Month: April 2010

By CountingPips.com

U.S. Pending Homes sales rose more than expected in the month of February, according to the monthly report released by the National Association of Realtors (NAR) today. The NAR report showed that pending home sales contracts signed by buyers grew by 8.2 percent in February following January’s 7.8 percent revised decrease. On an annual basis, pending home sales were 17.3 percent above the February 2009 sales level.

The February’s sales increase was better than the market forecasts that were expecting no change or a flat reading for the month.

NAR chief economist Lawrence Yun commented on pending home sales level saying, “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he said. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”

Pending home sales in the Northeast increased by 9.0 percent in February while the Midwest saw a surge of 21.8 percent. Sales in the South rose by 9.2 percent while sales in the West decreased by 4.8 percent for the month.

On an annual basis, all four areas were above the February 2009 sales level with the Northeast showing an annual gain of 18.9 percent, the Midwest showing a 18.7 percent annual rise, the South showing a 17.5 percent increase and the West showing a 14.5 percent annual advancement.

U.S. ISM Non-manufacturing Business expands

U.S. non-manufacturing business activity rose for the third straight month in March, according to a report released today by the Institute for Supply Management. The Non-manufacturing Index (NMI) registered a score of 55.4 percent in March from a score of 53.0 percent in February. The data surpassed market forecasts which were expecting an index score of a 54.0 percent.

The NMI equally weights the index scores of business activity, new orders, supplier deliveries and employment and an index score below 50 is considered contracting or declining while a score above 50 is considered growth or expansion. Contributing positively to the report were increases in new orders, prices and employment.

FOREX: US Dollar mixed in trading

The US Dollar has been mixed in forex trading today against most of the major currencies on a day when many European markets are still closed for an extended Easter holiday. The dollar has been gaining ground versus the euro, Swiss franc and New Zealand dollar today while falling against the Japanese yen, British pound and the Canadian dollar.

Against the Australian dollar, the USD has been virtually unchanged around the day’s opening exchange rate, according to according currency data by Oanda before noon in the U.S. trading session.

The US stock markets, meanwhile, are having a winning session today with the Dow Jones gaining by approximately 40 points, the Nasdaq increasing approximately 20 points and the S&P 500 up by over 6 points at time of writing.  Oil has traded higher to $86.78 while gold has gained $3.90 to level at $1,129.00 per ounce.

Tomorrow’s Economic News

The biggest economic news on tomorrow’s schedule is the interest rate decision by the Reserve Bank of Australia . Many forecasters are expecting the RBA to increase the rate by 25 basis points to 4.25 percent which could give a boost to the Australian dollar. Also to be released is the Swiss consumer price index, the Euro-Zone Sentix Investor Confidence as well as the Federal Open Market Committee Meeting Minutes.

EURUSD is testing the support of the uptrend line from 1.3267 to 1.3384, as long as the trend line support holds, we’d expect uptrend to resume and another rise towards 1.3817 previous high is still possible. However, a clear break below the trend line support could indicate that a cycle top has been formed at 1.3590 level on 4-hour chart and the rise from 1.3267 has completed, then the following downtrend could take price back to re-test 1.3267 support.

Daily Forex Signals

EURUSD stays in a falling price channel on daily chart and remains in downtrend from 1.5144. As long as the channel resistance holds, the price action from 1.3267 is treated as consolidation of downtrend, and one more fall towards 1.3000 is still possible after consolidation. On the other side, a clear break above the channel resistance could trigger another rise to test 1.3817 key resistance, above this level will indicate that the downward movement from 1.5144 has completed at 1.3267 already, then the following uptrend could take price back to 1.4200 or even 1.4400.

For long term analysis, EURUSD is moving to 1.3000 area to reach next cycle bottom on weekly chart and the next cycle bottom is nearing.

