{"id":13354,"date":"2010-09-27T10:19:55","date_gmt":"2010-09-27T14:19:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13354"},"modified":"2010-09-27T10:19:55","modified_gmt":"2010-09-27T14:19:55","slug":"forex-daily-market-commentary-119","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/09\/27\/forex-daily-market-commentary-119\/","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 depreciated \t\t\tvis-\u00e0-vis the U.S. dollar today<\/strong> as the \t\t\tsingle currency tested bids around the US$ 1.3425 level and was \t\t\tcapped around the $1.3500 figure. \u00a0The common currency tested \t\t\timportant technical resistance just below the US$ 1.3505 level \t\t\tduring the Australasian session before coming off, representing the \t\t\t50% retracement of the $1.5145-1.1875 range. \u00a0The pair last traded \t\t\tat these levels in April of this year.\u00a0 There was pressure on the \t\t\tcommon currency as dealers reported rumours that the European \t\t\tCommission \u201clacks confidence in the viability of German regional \t\t\tlenders.\u201d\u00a0 Some key themes will continue to play out in the markets \t\t\tthis week. First, there is ongoing speculation the Federal Reserve \t\t\twill ease monetary policy further in the coming months, possibly by \t\t\texpanding its balance sheet by purchasing additional U.S. government \t\t\tdebt.\u00a0 The yield on the 10-year U.S. benchmark Treasury note is \t\t\taround 2.60% now and there is speculation the rate could fall as low \t\t\tas 1.75% in Q1 2011.\u00a0 Second, global sovereign credit jitters have \t\t\tbeen reignited in recent weeks and are most pronounced in the \t\t\teurozone now.\u00a0 Another flare-up in yields in peripheral eurozone \t\t\tsovereign credit default swaps for members like Greece, Portugal, \t\t\tand Ireland could be problematic for the euro.\u00a0 Third, U.S. economic \t\t\tdata remain on the weak side.\u00a0 Data that will be scrutinized this \t\t\tweek include July CaseShiller home prices, September consumer \t\t\tconfidence, and Q2 gross domestic product growth followed by August \t\t\tpersonal consumption expenditures, September ISM data, and final \t\t\tSeptember University of Michigan consumer sentiment.\u00a0 Federal \t\t\tReserve Chairman Bernanke was quite dovish and bearish in statements \t\t\tmade late last week and some dealers believe these comments portend \t\t\ta second round of quantitative easing.\u00a0 Fourth, gold has continued \t\t\tits surge higher to all-time highs as central bankers continue to \t\t\taddress \u201cglobal imbalances.\u201d\u00a0 Gold tested the \t\t\tpsychologically-important US$ 1,300 level today.\u00a0 Data released in \t\t\tthe U.S. today saw the August Chicago Fed national activity index \t\t\tdecline to -0.53 from the revised prior reading of -0.11.\u00a0 In \t\t\teurozone news<\/strong>, data released today saw the EMU-16 August M3 \t\t\tmoney supply up 1.1% y\/y.\u00a0 Euro bids are cited around the US$ 1.3170 \t\t\tlevel.<\/p>\n

