{"id":1132,"date":"2009-03-30T14:34:09","date_gmt":"2009-03-30T19:34:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1132"},"modified":"2009-03-30T14:34:09","modified_gmt":"2009-03-30T19:34:09","slug":"fundamental-outlook-at-1400-gmt-edt-0400-6","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/03\/30\/fundamental-outlook-at-1400-gmt-edt-0400-6\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

By GCI Fx Research<\/span><\/p>\n

\u20ac<\/strong><\/p>\n

The euro fell vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3160 level and was capped around the US$ 1.3285 level.\u00a0 Traders will pay close attention to the Group of Twenty meeting in London on 2 April amid widespread doubt as to how much officials can realistically expect to accomplish this week.\u00a0 One key theme being watched closely is any indication that Europe will not give in to the Obama administration\u2019s putative calls for more fiscal stimulus.\u00a0 Another key theme this week will be any sort of reaction to China\u2019s and Russia\u2019s calls for a new international reserve currency, possibly to the detriment of the U.S. dollar.\u00a0 The Obama administration is said to be forcing General Motors Chief Executive Officer Wagoner to step down from his post with one report suggesting the government believes a \u201cquick and surgical bankruptcy\u201d may be the best way to rescue the ailing company.\u00a0 In eurozone news, European Central Bank President Trichet is scheduled to speak later in the day.\u00a0 The European Commission\u2019s economic sentiment indicator for the eurozone fell to 64.6 in March from 65.3 in February \u2013 the lowest print since 1985 as the new orders sub-index fell to -57.\u00a0 Euro bids are cited around the US$ 1.3245 level.<\/p>\n

\u00a5\/ CNY<\/strong><\/p>\n

The yen appreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested bids around the \u00a595.95 level and was capped around the \u00a598.30 level.\u00a0 Data released in Japan overnight saw February industrial output off 9.4% m\/m, worse-than-expected and marginally better than January\u2019s record 10.2% pullback in the sector.\u00a0 Notably, exports were off 49% y\/y in February and these data may collectively force the Aso government to broaden the fiscal stimulus plan it is availing to counter the massive recession in Japan.\u00a0 Other data saw the trade balance print at \u00a5217.26 billion between 1 \u2013 10 March.\u00a0 Japan\u2019s fiscal year ends tomorrow.\u00a0 The Nikkei 225 stock index lost 4.53% to close at \u00a58,236.08.\u00a0 U.S. dollar offers are cited around the \u00a5104.15 level.\u00a0 The euro moved lower vis-\u00e0-vis the yen as the single currency tested bids around the \u00a5126.40 level and was capped around the \u00a5130.55 level.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested bids around the \u00a5135.70 level while the Swiss franc moved lower vis-\u00e0-vis the yen and tested bids around the \u00a583.40 level.\u00a0 The Chinese yuan depreciated vis-\u00e0-vis the U.S. dollar as the greenback closed at CNY 6.8331 in the over-the-counter market, up from CNY 6.8280.\u00a0 Chinese ambassador to the U.K. said China is not calling for a replacement of the U.S. dollar.<\/p>\n

\u20a4<\/strong><\/p>\n

The British pound weakened vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.4110 level and was capped around the $1.4295 level.\u00a0 Data released in the United Kingdom overnight saw February net lending to individuals increase to \u20a41.3 billion and February mortgage approvals reached their highest level in nine months, up to 38,000 from 32,000 in January.\u00a0 Overall mortgage lending activity expanded to \u20a41.5 billion in February from \u20a41.1 billion in January.\u00a0 Additionally, M4 money supply growth rose 18.7% in February.\u00a0 Cable bids are cited around the US$ 1.4085 level.\u00a0 The euro rallied vis-\u00e0-vis the British pound as the single currency tested offers round the \u20a40.9340 level and was supported around the \u20a40.9275 level.<\/p>\n

CHF<\/strong><\/p>\n

The Swiss franc depreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1515 level and was supported around the CHF 1.1440 level.\u00a0 Swiss National Bank is expected to continue pursing quantitative easing measures by conducting franc-selling intervention in the foreign exchange markets.\u00a0 U.S. dollar bids are cited around the CHF 1.1165 level.\u00a0 The euro came off vis-\u00e0-vis the Swiss franc as the single currency tested bids around the CHF 1.5125 level while the British pound lost ground vis-\u00e0-vis the Swiss franc and tested bids around the CHF 1.6230 level.<\/p>\n

A$<\/strong><\/p>\n

The Australian dollar moved lower vis-\u00e0-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.6765 level and was capped around the $0.6925 level.\u00a0 Data released in Australia overnight saw HIA new home sales up 3.9% m\/m.\u00a0 Australian dollar bids are cited around the US$ 0.6690 level.<\/p>\n

C$<\/strong><\/p>\n

The Canadian dollar came off vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the C$ 1.2535 level and was supported around the C$ 1.2380 level.\u00a0 Bank of Canada Governor Carney speaks today.\u00a0 U.S. dollar bids are cited around the C$ 1.2065 level.<\/p>\n

Daily Market Commentary provided by\u00a0GCI Financial Ltd<\/strong><\/a>.<\/strong><\/p>\n

GCI Financial Ltd (\u201dGCI\u201d) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (\u201dForex\u201d) 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 (\u201dCFDs\u201d) 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.<\/p>\n

DISCLAIMER: GCI\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

By GCI Financial – The Canadian dollar came off vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the C$ 1.2535 level and was supported around the C$ 1.2380 level…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1132","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=1132"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1132\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}