Archived IMT (2009.06.09)

Sterling may have passed a political stress test by holding above $1.5770 during Labour Partys reshuffle and broad defeats in the European elections, with the worst especially averted as long as PM Brown remains in office. But the fundamental deficiencies of the British pound go beyond political uncertainty. EURGBP retests 0.86, eyeing 0.8560 support. Latest Hort-Chart shows the June seasonals of the last 10 years in the S&P500. http://www.ashraflaidi.com/hot-chart/?a=749