{"id":17100,"date":"2010-12-20T08:30:46","date_gmt":"2010-12-20T13:30:46","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17100"},"modified":"2010-12-20T08:30:46","modified_gmt":"2010-12-20T13:30:46","slug":"forex-daily-market-commentary-179","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/20\/forex-daily-market-commentary-179\/","title":{"rendered":"Forex Daily Market Commentary"},"content":{"rendered":"

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

Fundamental Outlook at \t\t\t0800 GMT (EDT + 0500)<\/strong><\/p>\n

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

The euro depreciated \t\t\tvis-\u00e0-vis the U.S. dollar today<\/strong> as the \t\t\tsingle currency tested bids around the US$ 1.3125 level and was \t\t\tcapped around the $1.3185 level. \u00a0Technically, today\u2019s intraday low \t\t\twas right around the 38.2% retracement of the $1.5140 \u2013 1.1875 \t\t\trange.\u00a0 Australasian dealers pushed the common currency lower \t\t\tovernight on a report the European Central Bank has \u201cserious \t\t\tconcerns\u201d about proposed Irish legislation regarding the country\u2019s \t\t\tbanking system.\u00a0 There is speculation the new law, if passed, would \t\t\tinhibit the ECB\u2019s ability to execute its liquidity operations. \u00a0The \t\t\tcommon currency was also pressured lower on a report that troubled \t\t\tIrish banking giant Allied Irish Banks may be nationalized.\u00a0 Traders \t\t\talso pushed the common currency lower in anticipation of U.S. \t\t\teconomic data that are due to be released this week will evidence a \t\t\tU.S. economy that is expanding more-than-expected.\u00a0 Q3 gross \t\t\tdomestic product data will be released on Wednesday and many \t\t\teconomists expect the preliminary +2.5% y\/y estimate will be \t\t\tupwardly-revised.\u00a0 Liquidity will likely be lighter-than-normal this \t\t\tweek on account of the Christmas holiday.\u00a0 Data to be released \t\t\tduring the North American session today include the November Chicago \t\t\tFed national activity index.\u00a0 In eurozone news<\/strong>, Eurogroup \t\t\tchairman Juncker this weekend reported the European Union \u201cin \t\t\tJanuary will have to tackle the question whether the funds that have \t\t\tbeen gathered to tackle the overall consequences of the crisis in \t\t\tcase other countries will get in such a situation \u2013 which I don\u2019t \t\t\tsee happening but which I can\u2019t exclude either \u2013 need to be \t\t\tincreased.\u201d\u00a0 Juncker also reported the euro \u201cisn\u2019t in a crisis\u201d and \t\t\tis \u201castonishingly stable\u2026We\u2019re facing a debt crisis in individual \t\t\teuro area countries.\u00a0 The euro\u2019s existence isn\u2019t at risk.\u201d\u00a0 ECB \t\t\tPresident Trichet said the euro\u2019s dissolution is an \u201cabsurd \t\t\thypothesis.\u201d\u00a0 Ongoing eurozone sovereign credit jitters are also \t\t\tweighing heavily on the common currency.\u00a0 Data released in the \t\t\teurozone today saw the October EMU-16 current account improve to \t\t\t-\u20ac2.3 billion from the revised prior reading of -\u20ac8.5 billion.\u00a0 Data \t\t\tto be released later during the North American session include \t\t\tDecember EMU-16 consumer confidence.\u00a0 Also, German November producer \t\t\tprices moderated to +0.2% m\/m and +4.4% y\/y.\u00a0 German data to be \t\t\treleased tomorrow include the January GfK consumer confidence \t\t\tsurvey.\u00a0 Euro bids are cited around the US$ 1.3075 level.<\/p>\n

