{"id":13186,"date":"2010-09-20T08:45:52","date_gmt":"2010-09-20T12:45:52","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13186"},"modified":"2010-09-20T08:45:52","modified_gmt":"2010-09-20T12:45:52","slug":"forex-daily-market-commentary-114","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/09\/20\/forex-daily-market-commentary-114\/","title":{"rendered":"Forex Daily Market Commentary"},"content":{"rendered":"

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

Fundamental Outlook at \t\t\t1400 GMT (EDT + 0400)<\/span><\/strong><\/p>\n

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

<\/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$ 1.3120 level and was \t\t\tsupported around the $1.3035 level. \u00a0There are multiple themes being \t\t\tfocused on by traders today.\u00a0 First, the Federal Open Market \t\t\tCommittee\u2019s interest rate decision will be released tomorrow.\u00a0 The \t\t\tFed is expected to keep monetary policy unchanged following its \t\t\tdecision on 10 August to reinvest maturing mortgage debt back into \t\t\tthe U.S. Treasury market.\u00a0 Second, many larger institutional \t\t\tinvestors are predicting U.S. market interest rates will be \t\t\tsignificatly lower in Q1 2011 with some forecasts calling for a \t\t\t1.75% U.S. Treasury note yield.\u00a0 Third, there are renewed financial \t\t\tstrains in the eurozone.\u00a0 Yields on credit default swaps for some \t\t\tperipheral economies like Ireland and Greece remain elevated.\u00a0 Some \t\t\tdealers are speculating the Irish government will be forced to seek \t\t\tbailout assistance from the International Monetary Fund or the \t\t\tEuropean Union.\u00a0 ECB member Honohan called on the Irish government \t\t\tto reduce its budget deficit at a quicker pace to bolster investor \t\t\tconfidence.\u00a0 Fourth, some traders are anticipating the Fed could cut \t\t\tits economic forecast in the short-term.\u00a0 Growth projections may be \t\t\treduced by the central bank before the end of the year.\u00a0 In \t\t\tanticipation of a more pessimistic Fed outlook, two-year U.S. \t\t\tTreasury yields are near all-time lows.\u00a0 Bundesbank reported \t\t\tGermany\u2019s economic recovery remains intact but added its growth \t\t\tdynamic has slowed \u201cmarkedly.\u201d\u00a0 European Central Bank member Nowotny \t\t\tsaid the ECB\u2019s \u201cexit policy is to be discussed only at a later \t\t\tstage.\u201d\u00a0 Nowotny said concerns over sovereign debt \u201cmay be \t\t\toverblown.\u201d Former Bundesbank President Poehl said voting rights at \t\t\tthe ECB should be weighted by members\u2019 strength.\u00a0 In U.S. news<\/strong>, \t\t\tdata to be released today include the September NAHB housing market \t\t\tindex and it is expected to tick higher to +14.\u00a0 Tomorrow\u2019s data \t\t\tinclude August housing starts and August building permits and a \t\t\tmarginal increase in activity is anticipated.\u00a0 More housing data \t\t\twill be released on Thursday and Friday along with capital goods \t\t\torders.\u00a0 Euro bids are cited around the US$ 1.2995 level.<\/p>\n

