{"id":1482,"date":"2009-04-20T18:17:18","date_gmt":"2009-04-20T23:17:18","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1482"},"modified":"2009-04-20T18:17:18","modified_gmt":"2009-04-20T23:17:18","slug":"fundamental-outlook-at-1400-gmt-edt-0400-20","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/20\/fundamental-outlook-at-1400-gmt-edt-0400-20\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

By GCI Fx Research<\/span><\/p>\n

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

The euro depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2885 level and was capped around the US$ 1.3060 level.\u00a0 The common currency moved lower after European Central Bank President Trichet firmly telegraphed next month\u2019s rate probable 25bps rate cut to 1.00% from 1.25%.\u00a0 He added the ECB \u201chas decided already to embark on non-standard measures to cope with the situation since mid-September 2008.\u201d\u00a0 Many dealers believe the ECB may enact new quantitative easing policies from next month.\u00a0 Traders are also talking about the Obama administration\u2019s bank stress tests.\u00a0 Rumours suggest the results will be released on 4 May and that there will be no major surprises regarding the nineteen largest U.S. banks.\u00a0 Data released in the U.S. today saw the March index of leading economic indicators decline 0.3%, the ninth consecutive decline.\u00a0 In eurozone news, German ZEW investor confidence data will be released tomorrow followed by eurozone purchasing management data on Thursday and Friday\u2019s Ifo business sentiment data.\u00a0 Euro bids are cited around the US$ 1.3100 figure.
\n
\n\u00a5\/ CNY<\/strong><\/p>\n

The yen appreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested bids around the \u00a597.80 level and was capped around the \u00a599.40 level.\u00a0 Risk aversion returned to the markets overnight as traders shook off better-than-expected earnings data from U.S. financial giants amid new expectations the Obama administration may convert some of its bank shareholdings to equity rights.\u00a0 Data released in Japan overnight saw the March leading index decline 0.3%, up from a revised -0.2% print in February.\u00a0 These data suggest the Japanese economy may weaken in the near term.\u00a0 The Nikkei 225 stock index climbed 0.19% to close at \u00a58,924.75.\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 \u00a5126.15 level and was capped around the \u00a5129.55 level.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested bids around the \u00a5141.95 level while the Swiss franc moved lower vis-\u00e0-vis the yen and tested bids around the \u00a583.50 level.\u00a0 The Chinese yuan depreciated vis-\u00e0-vis the U.S. dollar today as the greenback closed at CNY 6.8301 in the over-the-counter market, up from CNY 6.8291.<\/p>\n

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

The British pound fell sharply vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.4500 figure and was capped around the $1.4810 level.\u00a0 Cable came off on expectations that the forthcoming release of the U.K. government\u2019s budget will significantly increase public borrowing. Chancellor of the Exchequer Darling may announce on Wednesday that public sector borrowing is increasing to as much as \u20a4175 billion in fiscal year 2009-2010.\u00a0\u00a0 CBI reported the U.K. economy will contract 3.9% this year and realize growth of just 0.1% in 2010.\u00a0 Other data saw April Rightmove house prices up 1.8% m\/m and decline 7.3% y\/y.\u00a0\u00a0 Cable bids are cited around the US$ 1.4350 level.\u00a0 The euro strengthened vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.8915 level and was supported around the \u20a40.8795 level.<\/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 depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$…<\/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-1482","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1482","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=1482"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1482\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}