Archived IMT (2009.05.04)

EUR and GBP pull back to session lows vs USD after an earlier rally in Asia and Europe prevailed along with AUD, NZD and CAD. Today's speech from pres Obama announcing the closure of offshore tax loopholes for US companies will be closely watched, but no elimination of such breaks will take place until 2011. Japanese markets are closed from Monday to Wednesday, while London is closed today. In addition to Thursdays stress test results and Fridays labour report from the US, markets will also await the closely watched press interest rate decision and press conference from the ECB on Thursday, where an announcement on a possible quantitative easing could take place. RBA decision due Tuesday 4.30 am GMT. Rates seen unchanged at 3.00%.