Weekly Forex Analysis

By GCI Forex Research

Fundamental Outlook at 1500 GMT (EDT + 0500)

€

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3485 level and was capped around the $1.3590 level.  Some traders took advantage of very thin global liquidity to push the U.S. dollar higher following a decent U.S. March non-farm payrolls report that saw headline non-farm payrolls increase 162,000, up from an upwardly-revised -14,000 in February.  The unemployment rate remained at 9.7% and this is a positive sign because it means more people are returning to the labour force seeking full-time employment.  There were positive revisions to the payrolls data for the first two months of the year and average hours worked increased to 34.0 from the revised prior reading of 33.9.  Private jobs growth registered 123,000 with manufacturing payrolls up 17,000.  Average hourly earnings were up less-than-expected at -0.1% m/m and +1.8% y/y, signaling workers do not yet have pricing power with regard to wages.  On the whole, today’s labour report indicates the U.S. economy is on the mend but jobs growth is likely to remain muted and the “jobless recovery” is likely to continue.  The dollar also moved higher on a report that the Federal Reserve will be meeting on Monday to discuss a possible increase in the discount rate – another sign of monetary tightening.  The greenback is gaining ground on the premise that U.S. interest rates will normalize at a faster pace than eurozone interest rates.  February pending home sales data and ISM data will be released on Monday.  In eurozone news, traders await the release of the EMU-16 April Sentix investor confidence number on Tuesday.  Data released in the eurozone this week saw German March PMI improve to 60.2 while EMU-16 PMI improved to 56.6.  Liquidity is expected to remain quite thin through Monday in the eurozone and the United Kingdom for the Easter and Passover holidays.  Traders remain fixated on Greece’s debt woes with a new wave of skepticism regarding the country’s ability to successfully reduce its fiscal deficits and refinance its maturing debt in the second quarter.  European Central Bank member Kranjec reported the European Union “won’t do anything special” to support Greece.  Euro bids are cited around the US$ 1.3335 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥94.70 level and was supported around the ¥93.65 level.  Data released in Japan overnight saw the March monetary base decrease to +2.1% y/y from +2.2% y/y. Data to be released on Tuesday include the leading and coefficient indices.  As expected, yesterday’s Bank of Japan’s Q1 Tankan survey of corporate sentiment improved q/q with the large manufacturers’ index up to -14 from -24 in Q4 and the non-manufacturer’s index higher at -14 from -22.  Also, the large manufacturers’ outlook improved to -8 from -21 in Q4 and Q1 all-industry capital expenditures improved to -0.4% from -10.8%.  Today’s improvement represented the Tankan’s highest levels in eighteen months but they do not necessarily mean Japan’s economy will evidence a marked improvement, especially as final private demand remains tepid and deflation remains a significant problem.  There is market chatter that Bank of Japan will lift its assessment of the economy at the BoJ Policy Board meeting on 6-7 April, possibly on account of greater export activity.  BoJ’s 30 April Policy Board meeting will include its semi-annual economic projections and could be the meeting when Policy Board members adjust policy further following last month’s additional easing steps.  There will be an Upper House election in July and politicians will likely pressure the central bank to make policy easier far in advance of that election.  The Nikkei 225 stock index climbed 0.37% to close at ¥11,286.09. U.S. dollar offers are cited around the ¥94.75 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥127.90 level and was supported around the ¥127.15 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥143.95 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥88.65 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8257 in the over-the-counter market, down from CNY 6.8264.  People’s Bank of China reported the U.S. dollar might experience a “technical rebound” but said its 2010 appreciation may not be “too big” on account of the U.S.’s high fiscal deficits and low interest rates.  PBoC also warned that new asset bubbles may be emerging globally.  Data released in China yestreday saw March manufacturing PMI improve to 55.1 from 52.0 in February.  People’s Bank of China reported yesterday it will continue its moderately loose monetary policy.

₤

The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5180 level and was capped around the $1.5295 level.  Sterling liquidity will remain light through Monday on account of Monday’s Bank holiday.  Bank of England yesterday issued its first quarter credit conditions survey today in which it reported U.K. mortgage demand may rise in the second quarter.  Data released in the U.K. yesterday saw March PMI manufacturing print at 57.2, up from the revised prior reading of 56.5.  Cable bids are cited around the US$ 1.4455 level.  The euro moved lower vis-à-vis the British pound as the single currency tested bids around the £0.8870 level and was capped around the £0.8895 level.

CHF

The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0635 level and was supported around the CHF 1.0535 level.  Swiss National Bank is said to have intervened in the market yesterday by selling Swiss francs in what is estimated to have been a massive operation.  Swiss monetary, financial, and government officials have been warning that they will not tolerate a further increase in the franc in recent weeks but many traders speculated the central bank would not intervene to weaken the franc.  Data released in Switzerland yesterday saw the March PMI manufacturing survey improve to 65.5 from the prior reading of 57.4.  U.S. dollar offers are cited around the CHF 1.1180 level. The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4350 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6165 level.