\u00a5\/ CNY<\/strong><\/p>\n

The yen appreciated \t\t\tvis-\u00e0-vis the U.S. dollar today<\/strong> as the \t\t\tgreenback tested bids around the \u00a583.75 \t\t\tlevel and was capped around the \u00a584.10 level. \u00a0Technically, today\u2019s \t\t\tintraday low was right around the 38.2% retracement of the \u00a585.95 \u2013 \t\t\t80.25 range.\u00a0 Bank of Japan\u2019s Policy Board began its two-day \t\t\tmonetary policy deliberations overnight and is largely expected to \t\t\tkeep policy unchanged.\u00a0 Many dealers believe the central bank will \t\t\tkeep policy unchanged for the foreseeable future unless the yen \t\t\tresumes its move higher. \u00a0BoJ Governor Shirakawa speaks tomorrow \t\t\tafter the Policy Board\u2019s decision is announced.\u00a0 The government, \t\t\thowever, is expected to maintain pressure on the central bank to \t\t\tease policy further.\u00a0 The central bank is also expected to keep its \t\t\teconomic assessment unchanged when its policy decision is released \t\t\tovernight.\u00a0 Data released in Japan overnight saw the October \t\t\tcoincident index tick higher to 100.8 while the October leading \t\t\tindex improved to 97.7.\u00a0 Other data saw November nationwide \t\t\tdepartment store sales reverse course and decline 0.5% y\/y and \t\t\tNovember Tokyo-area department store sales weakened to +0.3% y\/y \t\t\twhile November convenience store sales improved to +1.1% y\/y.\u00a0 Other \t\t\tdata to be released this week include November merchandise trade.\u00a0 \t\t\tBoJ\u2019s monthly economic report will also be released on Wednesday.\u00a0 \t\t\tBank of Japan last week reported Japanese companies accumulated a \t\t\trecord amount of cash on their balance sheets last quarter, \t\t\tconsistent with this week\u2019s BoJ quarterly Tankan survey that showed \t\t\ta decline in business confidence among large manufacturers.\u00a0 Traders \t\t\tcontinue to monitor developments on the Korean peninsula where \t\t\tmilitary tensions remain significantly elevated and North Korea is \t\t\tindicating war if possible if South Korea engages in military \t\t\tdrills.\u00a0 The Nikkei 225 stock index lost 0.85% to close at \t\t\t\u00a510,216.41.\u00a0 U.S. dollar offers are cited around the \u00a584.60 level.\u00a0 \t\t\tThe euro moved lower <\/strong>vis-\u00e0-vis the yen as the single currency \t\t\ttested bids around the \u00a5110.15 level and was capped around the \t\t\t\u00a5110.70 level.\u00a0 The British pound moved higher <\/strong>vis-\u00e0-vis the \t\t\tyen as sterling tested offers around the \u00a5130.45 level while the \t\t\tSwiss franc moved higher <\/strong>vis-\u00e0-vis the yen and tested offers \t\t\taround the \u00a586.80 level. In Chinese news<\/strong>, the U.S. dollar \t\t\tappreciated vis-\u00e0-vis the Chinese yuan today as the greenback closed \t\t\tat CNY 6.6725 in the over-the-counter market, up from CNY 6.6640. \t\t\t\u00a0Speculation mounted that Chinese interest rates will not be raised \t\t\tbefore the end of the year.\u00a0 Government researched Ba Shusong was \t\t\tquoted as saying that banks\u2019 reserve requirements and central bank \t\t\tbill sales may be more efficient tools for controlling inflation \t\t\tthan interest rate policy because higher rates may attract capital \t\t\tinflows.\u00a0 Reserve requirements have been raised six times this \t\t\tyear.\u00a0 People\u2019s Bank of China Governor Zhou last week reported \t\t\tglobal economic turbulence is limiting the central bank\u2019s ability to \t\t\traise interest rates to counter inflation.\u00a0 Notably, China\u2019s \t\t\tinflation rate reached a 28-month high in November and PBoC has \t\t\tpledged it will transition to a \u201cprudent\u201d monetary policy stance in \t\t\t2011.\u00a0 The central bank this month raised reserve requirements for \t\t\tbanks for the third time in five weeks. The lack of an interest rate \t\t\tincrease suggests there may be a lack of consensus at the central \t\t\tbank. China is said to be targeting 8% GDP growth and 4% inflation \t\t\tgrowth in 2011 along with 16% M2 money supply growth.<\/p>\n

