Archived IMT (2009.10.05)

ISM SERVICES SCRUTINY. The 15:00 GMT release of the US services ISM is expected at 50 from 48.4, which would be the first figure at or above 50 since Sep 2008. IN THE EVENT OF A DISAPPOINTING figure (such as last week's services ISM) or a tepid increase to a figure less than 50, markets could see gradual JPY strength and emerging USD stabilization once stocks extend losses, with GBP likely to add losses towards $1.5870 and EURUSD eyeing 1.4520. AUDUSD and AUDJPY are seen as the biggest beneficiaries in CASE OF STRONG ISM report, eyeing 0.8770 and 79.10. Also watch the employment and new orders components.