{"id":1162,"date":"2009-04-01T15:58:08","date_gmt":"2009-04-01T20:58:08","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1162"},"modified":"2009-04-01T15:58:08","modified_gmt":"2009-04-01T20:58:08","slug":"fundamental-outlook-at-1400-gmt-edt-0400-8","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/01\/fundamental-outlook-at-1400-gmt-edt-0400-8\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

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

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

The euro depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3165 level and was capped around the US$ 1.3285 level.\u00a0 Traders were surprised that U.S. March ISM manufacturing index rallied to 36.3 from 35.8 in February.\u00a0 Albeit this represented the fourteenth consecutive month of declining activity, some economists believe the sector may have bottomed out.\u00a0 Other data saw February construction spending decline 0.9%, the fifth consecutive monthly downturn.\u00a0 Additionally, March pending home sales rose 2.1% from -7.7%.\u00a0 Additionally, ADP reported private sector jobs contracted a major 742,000 in March and February\u2019s total was upwardly revised to -697,000 from -706,000. Many economists believe Friday\u2019s non-farm payrolls total could be around -675,000.\u00a0 Notably, it was reported last month that some 651,000 non-farm jobs were lost in February.\u00a0 Traders will also pay close attention to downward revisions to January\u2019s and February\u2019s non-farm payroll tallies.\u00a0 In eurozone news, many dealers believe the European Central Bank will reduce its main refinancing rate by 50bps tomorrow to 1.0%.\u00a0 Others believe the ECB may also announce some form of quantitative easing measures, possibly including the purchase of commercial paper, corporate debt, or the issuance of medium-term loans.\u00a0 All eyes are on London as the Group of Twenty meets to discuss the global financial crisis.\u00a0 European leaders are said to be pressing for increased international regulation while U.S. officials are said to be pressing for more fiscal stimulus from the eurozone.\u00a0 German Chancellor Merkel reminded her colleagues that Germany passed a \u20ac50 billion stimulus in February.\u00a0 Data released in the eurozone today saw the February EMU-16 unemployment rate climb to 8.5% from 8.3% in January.\u00a0 Also, the EMU-16 manufacturing PMI reading improved to 33.9 from 33.5 in February.\u00a0 Moreover, German February retail ales were off 0.2% m\/m and 5.3% y\/y.\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 \u00a598.20 level and was capped around the \u00a599.45 level.\u00a0\u00a0 Bank of Japan\u2019s quarterly tankan survey was released overnight and worsened to record lows with large manufacturers\u2019 main diffusion index at -58 from -24 in December \u2013 the largest decline ever.\u00a0 Similarly, the consumer sentiment diffusion index worsened to -88.9 in March, a new low.\u00a0 Today\u2019s data elevate the likelihood that Bank of Japan will enact more quantitative easing measures to reduce credit strains, possibly through the purchase of additional asset-backed securities.\u00a0 The Nikkei 225 stock index climbed 2.99% to close at \u00a58,351.91.\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 \u00a5129.85 level and was capped around the \u00a5131.90 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5142.80 level while the Swiss franc moved lower vis-\u00e0-vis the yen and tested bids around the \u00a5140.55 level.\u00a0 In Chinese news, it was announced that President Obama will visit China in H2 2009.\u00a0 The White House reported President Hu \u201cemphasized China’s commitment to strengthen and improve macroeconomic control and expand domestic demand, particularly consumer demand, to ensure sustainable growth, and ensure steady and relatively fast economic development.\u201d<\/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 euro depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3165 level and was capped around the US$ 1.3285 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-1162","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1162","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=1162"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1162\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}