Archived IMT (2010.05.17)
GBP vs. EUR. While last weeks losses in EUR and GBP against the USD were largely straightforward, GBP losses against USD and JPY had exceeded those in EUR on Wed and Thur of last week due to deteriorating UK trade balance and a negative inflation report from the Bank of England. But as the rumours of fresh Eurozone debt downgrade emerged on Friday, EURGBP joined all euro crosses lower. Todays UKs house prices rose 0.7% m/m in May from +2.6% in April, dragging the annual growth rate to 4.3% from 6%. London asking fell 0.4%, posting their first decline since December. GBPUSD hits fresh 13-month lows at $1.4440, facing little support before $1.4250, but EURGBP can accumulate short-lived gains towards 0.8620-30s. EURUSD looks to hold the Lehman-week low of 1.2328, which could as the latest temporary bottom, before $1.17 emerges later in the quarter.
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