Archived IMT (2010.06.22)
PBOC OVERSHADOWS FOMC as hardly a word is said about this week's FOMC announcement. Although China's central bank used the rationale of improved domestic and global economy for its decision to allow more flexible currency regime ie further strengthening, the US central bank is widely expected to reiterate its cautious mantra of federal funds rate remaining 'exceptionally low ... for an extended period". If no hint is made about selling the Fed's assets, then markets have a good reason to regain last week's highs. Note the SP500 has fallen back below its CURRENT and PREVIOUS 200-day moving averages of 1111 and 1107 respectively after last week's decisive break above the average of 1107. Jitters with European banks rather then the Fed were cited as a reason to the retreat in stocks (as well as latest US housing data). UK BUDGET had enough cuts and tax hikes to appease the budget hawks, which was positive for GBP (see retreat in EURGBP eyeing 0.8150). Algeria and Ghana are the only remaining 2 African nations to have hope for qualifying to the 1/16 round of the World Cup as Algeria faces USA at 1400 GMT and Ghana faces Germany at 1830 GMT.
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