{"id":17155,"date":"2010-12-21T08:40:58","date_gmt":"2010-12-21T13:40:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17155"},"modified":"2010-12-21T08:40:58","modified_gmt":"2010-12-21T13:40:58","slug":"forex-daily-market-commentary-180","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/21\/forex-daily-market-commentary-180\/","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

The dollar came under pressure after China’s \t\t\tVice Premier Wang said China supports the measures taken by the EU \t\t\tto stabilise markets. Risk appetite in general got a significant \t\t\tboost from these remarks, which helped to support the euro, the \t\t\tAustralian and New Zealand dollars, as well as Asian equity markets. \t\t\tElsewhere, the BoJ made no change to policy. EURUSD traded \t\t\t1.3110-1.3194, USDJPY 83.57-83.84. St Louis Fed President Bullard, a \t\t\tnon-voter on the FOMC in 2011, said he had some concerns that the \t\t\tFed’s QE2 program could feed through into higher commodity prices, \t\t\talthough he conceded that there has not been very much evidence of \t\t\tthis as yet. He also said recent US data could point to a stronger \t\t\trecovery than anticipated. There were no major data releases and \t\t\tthere are none scheduled until Dec. 22.<\/p>\n


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

Greece Prime Minister Papandreou said he is \t\t\tunconvinced that the decisions taken at last week’s EU leaders \t\t\tsummit are enough to stabilize the situation.<\/p>\n

The ECB settled EUR603 mn of bond purchases \t\t\tlast week versus EUR2.67 bn the prior week. The ECB tenders this \t\t\tweek will command attention with about EUR200 bn of 3m and 1y \t\t\ttenders maturing on Dec 23.<\/p>\n


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

The BoJ left policy unchanged at the end of \t\t\ta two-day meeting today. The central bank confirmed that it has \t\t\tbegun purchases in all asset categories signaled previously, and \t\t\tthat these would continue. The policy statement noted that although \t\t\tcore inflation remains in negative territory, the pace of deflation \t\t\thas continued to moderate.
\n<\/p>\n

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

TECHNICAL OUTLOOK<\/span><\/strong><\/p>\n


\n<\/span><\/strong>EURUSD BEARISH Move below 1.3061\/48 support zone \t\t\twould expose 1.2969. Resistance at 1.3360 USDJPY BULLISH Break of \t\t\t83.60 exposes 82.84. Resistance holds at 84.51<\/p>\n

GBPUSD BEARISH Sell-off found support at \t\t\t1.5454 ahead of 1.5297. Initial resistance at 1.5645 USDCHF BEARISH \t\t\tOutlook is bearish; support at 0.9548 and then 0.9463 key low.<\/p>\n

AUDUSD BULLISH Upside potential expected to \t\t\ttarget 1.0029; support lies at 0.9841\/31 USDCAD NEUTRAL Push through \t\t\t1.0190 exposes 1.0287; initial support at 1.0103<\/p>\n

EURCHF BEARISH Violation of 1.2676 and \t\t\t1.2649 exposes 1.2500 psychological support. Resistance at 1.2784 \t\t\tEURGBP NEUTRAL Resistance at 0.8553, support at 0.8426
\nEURJPY BEARISH Pressure on 109.57; a break here would expose 108.35. \t\t\tResistance at 110.82<\/p>\n

Forex Daily Market Commentary<\/strong><\/em> provided by<\/em><\/strong> GCI Financial Ltd<\/strong><\/a>.<\/strong><\/span><\/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 dollar came under pressure after China’s Vice Premier Wang said China supports the measures taken by the EU to stabilise markets. Risk appetite in general got a significant boost from these remarks, which helped to support the euro…<\/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-17155","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17155","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=17155"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17155\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}