{"id":1351,"date":"2009-04-13T15:17:24","date_gmt":"2009-04-13T20:17:24","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1351"},"modified":"2009-04-13T15:17:24","modified_gmt":"2009-04-13T20:17:24","slug":"fundamental-outlook-at-1400-gmt-edt-0400-16","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/13\/fundamental-outlook-at-1400-gmt-edt-0400-16\/","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 offers around the US$ 1.3380 level and was supported around the US$ 1.3125 level.\u00a0 The common currency rocketed higher after it was reported the Obama administrations is said to be pushing General Motors into bankruptcy with 1 June as a likely deadline for preparing their legal filing.\u00a0 General Motors is attempting to reach an agreement with bondholders to exchange about US$ 28 billion in debt into equity and to get necessary concessions from the United Auto Workers union.\u00a0 Bankruptcy fears escalated and U.S. equity markets weakened on the news, taking the greeback lower.\u00a0 Traders are poised for this week\u2019s first quarter earnings reports from major U.S. banks including Goldman Sachs which is poised to issue earnings data tomorrow.\u00a0 Some dealers believe U.S. equity markets may benefit even if earnings are not very strong because they believe the worst of the bad news may already be priced into the market.\u00a0 President Obama will speak tomorrow on the economy and Federal Reserve Chairman Bernanke is scheduled to speak tomorrow and Friday.\u00a0 In eurozone news, most major European financial markets were closed on account of the Easter Monday holiday.\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 \u00a5100.05 level and was capped around the \u00a5100.70 level.\u00a0 Data released in Japan overnight saw the March domestic corporate goods price index decline 0.2% m\/m and 2.2% y\/y.\u00a0 Industrial production and capacity utilization data will be released on Wednesday.\u00a0 There is a lot of talk among traders that the yen could enter a period of weakness over the coming months.\u00a0 The Nikkei 225 stock index lost 0.44% to close at \u00a58,924.43.\u00a0 U.S. dollar offers are cited around the \u00a5104.15 level.\u00a0 The euro moved higher vis-\u00e0-vis the yen as the single currency tested offers around the \u00a5148.65 level and was supported around the \u00a5146.40 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5148.65 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a588.40 level.\u00a0 The Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar today as the greenback closed at CNY 6.8318 in the over-the-counter market, down from CNY 6.8343.\u00a0 People\u2019s Bank of China reported this weekend that it will continue to provide liquidity to the financial markets and stimulate economic growth.\u00a0 Data released in China saw new yuan loans surge to CNY 1.89 trillion in March, above the CNY 1.0 trillion level for the third consecutive month.<\/p>\n

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

The British pound appreciated vis-\u00e0-vis the U.S. dollar today as cable tested offers around the US$ 1.4850 level and was supported around the $1.4600 figure.\u00a0 Liquidity was nil in the London market on account of the Easter Monday bank holiday.\u00a0 Prime Minister Brown is facing intense political scrutiny on account of a Labour email ploy gone awry to direct criticism at rival Tories.\u00a0 Cable bids are cited around the US$ 1.4515 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.9020 level and was supported around the \u20a40.8960 level.<\/p>\n

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

The Swiss franc appreciated sharply vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1325 level and was capped around the CHF 1.1605 level.\u00a0 Traders moved into francs as liquidity was difficult to find during the Easter Monday holiday.\u00a0 U.S. dollar bids are cited around the CHF 1.1275 level.\u00a0 The euro and British pound came off vis-\u00e0-vis the Swiss franc as the crosses tested bids around the CHF 1.5135 and CHF 1.6790 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 British pound appreciated vis-\u00e0-vis the U.S. dollar today as cable…<\/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-1351","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1351","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=1351"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1351\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}