Archived IMT (2010.06.26)
REVALUATION REVERBERATIONS die down as China ends up doing nothing after last weekend's announcement to render its currency regime more flexible. In fact, Beijing never actually said it would revalue its currency, but instead, will add flexibility to its basket system, which is allowed to move +(-) 0.5% daily. We noted in Sunday's IMT that Asian currencies and global equities would rally on hopes of higher purchasing power in the yuan, but also warned the importance of seeing through the rally into week's end. As stocks lost all of those gains, emphasis shifts back to Spanish banks, Greek debt, US housing (post-home buyer credits) and growth impact of austere UK budget. Yuan revaluation remains in the cards, but don't bet on anything more than 7-8% from here onto year-end. USA WORLD CUP SQUAD seeks to avenge the 2006 defeat against Ghana as it faces the sole African team in the WCup in Rustenburg tonight. We expect Ghana to beat Bradley's boys and advance to 1/8th finals. Santiago had riots last night following Chile's defeat to Spain, despite the fact that both nations advance to 1/8 finals. Perhaps the Chileans were angry by the fact that their inability to head the Group sends them to face Brazil, rather than Portugal, which will face Spain in the IberoClash.
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