Archived IMT (2009.07.28)

If equities hardly managed a rebound yesterday despite a sharp increase in US new home sales, then what would happen in case of renewed decline in S&P/Case Shiller home price index (13:00 GMt) and US July consumer confidence (10:00 GMT)? Recall the June 30th release of the June consumer confidence coincided w/intermediate peak in equities. Yen was already leading the pack earlier this monring before USD joined in and began dragging down EUR, GBP, CAD, AUD and NZD. Look for NZDUSD at 0.6550, GBPJPY at 155.20 (after 155.80 target was hit) and USDJPY at 94.10,