Intraday Market Thoughts

Archived IMT (2010.07.01)

by Ashraf Laidi
Jul 1, 2010 14:26

AWAITING JUNE MANUFACT ISM (exp 59.0 from 59.7), with particular scrutiny given to the new orders and employment indices (previously at 65.7 and 59.8). May construction spending seen at -0.8% from +2.7%, which could also be instrumental in further dragging yen crosses. Jobless Claims surprsed on upside +13K to 472K. The downwards YIELD-YEN-STOCKS TRIFECTA remains in lockstep and could be especially accelerated by a weekly S&P close below 1020. USDJPY risks retesting 86.80 in the event of ISM disappointment (sub-59) following the 13K increase in jobless claims.


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