Archived IMT (2008.10.01)

US August ISM plunges to 43.5, worst level in 6 years, undershootng expectations of 49.5. This number is not only recessionary, but underlines the notion that "rescue packages" are merely confidence builders and by no means solutions to the deepening economic slump. USDJPY seen extending losses towards 105.20. Despite these dismal US figures, we maintan our pessimism with the high yielding FX such as AUD, GBP (still seen at $1.76) and NZD. EUR eyes $1.3950. Tune in to my interview in the "Media Section" for my explanation on why the Fed should and will cut rates.