Archived IMT (2009.06.23)

Markets stabilize from the overnight sell-off in Asia, awaiting US May existing home sales (exp 2.6%, prev 2.9%), which could further boost appetite and lift USDJPY, GBPUSD and EURUSD towards the 96.00, $1.6425 and $1.4020, respectively. each of which presents near-term resistance. Euro has outperformed most of currencies as traders await Wednesdays 1-year auctionfor Eurozone banks--an operation that will highlight the funding/borrowing needs of European banks and potentially suggest the looming end of cheap fundding. USDCAD seen underpinned at 1.1460.