Archived IMT (2009.07.06)

US Stocks attempt at paring earlier losses as the data calendar releases a better than expected June ISM at 47 from 44. Sterling remains amid the big losers ahead of the Bank of Englands expected addition of its asset-purchasing arsenal later this Thursday (see todays article and BNN interview). GBP resistance stands at $1.6330 and 155.50 yen. Oil appears ripe for further downside, with $62.00 seen as next target, in which case USDCAD and EURCAD seen bound towards $1.1720 and 1.65 (after temporary retreat towards 1.60). ETF investors may consider DUG, which is an ultra short oil & gas ETF, suggesting upside towards the $24.50s. Thanks for the tweets and retweets on our 1,155 updates on forex, equityes, commodities and more.. http://twitter.com/alaidi