{"id":1305,"date":"2009-04-08T15:38:18","date_gmt":"2009-04-08T20:38:18","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1305"},"modified":"2009-04-08T15:38:18","modified_gmt":"2009-04-08T20:38:18","slug":"fundamental-outlook-at-1400-gmt-edt-0400-13","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/08\/fundamental-outlook-at-1400-gmt-edt-0400-13\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

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

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

The euro came off vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3145 level and was capped around the US$ 1.3305 level.\u00a0 Minutes from the Federal Open Market Committee\u2019s meeting that concluded on 18 March wer released in which the FOMC agreed on \u201csubstantial purchases of longer-term assets\u201d and pessimisitcally said \u201cfurther employment cutbacks\u201d were expected.\u00a0 Some Fed officials saw inflation \u201cbelow desirable levels\u201d and Fed staff now see gross domestic product \u201cexpanding slowly\u201d in 2010 with GDP growth \u201cflattening out\u201d in H2 2009.\u00a0 Fed officials said the economy is worse than thet expected and said there is a downside risk to the \u201calready weak\u201d economic outlook including more pressure on U.S. financial institutions.\u00a0 Data released in the U.S. today saw February wholesale inventories decline more than expected, off 1.5% m\/m and 1.7% y\/y.\u00a0 In eurozone news, German February manufacturing orders fell 3.5% m\/m and 38.2% y\/y.\u00a0 The European Commission today said it plans to raise the ceiling on its loan facility to non-eurozone countries to \u20ac50 billion from the existing \u20ac25 billion level.\u00a0 European Central Bank member Noyer said the French economy will improve at the beginning of 2010.\u00a0 Also, German factory exports slumped 23.1% y\/y.\u00a0 Euro bids are cited around the US$ 1.3100 figure.<\/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 \u00a599.30 level and was capped around the \u00a5100.85 level.\u00a0 Data released in Japan overnight saw the February current account surplus decline to 55.6% y\/y to \u00a51.12 trillion.\u00a0 These data underscore the tremendous decline in Japan\u2019s foreign trade position over the past several months on account of the yen\u2019s relative strength and the decline in global final private demand.\u00a0 Other data released today saw March corporate bankruptcy cases up 7.9% y\/y.\u00a0 The Nikkei 225 stock index lost 2.69% to close at \u00a58,595.01.\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 \u00a5130.95 level and was capped around the \u00a5133.75 level.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested offers around the \u00a5145.70 level while the Swiss franc moved lower vis-\u00e0-vis the yen and tested offers around the \u00a586.45 level.\u00a0 The Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar today as the greenback closed at CNY 6.8320 in the over-the-counter market, down from CNY 6.8361.<\/p>\n

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

The British pound came off vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.4635 level and was capped around the $1.4745 level.\u00a0 Data released in the U.K. today saw the March BRC shop price index climb 2.0% y\/y from 1.9% y\/y in February.\u00a0 Also, Nationwide March consumer confidence slid to 41 from 43 in February.\u00a0 Cable bids are cited around the US$ 1.4515 level.\u00a0 The euro came off vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.9050 level and was supported around the \u20a40.8955 level.<\/p>\n

Daily Market Commentary<\/strong><\/em> 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 came off vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3145 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-1305","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1305","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=1305"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1305\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}