Archived IMT (2009.04.20)

Sterling & Aussie are the biggest losers in early London trade as the retreat in risk appetite (lower London open) magnifies losses in risk currencies. GBPUSD drops from Fridays 1.4800 to $1.4620, in line with the previous Intraday Market Thought (Friday). Wednesday's scheduled UK budget will show the governments latest evidence of higher public spending and more admissions for growth deterioration, $1.46 marks the trend line support of from the March 11 low, but losses may intensify towards $1.4530.