{"id":13089,"date":"2010-09-16T08:59:41","date_gmt":"2010-09-16T12:59:41","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13089"},"modified":"2010-09-16T08:59:41","modified_gmt":"2010-09-16T12:59:41","slug":"forex-daily-market-commentary-112","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/09\/16\/forex-daily-market-commentary-112\/","title":{"rendered":"Forex Daily Market Commentary"},"content":{"rendered":"

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

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

The euro appreciated \t\t\tvis-\u00e0-vis the U.S. dollar today<\/strong> as the \t\t\tsingle currency tested offers around the US$ 1.3085 level and was \t\t\tsupported around the $1.2975 level. \u00a0Stops were reached above the \t\t\tUS$ 1.3050 level as traders took out a key technical level and eyed \t\t\tthe $1.3120 area as another major upside target. \u00a0Traders continue \t\t\tto punish the U.S. dollar on the expectation that U.S. interest \t\t\trates will continue to move lower.\u00a0 U.S. bond market giant PIMCO and \t\t\tsome U.S. investment banks are forecasting a 10-year U.S. Treasury \t\t\tNote yield of 1.75% in Q1 2011, lower than the current level of \t\t\t2.72%.\u00a0 There is growing speculation the Federal Reserve will resort \t\t\tto additional monetary easing measures, perhaps as early as late Q4, \t\t\tthat might include another wave of massive asset purchases.\u00a0 The \t\t\tFOMC noted at its most recent meeting that it would keep the size of \t\t\tits balance sheet around US$ 2.054 trillion and reinvest mortgage \t\t\tbond proceeds into the U.S. Treasury market.\u00a0 Additional credit \t\t\teasing policies, if enacted by the Fed, could likely have a downward \t\t\timpact on the U.S. dollar and dealers are reducing long dollar \t\t\texposure now as a result.\u00a0 Data to be released in the U.S. today \t\t\tinclude August producer prices, weekly initial jobless claims, \t\t\tcontinuing jobless claims, the Q2 current account balance, July TICS \t\t\tflows, and the September Philadelphia Fed activity index.\u00a0 A further \t\t\timprovement in jobless claims might evidence a little bit of \t\t\ttraction in the U.S. labour market that is badly needed.\u00a0 The \t\t\tcurrent account balance is expected to be as wide as \u2013US$ 125 \t\t\tbillion.\u00a0 In eurozone news<\/strong>, data released today saw the \t\t\tEMU-16 July trade balance climb to \u20ac6.7 billion from the revised \t\t\tprior reading of \u20ac2.2 billion. \u00a0Data to be released tomorrow include \t\t\tEMU-16 July current account numbers, EMU-16 July construction \t\t\tfigures, and August producer prices.\u00a0 German Chancellor Merkel is \t\t\tpressing for sanctions against eurozone countries that do not comply \t\t\twith Growth and Stability Pact spending or deficit measures.\u00a0 \t\t\tEuropean Union leaders met today in Brussels and squabbled over ways \t\t\tto manage the eurozone\u2019s US$ 12 trillion economy.\u00a0 Euro bids are \t\t\tcited around the US$ 1.2995 level.<\/p>\n

