Archived IMT (2010.07.01)

AWAITING JUNE MANUFACT ISM (exp 59.0 from 59.7), with particular scrutiny given to the new orders and employment indices (previously at 65.7 and 59.8). May construction spending seen at -0.8% from +2.7%, which could also be instrumental in further dragging yen crosses. Jobless Claims surprsed on upside +13K to 472K. The downwards YIELD-YEN-STOCKS TRIFECTA remains in lockstep and could be especially accelerated by a weekly S&P close below 1020. USDJPY risks retesting 86.80 in the event of ISM disappointment (sub-59) following the 13K increase in jobless claims.