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

The yen appreciated vis-\u00e0-vis the U.S. dollar today<\/strong> as the greenback tested bids around the \u00a585.50 \t\t\tlevel and was capped around the \u00a585.75 level. \u00a0The Japanese \t\t\tgovernment conducted a major yen-selling intervention last week that \t\t\ttraders have estimated as much as \u00a51.86 trillion in size.\u00a0 Details \t\t\tabout the size of the intervention will be released on 30 \t\t\tSeptember.\u00a0 Finance minister Noda verbally intervened late last week \t\t\tand said Japan needs to explain its exchange rate policy \t\t\t\u201cpersistently to other nations.\u201d\u00a0 Notably, the intervention has \t\t\tapparently remained unsterilized in the Japanese money market, \t\t\tsignifying Bank of Japan was also utilizing the intervention as de \t\t\tfacto monetary easing.\u00a0 The government will maintain pressure on the \t\t\tcentral bank to expand its monetary policy, most probably by \t\t\tincreasing its monthly purchases of Japanese government bonds.\u00a0 \t\t\tForeign governments including the Obama administration are unlikely \t\t\tto join Japan\u2019s foray into yen-selling intervention.\u00a0 U.S. \t\t\tCongressional officials last week were critical of Japan\u2019s actions, \t\t\tas were European finance and monetary officials.\u00a0 Bank of Korea \t\t\tGovernor Kim Choong Soo this weekend reported Japan \u201ccannot resolve \t\t\tthe problem of the strong yen alone. Japan will need policy \t\t\tcoordination with others, including the U.S. and China.\u00a0 The effect \t\t\tis limited when one country tries to handle the issue by market \t\t\tintervention.\u201d Data to be released in Japan overnight include the \t\t\tJuly coincident index, July leading index, and August machine tool \t\t\torders.\u00a0 Japanese financial markets will reopen tonight.\u00a0 The Nikkei \t\t\t225 stock index gained 1.23% on Friday to close at \u00a59,626.09.\u00a0 U.S. \t\t\tdollar bids are cited around the \u00a584.60 level.\u00a0 \u00a0The euro moved \t\t\thigher <\/strong>vis-\u00e0-vis the yen as the single currency tested offers \t\t\taround the \u00a5112.35 level and was supported around the \u00a5111.70 \t\t\tlevel.\u00a0 The British pound moved lower <\/strong>vis-\u00e0-vis the yen as \t\t\tsterling tested bids around the \u00a5133.35 level while the Swiss \t\t\tfranc moved higher <\/strong>vis-\u00e0-vis the yen and tested offers around \t\t\tthe \u00a585.40 level. In Chinese news<\/strong>, the U.S. dollar \t\t\tdepreciated vis-\u00e0-vis the Chinese yuan as the greenback closed at \t\t\tCNY 6.7141 in the over-the-counter market down from CNY 6.7250. \t\t\t\u00a0People\u2019s Bank of China official Li Daokui called on China to \t\t\tincrease domestic consumption.\u00a0 He added \u201cPressure for yuan \t\t\tappreciation is just starting and far from ending.\u00a0 China faces \t\t\tchallenges including the housing price surge that\u2019s impeding \t\t\tprogress in urbanization.\u201d\u00a0 A central bank survey reported more \t\t\tChinese households expect increasing inflation.<\/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$ 1.5570 level and was capped \t\t\taround the US$ 1.5685 level. \u00a0Bank of England released its quarterly \t\t\tbulletin today and reported the pound\u2019s appreciation may reflect \t\t\timproved confidence in the outlook for U.K. public finances.\u00a0 \t\t\tMonetary Policy Committee member Dale reported \u201cdoubts remain about \t\t\tthe durability and speed of the global economic recovery going \t\t\tforward.\u201d BoE Governor King spoke last week and acknowledged the \t\t\tbank made mistakes that led to the financial crisis, adding the \t\t\teconomic recovery \u201cwill not be straight.\u201d\u00a0 Monetary Policy Committee \t\t\tmember Posen last week reported the central bank\u2019s secondary plan \t\t\tshould be private asset purchases.\u00a0 Data released in the U.K. \t\t\ttonight saw September Rightmove house prices off 1.1% m\/m and up \t\t\t2.6% y\/y. \u00a0Also, August mortgage approvals ticked lower to 45,000 \t\t\tand the August M4 money supply was off 0.2% m\/m and up 1.8% y\/y.\u00a0 \t\t\tCable bids are cited around the US$ 1.5320 level.\u00a0 The euro \t\t\tappreciated<\/strong> vis-\u00e0-vis the British pound as the single currency \t\t\ttested offers around the \u00a30.8410 level and was supported around the \t\t\t\u00a30.8330 level.<\/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 1.0030 level and was \t\t\tcapped around the CHF 1.0120 level. \u00a0The KOF Institute released its \t\t\tSeptember economic forecast today in which it suggested the Swiss \t\t\teconomy will expand faster-than-expected in 2010 on account of \t\t\tsurging export growth.\u00a0 KOF now sees 2010 economic growth around \t\t\t2.7% and around 1.8% in 2011.\u00a0 Data to be released tomorrow in \t\t\tSwitzerland include the August trade balance and August M3 money \t\t\tsupply.\u00a0 Last week, Swiss National Bank kept its three-month franc \t\t\tLibor target rate unchanged at 0.25%. SNB Chairman Hildebrand \t\t\treported the economy is expected to \u201cslow\u201d in the second half of the \t\t\tyear.\u00a0 As expected, the Swiss government last week raised its \t\t\teconomic growth forecast for this year and now sees GDP growth of \t\t\t2.7% in 2010, up from the previous forecast of 1.8% from June.\u00a0 The \t\t\tgovernment also sees 2011 GDP growth of 1.2%, down from the previous \t\t\tforecast of 1.6%.\u00a0 U.S. dollar offers are cited around the CHF \t\t\t1.0290 level.\u00a0 The euro depreciated<\/strong> vis-\u00e0-vis the Swiss franc \t\t\tas the single currency tested bids around the CHF 1.3135 level while \t\t\tthe British pound moved lower<\/strong> vis-\u00e0-vis the Swiss franc and \t\t\ttested bids around the CHF 1.5640 level.<\/p>\n

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

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(Bid Price)<\/strong> (Today\u2019s Intraday \t\t\tRange) <\/strong><\/p>\n

EUR\/ USD\u00a0\u00a0\u00a0\u00a0\u00a0 1.3097\u00a0\u00a0 \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.3120, 1.3033
\nUSD\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a085.60\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a085.76, \u00a0\u00a085.50
\nGBP\/ USD\u00a0\u00a0\u00a0\u00a0\u00a0 1.5599 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.5684, 1.5572
\nUSD\/ CHF\u00a0\u00a0\u00a0\u00a0\u00a0 1.0044 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.0118, 1.0028
\nAUD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9452\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a00.9468, 0.9360
\nUSD\/CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0300 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.0345, \t\t\t1.0289
\nNZD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7297\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.7310, 0.7250
\nEUR\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 112.16 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0112.34, 111.72
\nEUR\/ GBP\u00a0\u00a0\u00a0\u00a0\u00a0 0.8395 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.8409, 0.8330
\nGBP\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0133.54\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0134.43, 133.35
\nCHF\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a085.22 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a085.38,\u00a0\u00a0 84.66<\/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 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 1.2925\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3225\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 84.35\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 86.70<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2780\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3505\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\u00a081.80\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 87.90
\nL3. \u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2575\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3890\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 1.5465\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.5865\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\t0.9880\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0345<\/p>\n

L2. \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 1.6040\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\t0.9760\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

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.5010\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6210\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\t0.9620\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

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 0.9135\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9460\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\t1.0155\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0585<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.8970\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9555\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 1.0810<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t \t\t\t0.8645\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9675\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\t0.9735\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

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\t132.34\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 136.70\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\t82.20 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a086.20<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t129.80\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\t80.35\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 90.05<\/p>\n

L3.\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 141.30\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 \u00a0\u00a093.60<\/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 Japanese government conducted a major yen-selling intervention last week that traders have estimated as much as \u00a51.86 trillion in size. Details about the size of the intervention will be released on 30 September…<\/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-13186","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13186","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=13186"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13186\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}