\u00a3<\/strong><\/p>\n


\nThe British pound appreciated vis-\u00e0-vis \t\t\tthe U.S. dollar today<\/strong> as cable tested bids \t\t\taround the US$ 1.5565 level and was capped around the US$ 1.5475 \t\t\tlevel.\u00a0 Technically, today\u2019s intraday high was just above the 23.6% \t\t\tretracement of the $1.5910 \u2013 1.5455 range.\u00a0 Data to be released in \t\t\tthe U.K. tonight include the December GfK consumer confidence survey \t\t\tand data to be released to be released tomorrow include November \t\t\tpublic sector net borrowing and the November public sector net cash \t\t\trequirement.\u00a0 Minutes from Bank of England\u2019s December Monetary \t\t\tPolicy Committee meeting will be released on Wednesday and are \t\t\texpected to evidence intense debate regarding a possible shift in \t\t\tmonetary policy.\u00a0 The Confederation of British Industry this weekend \t\t\treported the central bank will likely begin to start raising \t\t\tinterest rates within six months to reduce inflation.\u00a0 BoE released \t\t\tits semi-annual Financial Stability Report last week in which it \t\t\twarned the U.K. is only \u201cpartially insulated\u201d from the European \t\t\tfinancial crisis.\u00a0 MPC member Posen last week reported policymakers \t\t\tshould not \u201coverreact\u201d to inflation while BoE Deputy Governor Bean \t\t\tlast week warned \u201celevated inflation\u201d may persist in the U.K. \t\t\teconomy.\u00a0 Cable bids are cited around the US$ 1.5265 level.\u00a0 The \t\t\teuro depreciated<\/strong> vis-\u00e0-vis the British pound as the single \t\t\tcurrency tested bids around the \u00a30.8455 level and was capped around \t\t\tthe \u00a30.8495 level.<\/p>\n

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

The Swiss franc \t\t\tappreciated vis-\u00e0-vis the U.S. dollar today<\/strong> as the greenback tested bids around the CHF 0.9650 level and was \t\t\tcapped around the CHF 0.9720 level. \u00a0Technically, today\u2019s intraday \t\t\tlow was right around the 23.6% retracement of the CHF 1.0275 \u2013 \t\t\t0.9460 range.\u00a0 Last week, the dollar failed to gain much headway \t\t\tabove the CHF 0.9835 level, representing the 38.2% retracement of \t\t\tthe CHF 0.9460 \u2013 1.0065 level. \u00a0Swiss National Bank member Jordan \t\t\tthis weekend reported \u201cThere may be situations where interest rates \t\t\thave to be kept at a low level to ensure price stability, and where \t\t\thigher rates could threaten the economy.\u201d\u00a0 SNB Chairman Hildebrand \t\t\treported he remains concerned over the eurozone sovereign debt \t\t\tcrisis, adding it could lead to \u201cdevastating\u201d consequences if the \t\t\teuro depreciates sharply and the franc soars.\u00a0 Data to be released \t\t\ttomorrow include the November trade balance and November M3 money \t\t\tsupply.\u00a0 The KOF Institute last week raised its Swiss GDP growth \t\t\tforecast slightly for 2011 and reported Swiss National Bank is \t\t\tlikely to raise interest rates around the middle of 2011.\u00a0 Swiss \t\t\tNational Bank\u2019s quarterly interest rate announcement was announced \t\t\tlast week in which policymakers maintained the central bank\u2019s \t\t\tthree-month Swiss franc Libor target rate at 0.25%.\u00a0 SNB\u2019s 2011 \t\t\tinflation forecast was raised to 0.4% from 0.3% and its 2012 \t\t\tinflation forecast was reduced to 1% from the prior reading of \t\t\t1.2%.\u00a0 SNB expects the Swiss economy to grow about 2.5% in 2010 and \t\t\taround 1.5% in 2011.\u00a0 The Swiss government last week raised its GDP \t\t\tgrowth forecast for 2011 to 1.5% from the 1.2% projection it noted \t\t\tin September.\u00a0 U.S. dollar offers are cited around the CHF 1.0180 \t\t\tlevel.\u00a0 The euro depreciated<\/strong> vis-\u00e0-vis the Swiss franc as the \t\t\tsingle currency tested bids around the CHF 1.2710 level while the \t\t\tBritish pound moved lower<\/strong> vis-\u00e0-vis the Swiss franc and tested \t\t\tbids around the CHF 1.5000 figure.<\/p>\n

