Markets: Your Must-Read Morning Report 6.21.10

This is a guest post from Precision Capital Management

The Precise Take – Risk markets up on Chinese currency depreciation

Big Picture Analysis:  We don’t have much to add to the now widely discussed news that the Chinese will be more flexible with its currency.  For now, risk markets are capitalizing on the news and are in a good position to continue the move this week.

Leaders Analysis:  The 30 and 10 Year Treasury yields finally broke their consolidating wedges to the upside and a confirming close should garner momentum.  The EuroYen is not as bullish, primarily because the news has put considerable pressure on the Japanese Yen.  After gapping down last night, the US Dollar Index is now net up from Friday’s close, primarily on Euro weakness.  Given some conflicting…

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