Archived IMT (2009.08.14)

Shanghai's 3% decline drags the index to 5 week lows, prompting fresh risk aversion into the Japanese currency. HK may have pulled itself out of recession with a positive Q2 GDP, but FX remains nervous vis--vis risk appetite. China's decision to impose a 3-year moratorium on new steel projects reflects the nations aversion to soaring prices being the worlds largest buyer. And despite hawkish comments from RBAs Stevens, the Aussie dropped off its highs on the China developments. Our HotChart on USDJPY Cyclical Peaks us now up http://www.ashraflaidi.com/hot-chart/?a=932