{"id":1575,"date":"2009-04-24T16:37:23","date_gmt":"2009-04-24T21:37:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1575"},"modified":"2009-04-24T16:37:23","modified_gmt":"2009-04-24T21:37:23","slug":"fundamental-outlook-at-1400-gmt-edt-0400-23","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/24\/fundamental-outlook-at-1400-gmt-edt-0400-23\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

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

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

The euro appreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3300 figure and was supported around the US$ 1.3110 level.\u00a0 The common currency darted higher following some positive European data and a strong day in the U.S. equity markets on news the Obama administration is extending another US$ 2 billion in loans to General Motors.\u00a0 The Federal Reserve reported the recession and market turbulence have \u201csubstantially reduced\u201d reserves at some of the nineteen largest U.S. banks, noting most banks maintain capital \u201cwell in excess\u201d of regulatory standards.\u00a0 The Fed also said the government is prepared to aid U.S. banks that are experiencing problems.\u00a0 The Fed\u2019s stress tests results of U.S. banks will be released on 4 May.\u00a0 Group of Seven officials convening this weekend will likely not announce any new actions in their communiqu\u00e9 and will likely not include new verbiage on exchange rate. Data released in the U.S. today saw March new home sales decline 0.6% to an annualized 356,000 rate and fall 30.6% y\/y.\u00a0 Also, March durable goods orders were off 0.8% with the ex-transportation component off 0.6%.\u00a0\u00a0 In eurozone news, the IMF called on the ECB to reduce rates further and \u201cin a timely manner.\u201d\u00a0 The German Ifo business confidence index improved to 83.7 in April from 82.2 in March.\u00a0 Many economists believe the worst may be behind the German economy but today\u2019s print remains recessionary.\u00a0 Additionally, French March consumer spending was up 1.1% m\/m and 0.6% y\/y.\u00a0 Euro bids are cited around the US$ 1.2765 level.<\/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 \u00a596.65 level and was capped around the \u00a598.15 level.\u00a0 Data released in Japan overnight saw March corporate service price index climb 0.9% m\/m and decline 2.1% y\/y.\u00a0 The Nikkei 225 stock index lost 1.57% to close at \u00a58,707.99.\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 \u00a5127.25 level and was capped around the \u00a5129.25 level.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested bids around the \u00a5141.15 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a585.60 level.\u00a0 The Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar today as the greenback closed at CNY 6.8230 in the over-the-counter market, down from CNY 6.8233.\u00a0\u00a0 People\u2019s Bank of China adviser Fan said China can still record 7-8% growth this year.<\/p>\n

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

The British pound depreciated vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.4575 level and was capped around the $1.4770 level.\u00a0 Chancellor of the Exchequer Darling said the markets can support the U.K. government\u2019s planned \u20a4125 billion of gilts issuance this year.\u00a0 March retail sales were up 0.3% m\/m and up 1.5% y\/y and Q1 GDP were off 1.9% q\/q and 4.1% y\/y.\u00a0 Cable bids are cited around the US$ 1.4350 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.9080 level and was supported around the \u20a40.8920 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 appreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around…<\/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-1575","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1575","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=1575"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1575\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}