{"id":17467,"date":"2011-01-03T08:10:06","date_gmt":"2011-01-03T13:10:06","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17467"},"modified":"2011-01-03T08:10:06","modified_gmt":"2011-01-03T13:10:06","slug":"forex-daily-market-commentary-187","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/03\/forex-daily-market-commentary-187\/","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

Trading was subdued during the Asia session with Japan, Australia, \t\t\tand New Zealand all on holiday. The dollar managed to claw back some \t\t\tof Friday’s heavy losses in thin trade. EURUSD traded 1.3276-1.3363, \t\t\tand USDJPY 80.93-81.39. The Australian dollar retreated after \t\t\tsetting new 28 year highs on Friday, when it rose to 1.0257 on \t\t\tfix-related buying. No US economic data were released. Today, the \t\t\tmanufacturing ISM for December is due and our US economics team is \t\t\tinline with consensus, expecting a modest increase to 57.0 from 56.6 \t\t\tpreviously. FOMC minutes and the payrolls report are scheduled to \t\t\tfollow later in the week. IMM positioning data which is normally \t\t\treleased by the CFTC each Friday, will not be published until Monday \t\t\tevening due to the holiday season.
\n EUR<\/span><\/em><\/strong><\/p>\n

Estonia became the 17th member of the Eurozone on New Year’s Day.
\nGermany’s Chancellor Merkel and French President Sarkozy spoke in \t\t\tfavour of maintaining the euro. Sarkozy said he will fight with all \t\t\this strength to keep the euro as “the end of the euro would be the \t\t\tend of Europe”. Merkel said “Germany needs Europe and our common \t\t\tcurrency”, adding that the euro is “the foundation of our \t\t\tprosperity”.
\n AUD<\/span><\/em><\/strong><\/p>\n

Over the weekend, China’s manufacturing PMI for December \t\t\tdisappointed expectations and fell back to 53.9 (cons. 55.0) from \t\t\t55.2 previously.<\/p>\n

TECHNICAL OUTLOOK<\/span><\/strong>
\nUSDCAD eyes 0.9820 pivotal low.
\nEURUSD NEUTRAL Immediate focus is on support at 1.3216. Resistance \t\t\tlies at 1.3425.
\nUSDJPY BEARISH Downside focus is on support at 80.54 low. Resistance \t\t\tis at 81.86.
\nGBPUSD BEARISH Abrupt rise with an immediate pullback puts focus \t\t\tback on support at 1.5425 low. The pair remains heavy below 1.5911.
\nUSDCHF BEARISH Bearish outlook intact; focus is on0.9301 ahead of \t\t\t0.9171 Fibonacci level. Resistance is at 0.9462.
\nAUDUSD BULLISH Bull trend intact; break of 1.0183 and 1.0211 \t\t\tFibonacci resistance exposes 1.0333 high; support lies at 1.0152.
\nUSDCAD BEARISH Breaks below 0.9931 key low, now targets 0.9872 ahead \t\t\tof 0.9820 pivotal low. Immediate resistance is at 1.0023.
\nEURCHF BEARISH Remains heavy below 1.2699 high. Focus is on 1.2400 \t\t\tahead of 1.2283.
\nEURGBP BULLISH Sharp rise to 0.8643 followed by immediate pullback \t\t\tputs focus on 0.8503 near-term support; but the cross remains \t\t\tconstructive above 0.8446.
\nEURJPY BEARISH Push through 107.61 would expose 105.80 key low. \t\t\tResistance is at 108.93.<\/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


\n<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Trading was subdued during the Asia session with Japan, Australia, and New Zealand all on holiday. The dollar managed to claw back some of Friday’s heavy losses in thin trade. EURUSD traded 1.3276-1.3363, and USDJPY 80.93-81.39.<\/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-17467","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17467","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=17467"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17467\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}