Archived IMT (2010.07.15)

US 10 YIELD YIELDS DROP BACK BELOW 3.00% for the 1st time since Jul 9th, dragging yen crosses across the board, in line with the deepening selloff in bourses. Selecting which currencies to short against the yen stands between CAD and AUD, but GBP maybe considered as a currency which has more downside room, considering its current gains. Thus, rather than opting for currencies which have already sold off against USD, opt for those with more modest losses against USD but with potential downside room against the JPY. GBPJPY eyes 133.80. GBPCAD longs heading for the exit after the +300 pip gains of the last 36 hrs.