{"id":1737,"date":"2009-05-04T20:10:13","date_gmt":"2009-05-05T01:10:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1737"},"modified":"2009-05-04T20:10:13","modified_gmt":"2009-05-05T01:10:13","slug":"fundamental-outlook-at-1400-gmt-edt-0400-28","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/04\/fundamental-outlook-at-1400-gmt-edt-0400-28\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

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

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

The euro moved higher vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3425 level and was supported around the US$ 1.3210 level.\u00a0 The common currency has been bid higher over the past several sessions as U.S. equity markets have staged a recovery.\u00a0 The S&P has erased its year-to-date losses. Data released in the U.S. today saw March 2009 total construction activity up +0.3% m\/m and off 11.1% y\/y.\u00a0 Additionally, March pending home sales were up +3.2%. Federal Reserve Chairman Bernanke testifies tomorrow and traders will be closely scrutinizing his comments to learn his current assessment of the economy.\u00a0 More importantly, dealers want any information they can glean about the results of the banks\u2019 stress tests.\u00a0 In addition to indications that Citigroup and Bank of America will be forced to obtain additional capital, there is talk that Wells Fargo may be forced to seek more capital.\u00a0 In eurozone news, German finance minister Steinbrueck said he is concerned with the rise in unemployment in several European Union countries.\u00a0 German economics minister Guttenberg said Germany must reach a solution \u201crather quickly\u201d to establish bad banks to acquire banks\u2019 toxic assets.\u00a0 Data released in the U.S. today saw EMU-16 April manufacturing contract to 36.8, marginally better than expected.\u00a0 Also, the EU Sentix investor confidence indicator improved to -34.3 from -35.3 in April.\u00a0 It was also reported that German March retail sales were off 1% from February.\u00a0\u00a0\u00a0 Euro bids are cited around the US$ 1.2765 level.
\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 \u00a598.70 level and was capped around the \u00a599.55 level.\u00a0\u00a0 Japanese Golden Week holidays continue and liquidity is reduced in the Tokyo market.\u00a0 Finance minister Yosano said major economies must support demand by taking appropriate \u201cfiscal and monetary measures\u201d to counter the global economic recession.\u00a0 Last month, the government announced an economic stimulus package valued at about \u00a557 trillion that included about \u00a515.4 trillion in fresh spending and tax cuts.\u00a0 Bank of Japan is expected to continue its quantitative easing policies for several months.\u00a0 The Nikkei 225 yesterday stock index will next reopen at \u00a58,977.37.\u00a0 U.S. dollar offers are cited around the \u00a5104.15 level.\u00a0 The euro moved higher vis-\u00e0-vis the yen as the single currency tested offers around the \u00a5132.85 level and was supported around the \u00a5131.30 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5149.15 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a588.10 level.\u00a0 In Chinese news, the U.S. dollar ended at CNY 6.8225 in the over-the-counter market.<\/p>\n

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

The British pound appreciated vis-\u00e0-vis the U.S. dollar today as cable tested offers around the US$ 1.5020 level and was supported around the $1.4835 level. Cable approached its highest level since 12 January.\u00a0 Cable bids are cited around the US$ 1.4735 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.8945 level and was supported around the \u20a40.8885 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 moved higher vis-\u00e0-vis the U.S. dollar today as the single currency tested offers 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-1737","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1737","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=1737"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1737\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}