Archived IMT (2009.10.30)

Yen regaining some ground after the BoJ voted to stop buying corporate debt by end of year. Decline in Jpns unemployment for second straight month prompted the Bank to vote in favour of withdrawing some liquidity. Nikkei futures back below 10K, Dow futures -21 pts while S&P500 futures -2.6 to 1061. Markets to await key US data on personal spending and consumer sentiment (see previous IMT on expectations). Any renewed negative readings in consumer spending would support the notion that last months increase was mainly driven by the now expired cash-for-clunker programs. EURJPY and USDJPY losing ground, eyeing 134 and 90.70, while GBPUSD still unlikely to regain 1.66 and pressured towards 1.6460. Watch oil as it fails to regain 80.40 and possibly retest 78.50. In conferences all day so updates will be less frequent than usual.