Technical Outlook at 1330 \t\t\tGMT (EST + 0500)<\/strong><\/p>\n

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(Bid \t\t\tPrice)<\/strong> (Today\u2019s \t\t\tIntraday Range) <\/strong><\/p>\n

EUR\/ USD\u00a0\u00a0\u00a0\u00a0\u00a0 1.3169 \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.3186, 1.3124
\nUSD\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a083.79 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a084.11, \u00a0\u00a083.77
\nGBP\/ USD\u00a0\u00a0\u00a0\u00a0\u00a0 1.5549 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.5556, 1.5475
\nUSD\/ CHF\u00a0\u00a0\u00a0\u00a0\u00a0 0.9661 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.9719, 0.9653
\nAUD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9902\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a00.9907, 0.9860
\nUSD\/CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0122 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.0139, \t\t\t1.0106
\nNZD\/USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7402\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.7404, 0.7345
\nEUR\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 110.33\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0110.70, 110.16
\nEUR\/ GBP\u00a0\u00a0\u00a0\u00a0\u00a0 0.8464 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.8494, 0.8457
\nGBP\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130.30 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0130.42, 129.98
\nCHF\/ JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a086.71 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a086.82,\u00a0\u00a0 86.47<\/p>\n

Support \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Resistance\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\tSupport\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Resistance<\/strong><\/p>\n

EUR\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0 USD\/ \t\t\tJPY<\/strong><\/p>\n

L1. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 1.3110\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3740\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t\u00a0\u00a0 81.60\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 84.60<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.3030\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.4220\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t\u00a0\u00a0\u00a079.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 87.30
\nL3. \u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.2645\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.4365\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 \t\t\t77.20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 89.45<\/p>\n

GBP\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0 USD\/ CHF<\/strong><\/p>\n

L1. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 1.5740\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6275\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9775\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9965<\/p>\n

L2. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 1.5610\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6390\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9505\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0065<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.5465\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6510\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9310\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0180<\/p>\n

AUD\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 USD\/ CAD<\/strong><\/p>\n

L1. \t\t\t\u00a0\u00a0\u00a0\u00a0\u00a0 0.9690\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.9995\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9975\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0360<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9480\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0105\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9860\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0585<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t \t\t\t0.9280\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0220\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.9735\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.0810<\/p>\n

NZD\/ \t\t\tUSD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 EUR\/ JPY<\/strong><\/p>\n

L1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.7650\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t111.45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 114.35<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.7585\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8140\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t110.35\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115.40<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.7310\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8370\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t109.65\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 117.40<\/p>\n

EUR\/ \t\t\tGBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 EUR\/ CHF<\/strong><\/p>\n

L1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.8375\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8590\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.3330\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3650<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.8260\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8890\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.3205\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3720<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t0.8140\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8995\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t1.3005\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3895<\/p>\n

GBP\/ \t\t\tJPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 CHF\/ JPY<\/strong><\/p>\n

L1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t130.95\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 134.20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \t\t\t82.95 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a085.00<\/p>\n

L2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t130.10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 136.70\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \t\t\t81.65\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86.70<\/p>\n

L3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \t\t\t129.20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138.40\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \t\t\t80.70\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a088.00<\/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":"

The euro depreciated 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 $1.3185 level. Technically, today\u2019s intraday low was right around the 38.2% retracement of the $1.5140 \u2013 1.1875 range. Australasian dealers pushed the common currency<\/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-17100","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17100","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=17100"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17100\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}