Intraday Market Thoughts

Archived IMT (2010.05.31)

by Ashraf Laidi
May 31, 2010 6:50

GBP REMAINS PRESSURED after the resignation of UK Chief Treasury Secretary (second to Chancellor of Exchequer) over illegal expenses. Mr Laws is credited with engineering the 6 bln in planned budget cuts. GBPUSD eyeing trendline resistance from Apr 26 high at $1.4580, followed by $1.4630. Meanwhile, Caja Madrid, Spains second largest savings bank starts merger negotiations with 5 regional banks in the hope of forming a larger balance sheet and tap 99 billion in government bailout funds. The Spanish government wants to consolidate the current 45 regional caja banks down to 15.


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