{"id":13015,"date":"2010-09-14T09:00:56","date_gmt":"2010-09-14T13:00:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13015"},"modified":"2010-09-14T09:00:56","modified_gmt":"2010-09-14T13:00:56","slug":"forex-daily-market-commentary-110","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/09\/14\/forex-daily-market-commentary-110\/","title":{"rendered":"Forex Daily Market Commentary"},"content":{"rendered":"

By GCI Forex Research<\/strong><\/p>\n

Fundamental Outlook at \t\t\t0800 GMT (EDT + 0400)<\/span><\/strong><\/p>\n

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

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

USD<\/span><\/em><\/strong><\/p>\n

The dollar weakened against all of the G10 currencies as \t\t\trisk-seeking continued with equities up 1% and oil back above $77. \t\t\tTreasury yields also came down as investors digested the less \t\t\tstringent than expected Basel II negotiations and the decent Chinese \t\t\teconomic data. The only data release of the day was the monthly \t\t\tbudget statement, which showed a deficit for the 23rd consecutive \t\t\tmonth, the longest stretch on record. Retail sales data will help \t\t\tshow how the consumer has weathered the recent soft patch in data. \t\t\tWe are expecting a moderate rise in August, though some tepid auto \t\t\tsales could weigh on the headline figure.<\/p>\n


\nEUR<\/span><\/em><\/strong><\/p>\n

The euro benefited from the renewed risk-seeking but the German ZEW \t\t\tsurvey data will be another important step to see if softer times \t\t\tare ahead for the Eurozone. Consensus estimates are for a dip in the \t\t\teconomic sentiment reading but an increase to 50.0 for the current \t\t\tsituation.
\nECB President Trichet said what was decided on Basel III would not \t\t\thamper the global recovery and said he saw no deflation risk in \t\t\tadvanced economies for now. Trichet did not offer any comments on \t\t\tmonetary policy.
\n JPY<\/span><\/em><\/strong><\/p>\n

USDJPY remained heavy ahead of the DPJ leadership election as \t\t\tinvestors put some more money to work across asset classes. Press \t\t\treports suggest the race is still too close to call and given recent \t\t\tprice action, there appears more scope for an upside USDJPY surprise \t\t\tshould Ozawa win given that it would inject uncertainty into the \t\t\tfuture policies of the DPJ and also given his outspoken support of \t\t\tFX intervention. \t\t\tResults are expected around 0600GMT.
\n GBP<\/span><\/em><\/strong><\/p>\n

Investors have been concerned about elevated inflation readings but \t\t\tBoE MPC members believe the data should start to come back down. We \t\t\tshould see slight easing in the y\/y figures for both CPI and RPI, \t\t\twhich could temper investor expectations for the BoE at this stage \t\t\tin the recovery.
\n
\nTECHNICAL OUTLOOK<\/span><\/strong><\/p>\n


\n<\/span><\/strong> EURUSD BEARISH Violation of 1.2588 and 1.2434 thereafter is required \t\t\tfor the confirmation of bearish trend. Resistance holds at 1.2919.
\nUSDJPY BEARISH Trend is bearish; there is little support till 79.75 \t\t\tkey level. Short-term resistance is defined at 85.23.
\nGBPUSD BEARISH Stalled above 1.5297; a break here would expose \t\t\t1.5125\/15 ahead of 1.4906. Near-term resistance lies at 1.5565 ahead \t\t\tof 1.5731.
\nUSDCHF BEARISH Focus is on the downside with initial support lying \t\t\tat 1.0061 ahead of 0.9918. Near-term resistance comes in at 1.0278 \t\t\tahead of 1.0466.
\nAUDUSD BULLISH Bullish pressure targets 0.9389; break of the level \t\t\twould favour another run towards 0.9406. Near-term support is at \t\t\t0.9171 ahead of 0.9055.
\nUSDCAD NEUTRAL 1.0673 and 1.0108 define the next bull and bear \t\t\ttriggers respectively.
\nEURCHF BEARISH Sell-off from 1.3924 found support at 1.2766; break \t\t\tof the level would expose 1.2626 ahead of 1.2403. Resistance at \t\t\t1.3163.
\nEURGBP NEUTRAL Model is neutral; 0.8390 and 0.8142 mark key \t\t\tnear-term directional triggers. 0.8068 defines a key support level.
\nEURJPY BEARISH Focus is maintained on 105.44, next support at 100 \t\t\tpsychological level. \t\t\tResistance is at 111.19.<\/p>\n

Forex Daily Market Commentary<\/strong><\/em> provided by<\/em><\/strong> GCI 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":"

The dollar weakened against all of the G10 currencies as risk-seeking continued with equities up 1% and oil back above $77. Treasury yields also came down as investors digested the less stringent…<\/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-13015","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13015","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=13015"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13015\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}