Archived IMT (2010.07.14)

UK UNEMPLOYMENT fell by 20.8K in June after a 31K decline in May with the unemployment rate dropping to 4.5%--lowest since March 2009. The robust figures may not dispel doubts over the impact of upcoming decline in falling public sector jobs. The weaker than expected 2.7% increase in average earnings is in line with the softening in June headline CPI, which may provide food for thought for GBP bears. With Cable slipping towards $1.5230s, we may see a renewed attempt to retest $1.5320 but beware of late session turnarounds in the pair as profit-taking sets in. US markets await June retail sales and FOMC minutes today. Strong Intel earnings last night helped Asia but are failing to provide the follow-through in Europe. EURJPY HOTCHART sees 113.00 being tested but 113.40s remain top heavy. See calendar http://www.ashraflaidi.com/economic-calendar/