Intraday Market Thoughts

Archived IMT (2009.03.05)

by Ashraf Laidi
Mar 5, 2009 13:11

BoE/ECB cut rates by 50-bps to 0.50% and 1.50%, while BoE announces purchase of 75 bln of assets in govt and corporate bonds. BoE was given authority to buy as much as 150 bln, which it will gradually use over time. The unexpected show of details supported cable around $1.4090s. Todays Hot-Chart (accessed via password not by email) indicates the prospects for GBPJPY ahead. Euro watchers await ECB conference at 13:30 GMT on the extent of the downgrade in 2009 GDP growth. Expect -2.0% GDP from previous fcst of -1.0%.


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