in the US considering the similarity of the debt-driven recessionary environment, which is accompanied by plummeting price indices and rising structural imbalances. GBPUSD at NEW 6-year LOW, with Head-&-Shoulder target eyeing $1.4330 in the interim.
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