Archived IMT (2008.12.04)

The 100-bp rate cut from the bank of England was in line with consensus but came as a disappointment to whisper expectations of what could have been a greater cut. As a result, sterling pushes higher along with the European and antipodean currencies against the yen, while FTSE and US equity futures scale down their earlier gains. With the BoE not surprising, markets may count on the usually stable ECB to not surprise and deliver a 50-bp easing to 2.75%. But FX impact from ECB may not transpire until ...