Archived IMT (2010.01.06)

STERLING POLITICS goes from bad to worse, as 2 former Labour Party cabinet ministers called for a secret ballot on PM Brown's leadership ahead of the elections. Cable eyes a retest of the $1.5940s, while EURGBP eyes 0.9025 trend line. GBPCAD eyes the 1.6515 Dec low, which is the lowest since the Oct 15 high (when oil broke above 76). Dec ADP -84K (exp. -73K)The fact that the ADP has shown losses fewer than the 3-month moving average over the last 9 consecutive months highlights the improving trend in private payrolls as far as reduced firings are concerned.