Archived IMT (2008.10.23)

Moderate stabilization in market sentiment led to a retreat in JPY and USD as stocks were in neutral territory, but both low yielders are regaining some strength. Market attention is shifting towards former Fed Chairman Greenspan's testimony to Congress who admits a flaw in the market ideology which he backed. Gold and oil are off their lows and dollar is off its highs. GBP did tumble to fresh lows below $1.6050 after a bounce to as high as $1.6350, but is now faring as the broad underperformer, thus likely to eye back $1.600s. USDJPY's recovery was limited to 97.70s, before being dragged down anew. Recall, yesterday's lows in USDJPY were the lowest since the 13-year lows of 95.70 seen in March.