Archived IMT (2008.11.06)

The European Central Bank did not surprise as it reduced its refinancing rate by 50-bps to 3.25%. ECBs president JC Trichet will deliver the post-announcement press conference at 8.30 am EST, at the same time of the release of US weekly jobless claims (exp at 480K). GBPUSD drops back to $1.5905 from a post rate cut high of $1.6040 and EURUSD drops by a full cent to $1.2750. GBPUSD seen gradually dropping back below $1.5820 and into $1.5770. NOTE. BoE rates are now at their lowest since 1950s.