Archived IMT (2009.08.06)

Sterling plunges after the Bank of England expands its QE program by adding an extra 50 billion of asset purchases for the next 3 months. GBPUSD eyes its next downside target at $1.6740, a break of which could extend to $1.63. EURGBP once again cements the 0.84 support and augmenting chances of a breach above 0.8750. USDCAD gains to 1.0737, eyeing 1.0780. ECB press conference at 12:30 GMT, widely expected to retain current asset purchases.