Archived IMT (2009.07.02)

As we warned the risk-based dollar rally is emerging after US June jobs figures show a more straightforward story this time, with the unemployment rate rising to 9.5% from 9.4% and payrolls -467K after May was revised to -322K from -345K. Dow futures extend losses to -120 pts from -50, boosting USD vs all currencies with exception of JPY, which risks testing 96.00 and 95.80 support. Cable risks testing 1.6270, EURUSD eyes 1.3920, USDCAD eyes 1.1620. USDJPY eyes 95.80 after the expected failure to breach above 97.20.