Archived IMT (2009.06.04)

Sterling fluctuates wildly on rumours of PM Brown resignation and subsequent denials, leading to +(-)100-pip swings. GBPUSD posts its first back to back daily losses since April, now eyeing 1.6080 target, followed by 1.59, while resistance capped at 1.6440. EURUSD remains within the channel of this weeks Hot-Chart. Bank of Canada makes no change in its view of extending current policy to Q2 2010. USD strength overtakes gains in JPY. Keep in mind todays release of the monthly ICSC store sales index for May, which will be released WITHOUT Wal-Marts sales. ICSC ex Wal-Mart sales expected - 2%y/y in May after -2.7%y/y in April.