{"id":16939,"date":"2010-12-16T08:55:56","date_gmt":"2010-12-16T13:55:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=16939"},"modified":"2010-12-16T08:55:56","modified_gmt":"2010-12-16T13:55:56","slug":"forex-daily-market-commentary-177","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/16\/forex-daily-market-commentary-177\/","title":{"rendered":"Forex Daily Market Commentary"},"content":{"rendered":"

By GCI Forex Research<\/strong><\/p>\n

Fundamental Outlook at \t\t\t0800 GMT (EDT + 0400)<\/strong><\/p>\n

USD<\/span><\/em><\/strong><\/p>\n

Markets have been rangebound in Asian hours. EURUSD traded \t\t\t1.3207-1.3236 and USDJPY traded 84.14-84.34. Yesterday, equities \t\t\tclosed lower, with the S&P 500 down by 0.51%. Ahead today, \t\t\tinvestors’ focus will shift to the release of US jobless claims and \t\t\tthe Philly Fed business index. In addition the EU summit will start \t\t\ttoday. However we expect no major surprises related to the summit. \t\t\tLast but not least the SNB will decide on rates today, which should \t\t\talso be a non-event. Altogether our team expect sthe US dollar to \t\t\tremain supported until the end of the year and prefer to sell \t\t\trallies in EURUSD.
\n EUR<\/span><\/em><\/strong><\/p>\n

According to the Portuguese Banking Association \t\t\tthe domestic banking sector is solid and well capitalized and \t\t\tliquidity the only weakness. It was also said that there will not be \t\t\tany financing problems in 2011 and that the likelihood of a bailout \t\t\tis now lower than two months ago.
\nEurogroup Chairman Juncker said that there \t\t\tis no reason for Italy to be penalized by the market. He also said \t\t\tthe idea of a Euro Bond would be a systemic response to Eurozone \t\t\tproblems and that a proposal will go ahead. However Germany has not \t\t\tchanged its stance with respect to the creation of a common bond.
\nGerman Chancellor Merkel once again \t\t\treminded investors that the private sector and the IMF will be \t\t\tinvolved in any Eurozone bailout in the future. Such comments are \t\t\tnot new, but investors remain under a cloud of uncertainty as to \t\t\twhether restructuring will be needed or not before 2013.
\nEurozone PMIs are due and should give an \t\t\tindication on how Eurozone GDP is shaping up, but sovereign concerns \t\t\twill remain the focus.
\n CHF<\/span><\/em><\/strong><\/p>\n

The SNB rate announcement is due today. We expect \t\t\tno change from the SNB and no major surprise from the accompanying \t\t\tstatement. The franc will remain driven by external developments \t\t\tsuch as Eurozone woes and broader risk sentiment.<\/p>\n

TECHNICAL OUTLOOK<\/span><\/strong>
\nEURUSD 1.3305\/1.3292 support.
\nEURUSD NEUTRAL Pullback from 1.3499 has support at 1.3305\/1.3292.
\nUSDJPY BULLISH Focus is on 84.35\/41 with little resistance above \t\t\tthis till 85.40. Support at 82.84.
\nGBPUSD NEUTRAL Initial resistance at 1.5965, while support lies at \t\t\t1.5720.
\nUSDCHF BEARISH Violation of 0.9548 would expose 0.9463 key low. \t\t\tResistance at 0.9726 previous low.
\nAUDUSD BULLISH Next resistance above 1.0031 lies at 1.0091. Support \t\t\tat 0.9833.
\nUSDCAD BEARISH Focus on 0.9978\/31 support zone; initial resistance \t\t\tdefined at 1.0141.
\nEURCHF BEARISH Momentum is negative; the cross eyes 1.2766. \t\t\tResistance at 1.3004.
\nEURGBP NEUTRAL Recovery eyes 0.8528, with initial support defined at \t\t\t0.8433.
\nEURJPY NEUTRAL 113.67 and 110.49 mark the near-term directional \t\t\ttriggers.<\/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","protected":false},"excerpt":{"rendered":"

Markets have been rangebound in Asian hours. EURUSD traded 1.3207-1.3236 and USDJPY traded 84.14-84.34. Yesterday, equities closed lower, with the S&P 500 down by 0.51%. <\/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-16939","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16939","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=16939"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16939\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=16939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=16939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=16939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}