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

The yen appreciated vis-\u00e0-vis the U.S. dollar today<\/strong> as the greenback tested bids around the \u00a585.20 \t\t\tlevel and was capped around the \u00a585.75 level. \u00a0Today\u2019s intraday \t\t\trange was tight following yesterday\u2019s massive yen-selling \t\t\tintervention by Bank of Japan.\u00a0 While it is not known how much yen \t\t\twas sold, this represented the country\u2019s first official intervention \t\t\tsince March 2004 and there is speculation BoJ may continue to \t\t\tintervene.\u00a0 Some estimates suggest Japan may have sold as much as \t\t\t\u00a51.86 trillion yesterday and if so, this would exceed the previous \t\t\testimated record of \u00a51.66 trillion from 9 January 2004.\u00a0 The \t\t\tMinistry of Finance will confirm on 30 September how much it \t\t\texpended on intervention.\u00a0 There was talk yesterday that the \t\t\tintervention would remain unsterilized in Japanese money markets, \t\t\tserving as a de facto monetary easing.\u00a0 Now that the government has \t\t\tdecided to intervene again, its options for additional economic \t\t\tstimulus remain limited given Japan\u2019s bloated financial deficits and \t\t\tan interest rate policy that is already near zero per cent.\u00a0 \t\t\tFurthermore, the BoJ\u2019s ability to purchase additional Japanese \t\t\tgovernment bonds may already be limited by the amount of national \t\t\tdebt on its balance sheet from existing Japanese government bond \t\t\tpurchases.\u00a0 Some traders believe Japan\u2019s interventions, if \t\t\tcontinued, will remain unilateral because other countries are trying \t\t\tto supplement weak domestic consumption with an improved foreign \t\t\ttrade position resulting from weakness in their own currencies.\u00a0 The \t\t\tObama administration appears unlikely to join any yen-selling \t\t\tintervention at current levels.\u00a0 Others believe the central bank\u2019s \t\t\tintervention success will be limited and that the dollar will move \t\t\tlower to test lifetime lows below the psychologically-important \u00a580 \t\t\tlevel.\u00a0 The Japanese intervention could also precipitate a round of \t\t\tintervention throughout Asian countries, especially in South Korea \t\t\twhere the won moved lower on speculation the government may sell won \t\t\tto support the export sector.\u00a0 The won has gained about 3.2% in \t\t\tSeptember vis-\u00e0-vis the U.S. dollar.\u00a0 Bank of Japan Governor \t\t\tShirakawa reiterated the central bank is monitoring downside risks \t\t\tto the economy and said Japanese export activity has reached a \t\t\tplateau.\u00a0 Democratic Party of Japan officials are urging the central \t\t\tbank to convene another emergency meeting now to enact additional \t\t\teasing measures by buying more JGBs.\u00a0 Data to be released in Japan \t\t\tovernight include August Nationwide department sales and August \t\t\tTokyo-area department store sales.\u00a0 The Nikkei 225 stock index was \t\t\toff 0.07% to close at \u00a59,509.50.\u00a0 U.S. dollar bids are cited around \t\t\tthe \u00a584.60 level.\u00a0 \u00a0The euro moved higher <\/strong>vis-\u00e0-vis the yen \t\t\tas the single currency tested offers around the \u00a5112.10 level and \t\t\twas supported around the \u00a5110.65 level.\u00a0 The British pound moved \t\t\tlower <\/strong>vis-\u00e0-vis the yen as sterling tested bids around the \t\t\t\u00a5132.95 level while the Swiss franc moved lower <\/strong>vis-\u00e0-vis the \t\t\tyen and tested bids around the \u00a585.00 figure. In Chinese news<\/strong>, \t\t\tthe U.S. dollar depreciated vis-\u00e0-vis the Chinese yuan as the \t\t\tgreenback closed at CNY 6.7250 in the over-the-counter market, down \t\t\tfrom CNY 6.7433. \u00a0Today\u2019s price activity represents the pair\u2019s \t\t\tall-time low and evidences the Chinese government\u2019s attempt to \t\t\tsatisfy U.S. Congressional lawmakers who are calling for trade \t\t\tsanctions against China for not allowing its currency to appreciate \t\t\tenough.\u00a0 It is being reported that China will impose tougher capital \t\t\tadequacy requirements on its bank, perhaps as much as 15%.\u00a0 This \t\t\tmeasure could reduce loan growth to 12% from around 20% now.\u00a0 \t\t\tChinese banks made a record US$ 1.4 trillion in new loans last year.<\/p>\n

\u00a3<\/strong><\/p>\n

The British pound \t\t\tdepreciated vis-\u00e0-vis the U.S. dollar today<\/strong> as cable tested bids around the US$ 1.5535 level and was capped \t\t\taround the US$ 1.5645 level.\u00a0 Data released in the U.K. today saw \t\t\tAugust retail sales defy expectations by dropping 0.5% m\/m and \t\t\tclimbing 0.4% y\/y, considerably lower than expectations and July\u2019s \t\t\treadings.\u00a0 Core readings were also lighter-than-expected and these \t\t\tdata suggest final private demand in the U.K. may be waning. \u00a0Other \t\t\tdata saw the CBI September total orders index decline to -17 from \t\t\tthe prior reading of -14.\u00a0 Bank of England and GfK reported their \t\t\tone-year inflation expectations survey is now evidencing higher \t\t\tinflation expectations.\u00a0 BoE Governor King spoke yesterday and \t\t\tacknowledged the bank made mistakes that led to the financial \t\t\tcrisis, adding the economic recovery \u201cwill not be straight.\u201d Cable \t\t\tbids are cited around the US$ 1.5115 level.\u00a0 The euro appreciated<\/strong> vis-\u00e0-vis the British pound as the single currency tested offers \t\t\taround the \u00a30.8390 level and was supported around the \u00a30.8310 level.<\/p>\n

