Archived IMT (2009.08.18)
Neither US housing starts nor building permits in July could add on to the aggressive gains shown in June as Julys figures declined unexpectedly. US July PPI fell sharply in line with last weeks CPI plunge. The fragile rebound in risk appetite may be in jeopardy, especially as both EUR and GBP showed short-lived gains after unexpectedly strong ZEW and CPI. USDCADs support is well cemented at 1.0980, extending gains towards 1.1080s, but a deeper pullback in oil is required to see return towards 1.11. USDJPY failed at 95.27, now eyeing interim target at 94.30. Any pickup in risk appetite is likely to see USDJPY capped at 95.80, but our negative stance remains intact. Dow futures +40 pts on strong earnings from retailer Target. More active predictions on http://twitter/alaidi
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