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

By CountingPips.com

U.S. Nonfarm Payrolls employment data released today showed that jobs rose by the most in three years in the month of March while February’s jobs data was revised to a better showing. The Department of Labor nonfarm payrolls report showed that employment grew by 162,000 workers in March following February’s revised job loss of 14,000 workers. This was the best showing in private employment since May of 2007.

The jobs data, despite the increase, failed to surpass market forecasts that were predicting an increase by approximately 184,000 workers for the month.

The unemployment rate held steady at 9.7 percent for a third straight month with 15.0 million workers remaining unemployed. The 9.7 percent rate level was in line with expectations from market forecasts.

February’s employment totals were revised from an original estimate of 36,000 jobs lost to 14,000 jobs lost for the month while January’s employment data was revised from a loss of 26,000 jobs to a gain of 14,000 jobs.

The service-providing sector led the way of job creation as this sector gained 82,000 total workers in March as the education & health services sector added 45,000 jobs and the professional and business services sector increased by 11,000 jobs. Retail trade added 14,900 jobs and leisure and hospitality also added 22,000 jobs.

The goods-producing sector added 41,000 total jobs in March with the construction sector gaining 15,000 jobs and manufacturing creating 17,000 jobs. Mining and logging also added 9,000 workers for the month.

Government hiring, boosted by census hires, increased by 39,000 workers in March after shedding 22,000 workers in February.

By Russell Glaser – The daily chart displays a bearish flag pattern has formed. This is a continuation pattern in what may be a larger move lower for the EUR/USD.

This flag pattern takes place in a well defined bearish channel that began at the start of the EUR/USD bearish streak in December.

Below the daily chart shows a bearish flag has formed, beginning with the sharp depreciation of the pair when the price broke lower from the long term trend line on March 17th. The lower border of the flag pattern begins on March 25th at the swing low of the chart and the upper channel line forming on March 28th. The flag pattern is sloping upwards, the opposite direction of the long term trend.

To measure the potential price move of the flag pattern, we can take the measurement of the flagpole and project down from a break of the lower line on the flag. This would be roughly 500 pips.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

By Rita Ruvinski – Beware of extreme market volatility during the U.S. payroll data today! European markets are closed on Friday for National Holidays and this will substantially increase the risk of erratic trading and very thin volume following the release. The best strategy looks to be to buy USD/JPY on any initial declines to 93.50 or sell EUR/USD above the 1.3550 level

12:30 GMT USD Non-Farm Employment Change/ Unemployment Rate

– The U.S. lost 36,000 jobs two months ago, slightly better than the low expectations. A huge gain of 185,000 jobs is expected now. The special timing and the realization of the high expectations could send the dollar way up.

Although, high expectations can be risky for the dollar – if expectations aren’t met, the EUR/USD may rise to $1.36 and higher. But if expectations are finally met, and a rise in jobs is reported for the latest month, not a revision, the dollar could enjoy the thin volume to extend its gains.

– The Unemployment Rate remained unchanged at 9.7% and is expected to remain unchanged this time as well.

12:30 USD Average Hourly Earnings

– Change in the price businesses pay for labor, excluding the farming industry. It’s a leading indicator of consumer inflation – when businesses pay more for labor the higher costs are usually passed on to the consumer. An increase is expected this time 0.2% from 0.1% last month.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Source: Forex Yard

The U.S. payrolls report is due today with analysts forecasting the economy added 185,000 jobs last month. That would be an outcome that would likely lift the U.S dollar and boost expectations for higher U.S. interest rates.

Economic News

USD – U.S Dollar Recovers Ground vs. EUR

The U.S. dollar hit a 7 month high against the Japanese yen on Thursday as Japanese investors rang in Japan’s fiscal year by moving funds abroad into higher-yielding currencies and assets. The USD rose as high as 93.89 yen its best level since August 2009. It was last at 93.74 yen, up 0.3% on the day.

The greenback also rose against the EUR ahead of Friday’s U.S. payrolls report. Economists forecast the economy added 185,000 jobs last month, an outcome that would likely lift the dollar and boost expectations for higher U.S. interest rates.

Strong manufacturing data from Europe and Asia also boosted risk appetite and the view that recovery is taking hold in economies around the world. That, however, kept U.S dollar gains in check against other major currencies, including the British pound and Canadian dollar.

