{"id":1343,"date":"2009-04-10T11:12:49","date_gmt":"2009-04-10T16:12:49","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1343"},"modified":"2009-04-10T11:12:49","modified_gmt":"2009-04-10T16:12:49","slug":"fundamental-outlook-at-1400-gmt-edt-0400-15","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/10\/fundamental-outlook-at-1400-gmt-edt-0400-15\/","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$ 1.3125 level and was capped around the US$ 1.3150 level.\u00a0 Trading activity was muted on account of the Easter holiday weekend and liquidity will be reduced on Monday on account of the Easter Monday Bank Holiday.\u00a0 Data released in France today saw February industrial production off 0.5% m\/m.\u00a0 Also, French March consumer prices were up 0.2% m\/m and 0.3% y\/y.\u00a0 Additionally, france\u2019s budget gap widened to \u20ac29.9 billion in February.\u00a0 Most traders expect European Central Bank will continue to ease monetary policy, especially as ECB President Trichet yesterday indicated \u201cone can imagine\u201d interest rates will move lower.\u00a0 Some dealers believe the ECB will begin a quantitative easing policy next month, probably by purchasing asset-backed securities in the market.\u00a0 In U.S. news, traders are talking about the Obama administration\u2019s plan to delay the findings of the bank stress tests.\u00a0 U.S. equity markets rallied yesterday after it was reported Wells Fargo realized a US$ 3 billion profit in Q1.\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 \u00a5100.25 level and was capped around the \u00a5100.50 level.\u00a0 Bank of Japan Policy Board meeting minutes released overnight revealed policymakers discussed BoJ\u2019s decision to increase its share of Japanese government bonds to \u00a51.8 trillion per month.\u00a0 Some policymakers noted economic growth expectations may need to be downwardly revised.\u00a0 Some negative Japanese sentiment emerged overnight after it was learned Sumitomo Mitsui Financial Group is forecasting a loss and will raise \u00a5800 billion in equity.\u00a0 Data released in Japan overnight saw the M2 + CD money supply climb 2.2% in March while March bank lending growth was up 3.0%.\u00a0 The Nikkei 225 stock index climbed 0.54% to close at \u00a58,964.11.\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 \u00a5131.70 level and was capped around the \u00a5132.00 figure.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested bids around the \u00a5146.75 level while the Swiss franc moved lower vis-\u00e0-vis the yen and tested bids around the \u00a586.50 level.\u00a0 The Chinese yuan depreciated vis-\u00e0-vis the U.S. dollar today as the greenback closed at CNY 6.8343 in the over-the-counter market, up from CNY 6.8340.\u00a0 Data released in China today saw March exports off 17.1% y\/y while imports were off 25.1% y\/y taking the March trade surplus to US$ 18.56 billion.<\/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$ 1.4620 level and was capped around the $1.4655 level.\u00a0 Liquidity is significantly reduced on account of the long holiday weekend in the U.K.\u00a0 When markets reopen next week, traders will again focus on the U.K.\u2019s deep economic recession and look for any clues that Bank of England\u2019s quantitative easing policies may not be as detailed or large as previously thought.\u00a0 Cable bids are cited around the US$ 1.4515 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.8980 level and was supported around the \u20a40.8955 level.<\/p>\n

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

The Swiss franc came off vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1600 figure and was supported around the CHF 1.1565 level.\u00a0 Swiss National Bank is expected to continue its policies to weaken the Swiss franc.\u00a0 U.S. dollar bids are cited around the CHF 1.1355 level.\u00a0 The euro and British pound came off vis-\u00e0-vis the Swiss franc as the crosses tested bids around the CHF 1.5205 and CHF 1.6935 levels, respectively.<\/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$ 1.3125 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-1343","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1343","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=1343"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1343\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}