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

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

The Swiss franc \t\t\tappreciated vis-\u00e0-vis the U.S. dollar today<\/strong> as the greenback tested bids around the CHF 0.9995 level and was \t\t\tcapped around the CHF 1.0035 level. Swiss National Bank\u2019s interest \t\t\trate decision will be released today and most economists believe its \t\t\tthree-month franc Libor target rate will remain unchanged at 0.25%.\u00a0 \t\t\tTraders are curious to see if SNB Chairman Hildebrand makes any \t\t\tcomments about the franc\u2019s resurgent strength given the dollar\u2019s \t\t\tmove below parity.\u00a0 The euro is up from a recent low of CHF 1.2765 \t\t\tand this may limit Hildebrand\u2019s comments about exchange rates.\u00a0 Data \t\t\treleased in Switzerland today saw Q2 industrial production up 5.7% \t\t\tq\/q and 7.8% y\/y.\u00a0 As expected, the Swiss government overnight \t\t\traised its economic growth forecast for this year and now sees GDP \t\t\tgrowth of 2.7% in 2010, up from the previous forecast of 1.8% from \t\t\tJune.\u00a0 The government also sees 2011 GDP growth of 1.2%, down from \t\t\tthe previous forecast of 1.6%.\u00a0 U.S. dollar offers are cited around \t\t\tthe CHF 1.0290 level.\u00a0 The euro appreciated<\/strong> vis-\u00e0-vis the \t\t\tSwiss franc as the single currency tested offers around the CHF \t\t\t1.3120 level while the British pound moved lower<\/strong> vis-\u00e0-vis \t\t\tthe Swiss franc and tested bids around the CHF 1.5580 level.<\/p>\n

Technical Outlook at 1230 \t\t\tGMT (EDT + 0400)<\/strong><\/p>\n

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

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

(Bid Price)<\/strong> (Today\u2019s \t\t\tIntraday Range) <\/strong><\/p>\n

EUR\/ USD\u00a0\u00a0\u00a0\u00a0\u00a0 1.3081\u00a0\u00a0 \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.3085, 1.2975
\nUSD\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a085.66\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a085.76, \u00a0\u00a085.22
\nGBP\/ USD\u00a0\u00a0\u00a0\u00a0\u00a0 1.5607 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.5647, 1.5537
\nUSD\/ CHF\u00a0\u00a0\u00a0\u00a0\u00a0 1.0025 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.0035, 0.9997
\nAUD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9371\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a00.9392, 0.9329
\nUSD\/CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0254 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.0283, \t\t\t1.0242
\nNZD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7251\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.7311, 0.7228
\nEUR\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 112.03 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0112.11, 110.64
\nEUR\/ GBP\u00a0\u00a0\u00a0\u00a0\u00a0 0.8378 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.8389, 0.8309
\nGBP\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0133.66\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0134.04, 132.96
\nCHF\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a085.40 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a085.60,\u00a0\u00a0 85.00<\/p>\n

Support \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Resistance\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Support\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Resistance<\/strong><\/p>\n

EUR\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0 USD\/ \t\t\tJPY<\/strong><\/p>\n

L1. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 1.2575\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.2870\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t\u00a0\u00a0 81.80\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 87.15<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2440\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3045\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t\u00a0\u00a0\u00a080.80\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 88.25
\nL3. \u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2220\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3290\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 \t\t\t77.20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 89.45<\/p>\n

GBP\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0 USD\/ CHF<\/strong><\/p>\n

L1. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 1.5230\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.5810\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.0215\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0600<\/p>\n

L2. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 1.5010\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6040\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.0095\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0820<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.4860\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6210\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9925\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.1040<\/p>\n

AUD\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 USD\/ CAD<\/strong><\/p>\n

L1. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 0.8645\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8965\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.0450\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0860<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.8510\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9065\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.0240\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.1060<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t \t\t\t0.8345\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9220\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.0005\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.1490<\/p>\n

NZD\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 EUR\/ JPY<\/strong><\/p>\n

L1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.6910\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7220\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t103.40\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 108.90<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.6590\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7445\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t101.15\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 113.25<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.6265\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7585\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \t\t\t99.90\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 118.05<\/p>\n

EUR\/ \t\t\tGBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 EUR\/ CHF<\/strong><\/p>\n

L1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.7870\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8320\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2845\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3330<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.7785\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8535\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2650\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3615<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.7415\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8745\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2430\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3985<\/p>\n

GBP\/ \t\t\tJPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 CHF\/ JPY<\/strong><\/p>\n

L1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t126.70\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 135.35\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \t\t\t78.35 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a082.65<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t123.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138.40\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \t\t\t76.45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 85.80<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t118.85\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 140.70\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \t\t\t75.05\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a087.15<\/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":"

Traders continue to punish the U.S. dollar on the expectation that U.S. interest rates will continue to move lower. U.S. bond market giant PIMCO and some U.S. investment banks…<\/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-13089","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13089","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=13089"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13089\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}