EUR – EUR Rallies vs. Swiss Franc

The European single currency fell to record lows against the Swiss franc below 1.4150 francs, but then surged to session highs at 1.4410. It last traded up 0.6% at 1.4318 francs. Market players cited talk of intervention by the Swiss National Bank as lifting the EUR against the franc, adding there was some SNB activity in the dollar/Swiss franc pair.

The European currency rallied against the U.S dollar on Thursday, lifted by quarterly positioning and gains in the single currency against the Swiss franc as investors looked ahead to the U.S. non-farm payrolls report. The EUR rose 0.5% against the U.S dollar to $1.3578. The EUR was helped on Wednesday by data showing an unexpected fall in U.S. ADP private payrolls, suggesting Friday’s data could come in below forecasts for the U.S. to have added 180,000 jobs in March.

Although the disappointing ADP data helped the EUR/USD as expectations for non-farm payrolls have come down a bit, payrolls are still forecasted to show a rise and the Greek story continues to weigh on the EUR.

JPY – Yen Falls Broadly

Japan’s currency was near a 2 month low versus the EUR as gains in global stocks and expectations the Bank of Japan will keep borrowing costs near zero encouraged investors to sell the Yen to purchase higher-yielding assets. Japan’s currency was at 127.29 per EUR from 127.50 after reaching 127.56 yesterday, the lowest since Jan. 26.

A spike in risk appetite also encouraged Japanese investors to sell the Yen as the new fiscal year gets underway. Losses in the JPY were limited as speculation traders took advantage of recent losses to buy the currency ahead of market holidays.

OIL – Oil Rises Above $85 a barrel

Crude oil prices rose 6% for the holiday-shortened week that ended Thursday as the dollar fell and expectations rose that the pace of economic recovery will pick up. Oil markets have ignored Wednesday’s government report of the ninth consecutive weekly build in U.S. crude stocks, and a surprise, if small, rise in gasoline supplies.

U.S. government data showed U.S. crude inventories rose by 2.9 million barrels to 354.2 million barrels last week, Gasoline stocks logged an unexpected 300,000-barrel gain. Ahead of the long holiday weekend and with the key March U.S. jobs report due on Friday, traders also covered short positions, helping push Oil prices to their highest level in 18 months.

Technical News

EUR/USD

A bullish channel has formed on the daily chart, beginning on March 25th, striking the upper border of the channel for the second time yesterday. This may be a continuation pattern that is taking place prior to another significant bearish move in the currency pair. Traders should look to trade in the price range of the channel until the price breaks below the lower line.

GBP/USD

The pound has shown significant strength over the past week. The long term downward sloping trend line on the daily chart has been broken as the pair has closed for two consecutive sessions above the trend line. The MACD histogram is trending higher, as is the 14-day RSI, indicating the pair has momentum behind the price move. Traders may want to use the 1.3545 resistance level as a price target. This price target also happens to be the upper border of the Bollinger Bands.

USD/JPY

The pair has been steadily rising this week and has arrived at the resistance level of 93.75. A breach of this price will be needed for the short term correction to continue. There doesn’t appear to be any technical resistance on the daily chart. If a breach of this price level is made, the next target may be the 97.75 level.

USD/CHF

Despite the recent bearish correction the pair has experienced, the pair may begin to rise in the short term. The daily chart shows the 7-day RSI has dipped below the 30 level and breached above this line, indicating the price may rise in the short term. The next key resistance line rests at 1.0644.

The Wild Card

Oil

Yesterday spot crude oil breached the significant $84 resistance level that has held since the beginning of the year. The next resistance level on the weekly chart rests at the price level of $86.00. Forex Forex and commodity traders should note that a breach of this resistance level could propel the commodity higher on technical trading, all the way to $90.50

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

USDJPY broke above 93.75 (Jan 7 high), suggesting that the longer term uptrend from 84.82 (Nov 27, 2009 low) has resumed. Further rally is still in favor and next target would be at 95.00-96.00 area. Initial support is now at 93.45 followed by 93.25, and key support is at 92.12, as long as this level holds, uptrend from 89.76 could be expected to continue.

