Archived IMT (2008.10.07)

Fed Chairman Bernanke's crucial speech at 1pm EST on the "Economic Outlook and Financial Markets" is likely to confirm a contraction in economic growth in Q3, and signal a rate cut for the October meeting. Reports that Iran has forced a US plane to land there were denied by the US Pentagon. US equities seen opening higher on the back of the Fed's announcement to support the commerical paper market. Carry trades seen driving AUDJPY to 75.90, USDJPY to 103.40s, GBPJPY at 182.30 and AUDUSD to 0.7350.