Archived IMT (2010.07.06)

STOCKS SHRUG BROAD declines in the June services ISM survey, whose headline index slipped to 53.8 from 55.4. New orders fell by neary 3 pts to 54,4 and the employment index dropped back below 50. Stocks extended their gains after the report, (Dow +1.5% to 9834, S&P500 +1.7% to 1040) but 10 yr yields little changed at 2.98%. CAD AMONG FASTEST GAINERS as USDCAD drops past 1.0530 target to 1.0490, following the prominent double-top at 1.0680 (4hr chart). USDCAD eyes 1.0470 support38% retracement of the gains from 1.0137 lows. USDJPY losses focus on the USD portion of the pair as JPY remains pressured against all other currencies. USDJPY may eye 87.00 for now.