Archived IMT (2009.01.05)

GBPUSD was initially dragged by both the sell-off in EURUSD and the latest record low in UK CIPS construction survey, which hit 29.3 in December from 31.8 in November. Odds remain with a 75-bp rate cut to 1.25%, which could remain GBP negative especially if the BoE continues to reveal no sign of macro-improvement in its post-meeting statement. Nevertheless, intra-week technicals suggest prolonged recovery towards $1.4700 before the... Rest available for subscribers.