Archived IMT (2009.08.21)

Oil soars to $73.88, its highest since October after estimates on Eurozone PMIs beat expectations across the board. European equities manage to push higher, shrugging the 1.4% fall in Nikkei-225. Shanghai forced a 1.7% rally despite indications from Beijing about higher capital requirements for banks. Sterling is lifted by a rallying euro, hitting key resistance at 1.6577, while USDJPY struggles below 93.90s. US Jul existing home sales exp +2.3% from +3.6%. Watch Bernankes comments from Jackson Hole about his views on inflation remaining subdued and the economic contraction abating as well as any insights on his justification for the slowing pace of Treasury purchases.