Archived IMT (2009.04.15)

Sterling, loonie and Aussie lead the FX pack as US stocks push to highest levels of the day. Upcoming earnings from JP Morgan may surprise on the upside after the bank managed expectations last month by referring to losses in March. Chinas Q1 GDP figures due tonight seen +6.3%, which would be the slowest in 16 years. Any figure above 5.5% would be seen sufficient in meeting the 8% target for the full year. A positive surprise could bolster copper, gold and oil prices. GBPUSD reclaims $1.50, EURUSD regains $1.32, while USDJPY fails to regain 99.70, suggesting broadening USD weakness is magnifying FX flows in addiiton to broadening appetite.