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

The yen appreciated \t\t\tvis-\u00e0-vis the U.S. dollar today<\/strong> as the \t\t\tgreenback tested bids around the \u00a584.10 \t\t\tlevel and was capped around the \u00a584.40 level.\u00a0 In recent weeks, the \t\t\tpair has been unable to move above the \u00a586.05 level, representing \t\t\tthe 50% retracement of the \u00a589.20 – \u00a582.85 range.\u00a0 There was a \t\t\tJapanese media report last week that Japanese monetary authorities \t\t\tconducted another round of yen-selling intervention last week \t\t\tfollowing the government\u2019s first official foray back into the market \t\t\tin more than six years some two weeks ago.\u00a0 Japan\u2019s unrealized \t\t\tlosses on its foreign exchange intervention account is approaching \t\t\tUS$ 400 billion.\u00a0 Other traders, however, believe Japan will not \t\t\tconduct additional yen-selling intervention unless the yen\u2019s \t\t\tappreciation becomes unruly.\u00a0 U.S. and European officials have \t\t\tsharply criticized Japan for conducting the intervention and there \t\t\tis little chance international officials will join the yen-selling \t\t\tintervention.\u00a0 Bank of Japan\u2019s Tankan survey of quarterly business \t\t\tsentiment will be released on Wednesday and is expected to evidence \t\t\tmarginal gains in business confidence.\u00a0 The yen\u2019s ongoing advances \t\t\twill likely have had a negative impact on business sentiment.\u00a0 The \t\t\tJapanese media is already reporting that BoJ officials are \t\t\tconsidering additional monetary easing at the central bank Policy \t\t\tBoard\u2019s October meetings.\u00a0 BoJ Governor Shirakawa reiterated this \t\t\tweekend that policymakers must monitor \u201cdownside risks\u201d more \t\t\tcarefully, adding \u201cappropriate action will be taken if needed.\u201d\u00a0 \t\t\tShirakawa also warned against \u201cmonetizing debt,\u201d suggesting it would \t\t\trisk raising bond yields.\u00a0 Additionally, Shirakawa also defended the \t\t\tcentral bank\u2019s lack of a formal inflation target, noting the BoJ \t\t\t\u201chas published favourable price levels over the long-term.\u201d\u00a0 Economy \t\t\tminister Kaieda reported \u201cthere is a relationship\u201d between \t\t\tquantitative easing and the yen\u2019s exchange rate.\u00a0 Data released in \t\t\tJapan today saw the August corporate service price index off 1.1% \t\t\ty\/y while the August merchandise trade balance narrowed slightly to \t\t\t\u00a5589.7 billion.\u00a0 The Nikkei 225 stock index gained 1.39% to close at \t\t\t\u00a59,603.14. U.S. dollar bids are cited around the \u00a584.60 level.\u00a0 \u00a0The \t\t\teuro moved higher <\/strong>vis-\u00e0-vis the yen as the single currency \t\t\ttested offers around the \u00a5113.75 level and was supported around the \t\t\t\u00a5113.05 level.\u00a0 The British pound moved higher <\/strong>vis-\u00e0-vis the \t\t\tyen as sterling tested offers around the \u00a5133.60 level while the \t\t\tSwiss franc moved higher <\/strong>vis-\u00e0-vis the yen and tested offers \t\t\taround the \u00a585.80 level. In Chinese news<\/strong>, the U.S. dollar \t\t\tappreciated vis-\u00e0-vis the Chinese yuan as the greenback closed at \t\t\tCNY 6.6909 in the over-the-counter market, up from CNY 6.6900. \t\t\t\u00a0People\u2019s Bank of China weakened the yuan\u2019s reference rate to CNY \t\t\t6.7098 today, the first time it has weakened the rate since 8 \t\t\tSeptember.\u00a0 PBoC Governor Zhou said China needs to provide banks \t\t\twith tools to improve their balance sheets.\u00a0 Data released in China \t\t\ttoday saw August industrial profits up 55.0% y\/y on a year-to-date \t\t\tbasis.\u00a0 This week could be a major week in the markets.\u00a0 Chinese \t\t\tofficials will likely want to minimize scrutiny they might face when \t\t\tglobal policymakers convene in Washington, D.C. later this week. \t\t\tChinese Premier Wen and officials from the Obama administration \u2013 \t\t\tincluding Obama himself \u2013 have verbally sparred recently over the \t\t\televated levels of the yuan.<\/p>\n

