Archived IMT (2009.03.13)

The improvement in risk appetite is lending further credence to the notion that equities have reached a bottom, but we first have to get over the 20-25% limit before any serious conclusions can be drawn. Today's Hot-Chart indicates the unfolding upside in AUDUSD and GBPUSD stemming from broadening declines in the greenback. AUD, NZD and NOK remain the preferred choices against the US currency, while GBP is underpinned by improved technicals based on superior reward-risk due to better upside potential.