Archived IMT (2009.03.31)

Aussie and Nokkie putting previous losses behind as European bourses break the deadlock of losing global equities, setting up the ground for prolonged upside in AUDJPY and USDNOK towards 68.70s and 6.67. Relative data vacuum. A close above 810 in the S&P500 should set up broad-based losses in USD (with exception for against JPY) into Asian trade. It is also unlikely that govt officials will make any market-negative remarks in tomorrow's G20- talks as the emphasis will lie on global policy cordination. Keep an eye on the 12:30 GMT release of Canada's Jan GDP seen at -0.7% from -1.0%. If the expected improvement does not materialize and we get a decline greater than 0.7% than CAD may fall behind risk currencies and USDCAD to remain underpinned atop 1.2460s.