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

The British pound \t\t\tappreciated vis-\u00e0-vis the U.S. dollar today<\/strong> as cable tested offers around the US$ 1.5865 level and was supported \t\t\taround the US$ 1.5785 level. \u00a0Data released in the U.K. overnight \t\t\tsaw the September Hometrack housing survey off 0.4% m\/m and up 1.0% \t\t\ty\/y, down from August\u2019s levels.\u00a0 Q2 gross domestic product data will \t\t\tbe released tomorrow.\u00a0 Last week, Bank of England Monetary Policy \t\t\tCommittee member Sentance said the central bank should being raising \t\t\tinterest rates gradually soon, noting they will not hurt \t\t\tconfidence.\u00a0 Minutes from Bank of England\u2019s September Monetary \t\t\tPolicy Committee meeting were released last week and they revealed \t\t\tpolicymakers voted 8-to-1 to keep rates unchanged.\u00a0 MPC member \t\t\tSentance dissented in the minority and reported the central bank \t\t\tneeds to \u201cgradually move interest rates up in a slow way which will \t\t\tnot destabilize business confidence.\u00a0 One of the issues I would \t\t\thighlight is we haven\u2019t seen the same dampening effect on inflation \t\t\tthat we\u2019ve seen in previous recessions.\u201d\u00a0 Cable bids are cited \t\t\taround the US$ 1.5320 level.\u00a0 The euro depreciated<\/strong> vis-\u00e0-vis \t\t\tthe British pound as the single currency tested bids around the \t\t\t\u00a30.8490 level and was capped around the \u00a30.8520 level.<\/p>\n

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

The Swiss franc \t\t\tdepreciated vis-\u00e0-vis the U.S. dollar today<\/strong> as the greenback tested offers around the CHF 0.9870 level and was \t\t\tsupported around the CHF 0.9815 level. \u00a0The pair has been trading \t\t\tbelow parity since 21 September and chartists are eyeing the CHF \t\t\t0.9715\/ 0.9505 levels as downside targets.\u00a0 Swiss National Bank\u2019s \t\t\tquarterly monetary policy report was released last week and was more \t\t\tdovish-than-expected.\u00a0 SNB reported monetary policy is \u201cappropriate\u201d \t\t\tand noted it expects a \u201cmarked slowdown\u201d in the second half of 2010 \t\t\tand in 2011.\u00a0 SNB member Jordan has continued to call for banks to \t\t\tmaintain larger amounts of capital.\u00a0 U.S. dollar offers are cited \t\t\taround the CHF 1.0290 level.\u00a0 The euro depreciated<\/strong> vis-\u00e0-vis \t\t\tthe Swiss franc as the single currency tested bids around the CHF \t\t\t1.3235 level while the British pound moved higher<\/strong> vis-\u00e0-vis \t\t\tthe Swiss franc and tested offers around the CHF 1.5630 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 1.3484\u00a0\u00a0 \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.3499, 1.3424
\nUSD\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 84.24\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a084.38, \u00a0\u00a084.12
\nGBP\/ USD\u00a0\u00a0\u00a0\u00a0\u00a0 1.5843 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.5864, 1.5787
\nUSD\/ CHF\u00a0\u00a0\u00a0\u00a0\u00a0 0.9828 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.9870, 0.9814
\nAUD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9602\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a00.9622, 0.9572
\nUSD\/CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0226 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.0265, \t\t\t1.0222
\nNZD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7351\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.7372, 0.7325
\nEUR\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 113.58 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0113.76, 113.05
\nEUR\/ GBP\u00a0\u00a0\u00a0\u00a0\u00a0 0.8510 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.8522, 0.8492
\nGBP\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0133.47\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0133.61, 132.92
\nCHF\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a085.69 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a085.82,\u00a0\u00a0 85.23<\/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 1.3505\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 83.80\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 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 1.3890\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 1.4170\u00a0\u00a0\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\t0.9715\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0065<\/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\t0.9500\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

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\t0.9155\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

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 0.9280\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\t0.9135\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9555\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\t0.8970\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9675\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\t0.7095\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7480\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\t109.65\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115.50<\/p>\n

L2.\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 0.7585\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t107.60\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

L3.\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 0.7650\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\t105.80\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 121.95<\/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\t0.8355\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8605\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\t1.3005\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\t0.8140\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 \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 1.3615<\/p>\n

L3.\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 0.8890\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\t1.2650\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3985<\/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\t130.50\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 \u00a088.00<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t128.40\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\t81.65\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\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\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


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There was a Japanese media report last week that Japanese monetary authorities conducted another round of yen-selling intervention last week following the government\u2019s first official foray…<\/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-13354","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13354","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=13354"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13354\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}