Archived IMT (2009.05.01)

FX markets unleash an attack against the yen despite muted activity in Europe as FTSE-100 is barely unchnaged from yesterday. We could see prolonged gains in appetite in case the ISM release shows more evidence of slower pace of conraction (exp at 40 from 39.1). Markest well aware of next week's upcoming stress test results on US banks from the Treasury. NZDUSD resistance at 0.5780, GBPUSD eyes 1.4960-65. EURUSD still unable to breach above 1.3414.