Greece, LIBOR & Regional Surveys

The 14-pt decline in the June NY manufacturing survey to 6-month lows joins the deterioration in other regional surveys (Chicago, Philadelphia & Richmond) and confirms the macro case for further Fed action, beyond liquidity-driven reasons such as Eurozone debt woes. Chatter of liquidity-creating measures by the major central banks is seen as assurances by the authorities to intervene in the event that event-risk from Greece elections breaks liquidity and spurs up the fear factor. BUT SYSTEM LIQUIDITY credit market metrics show no need for liquidity injections or FX swaps as was the case in December 2011 or Summer 2008. We will show these metrics in Sunday's edition of the Premium Intermarket Insights. The 1st of our EURUSD longs hit the 1.2650 target from Wednesdays Premium Insights, while golds 1635 target remains in waiting. Both cable and AUDUSD longs hit all targets. We will bring a special WEEKEND EDITION of Premium Intermarket Insights ahead of Sundays Greece Elections. For direct access to Wednesdays trades, click here: here: http://ashraflaidi.com/products/sub01/acces/?a=646 Get a 1week trial here: http://ashraflaidi.com/products/sub01

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