Daily Forex Signals

By GCI Forex Research

Fundamental Outlook at 1500 GMT (EDT + 0500)

€

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3585 level and was supported around the $1.3460 level.  The common currency extended recent gains and reached its highest level since 19 March as traders continued to cover shorts that were put on following heightened sovereign credit woes in the eurozone in the first quarter.  Data released in the eurozone today saw German March PMI improve to 60.2 while EMU-16 PMI improved to 56.6.  Today’s data are consistent with other recent economic data that confirm Germany – the eurozone’s largest economy – continues to drive economic growth in the bloc.  On a negative note, German retail sales fell 0.4% m/m and were off 0.9% y/y.  Liquidity is expected to remain quite thin tomorrow and Monday in the eurozone and the United Kingdom for the Easter and Passover holidays.  Traders remain fixated on Greece’s debt woes with a new wave of skepticism regarding the country’s ability to successfully reduce its fiscal deficits and refinance its maturing debt in the second quarter.  European Central Bank member Kranjec reported the European Union “won’t do anything special” to support Greece.  In U.S. news, March Challenger jobs cuts were off 55.0% y/y and weekly initial jobless claims fell to 439,000 from the revised print of 445,000.  Continuing jobless claims were narrowly lower at 4.662 million.  Other data released today saw the March ISM manufacturing index improve more-than-expected to 59.6 from the prior reading of 56.5.  Also, the March prices paid index was up significantly at 75.0 from the prior reading of 67.0.  Tomorrow’s March non-farm payrolls data will cap an abbreviated trading week.  Many economists are calling for job growth around the +185,000 area and upward revisions to recent months’ data but some are questioning how many job gains could be due to temporary factors such as the U.S. census.  U.S. Treasury Secretary Geithner warned it will be some time before large sustainable increases in jobs growth will be seen.  New York Fed President Dudley reported “near term” inflation will remain low and said muted U.S. economic growth will warrant low rates.  Euro bids are cited around the US$ 1.3335 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥94.05 level and was supported around the ¥93.25 level.  As expected, Bank of Japan’s Q1 Tankan survey of corporate sentiment improved q/q with the large manufacturers’ index up to -14 from -24 in Q4 and the non-manufacturer’s index higher at -14 from -22.  Also, the large manufacturers’ outlook improve to -8 from -21 in Q4 and Q1 all-industry capital expenditures improved to -0.4% from -10.8%.  Today’s improvement represented the Tankan’s highest levels in eighteen months but they do not necessarily mean Japan’s economy will evidence a marked improvement, especially as final private demand remains tepid and deflation remains a significant problem.  There is market chatter that Bank of Japan will lift its assessment of the economy at the BoJ Policy Board meeting on 6-7 April, possibly on account of greater export activity.  BoJ’s 30 April Policy Board meeting will include its semi-annual economic projections and could be the meeting when Policy Board members adjust policy further following last month’s additional easing steps.  There will be an Upper House election in July and politicians will likely pressure the central bank to make policy easier far in advance of that election.  The Nikkei 225 stock index gained 1.39% to close at ¥11,244.40. U.S. dollar offers are cited around the ¥94.75 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥127.50 level and was supported around the ¥125.95 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥143.60 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥90.00 figure. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8264 in the over-the-counter market, up from CNY 6.8259. Data released in China overnight saw March manufacturing PMI improve to 55.1 from 52.0 in February.  People’s Bank of China reported yesterday it will continue its moderately loose monetary policy.

₤

The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5295 level and was supported around the $1.5170 level.  Bank of England issued its first quarter credit conditions survey today in which it reported U.K. mortgage demand may rise in the second quarter.  Data released in the U.K. today saw March PMI manufacturing print at 57.2, up from the revised prior reading of 56.5.  Cable bids are cited around the US$ 1.4455 level.  The euro moved lower vis-à-vis the British pound as the single currency tested bids around the £0.8840 level and was capped around the £0.8900 figure.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0435 level and was capped around the CHF 1.0610 level.  Swiss National Bank is said to have intervened in the market today by selling Swiss francs in what is estimated to have been a massive operation.  Swiss monetary, financial, and government officials have been warning that they will not tolerate a further increase in the franc in recent weeks but many traders speculated the central bank would not intervene to weaken the franc.  Data released in Switzerland today saw the March PMI manufacturing survey improve to 65.5 from the prior reading of 57.4.  U.S. dollar offers are cited around the CHF 1.1180 level. The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4410 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6215 level.

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.