Archived IMT (2009.07.23)
US jobless claims rose to 554K from 524K but the 4-wk avg fell to 566K from 585K. Continuing claims also pushed lower, thus showing a neutral net effect on the market. US Jul existing home sales at 14:00 GMT expected +1.3% to 4.83 mln from 4.77 mln, which could further encourage equities. But FX players must bear in mind 2 key things: (1) major pairs still unable to close at their session highs EUR 1.4260s, AUD 0.82, NZD 0.6610s, USDJPY at 94.50s. (2) Equity indices starting to show signs of consolidation similar to those seen in the first 2 weeks of June before the resulting declines. Risk-seeking FX plays betting against USD and JPY must be careful.
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