{"id":2052,"date":"2009-05-20T16:43:33","date_gmt":"2009-05-20T21:43:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2052"},"modified":"2009-05-20T16:43:33","modified_gmt":"2009-05-20T21:43:33","slug":"fundamental-outlook-at-1400-gmt-edt-0400-37","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/20\/fundamental-outlook-at-1400-gmt-edt-0400-37\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

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

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

The euro appreciated sharply vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3830 level and was supported around the US$ 1.3580 level.\u00a0 The common currency ascended to its highest level since 5 January as it tracked crude oil higher.\u00a0 NYMEX crude oil futures for July delivery reached $62.17, their front month\u2019s highest price since 7 January.\u00a0 U.S. equity markets lingered in positive territory through the session\u2019s midway point.\u00a0 Some dealers are citing an increase in investor sentiment as another reason why the pair is gaining ground.\u00a0 Treasury Secretary Geithner spoke today and said U.S. financial institutions have raised about US$ 48 billion since the results of the banks\u2019 stress tests were released last Monday.\u00a0 Minutes from the Federal Reserve\u2019s Federal Open Market Committee meeting of 28-29 April were released today and cited a worsening labour market and declining industrial production. In partial contrast, the Fed also said the pace of decline in final private demand is slowing and added the downturn in the housing market is decelerating.\u00a0 Notably, the Fed reported \u201cSome members noted that a further increase in the total amount of (Treasury) purchases might well be warranted at some point to spur a more rapid pace of recovery.\u201d\u00a0 Traders seized on this statement as an indication the Fed may be moving closer to adopting more mainstream quantitative easing steps.\u00a0 In eurozone news, Germany\u2019s Bundesbank said there will not be a \u201cquick, cyclical improvement\u201d in economic activity but suggested the global economic downturn is easing.\u00a0 Data released in Germany today saw April producer price inflation decline 1.4% m\/m and 2.7% y\/y. Euro bids are cited around the US$ 1.3435 level.<\/p>\n

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

The yen appreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested bids around the \u00a594.85 level and was capped around the \u00a596.20 level.\u00a0 The yen motored higher despite the release of weaker-than-expected January \u2013 March gross domestic product data that saw a 4.0% q\/q decline in economic activity, rendering a 15.2% annualized pullback.\u00a0 The contraction was at the fastest pace on record and was caused by a record drop in exports and weak domestic consumption.\u00a0 Additionally, data for the October \u2013 December period were downwardly revised to -3.8% q\/q and an annualized -12.1%.\u00a0 The Nikkei 225 yesterday stock index climbed 0.59% to close at \u00a59,344.64.\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 \u00a5131.70 level and was supported around the \u00a5129.70 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5149.80 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a587.00 figure. In Chinese news, the U.S. dollar depreciated vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8215 in the over-the-counter market, down from CNY 6.8250.<\/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 appreciated sharply vis-\u00e0-vis the U.S. dollar today as the single currency tested offers…<\/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-2052","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2052","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=2052"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2052\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}