Archived IMT (2009.06.12)

European equities and US futures shrug overnight rallies in Asia, as their retreat send the dollar higher off its lows, with the yen closely following behind. Both AUD and NZD coming off against USD, while AUDNZD extending its decline below 1.2670s with NZD preserving strength following RBNZ comments against intervention. 1.2590 remains target for the day in the event of extended declines in equities. We could also see renewed losses in GBP vs NZD and USD. Univ of Michigan sentiment survey expected at 69.2 from 68.7.