Archived IMT (2009.03.30)
Pres Obama first appeared to say that bankruptcy of GM is out of the question, but adding an extra 60-day grace period was interpreted as delaying rather than avoiding bankruptcy, which is dragging on equities. Markets are down 3-4% on these developments and the economic calendar has not even begun. Wednesday's G20, Thursday's ECB decision and Fridays US jobs report are all key. Although the Nikkei fell over 4.5% overnight, we could see an additional 2-3% decline in Tuesday trade, in which case will place our USDCAD HotChart further in the green (above 1.2630s). EURUSD seen testing $1.3070, as markets may anticipate a very dovish rate cut from the ECB on Thursday.
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