Archived IMT (2009.04.22)

Sterling losses intensify on combination of soaring UK borrowing, 50% income tax hike on +150K earners and bigger than expected losses by Morgan Stanley. Substantially negative engulfing candle on GBPUSD suggests $1.4360 target. CAD losses re-emerge after -1.3% in leading indicators. USDJPY vulnerable to testing 97.20. CADJPY eyes 77.70. EUR drops to 1.29 after IMF says ECB says has more scope for easing and recession will be "particularly severe" in Ireland and "quite severe in UK". EURUSD eyes 1.2870.