{"id":2260,"date":"2009-06-02T21:18:37","date_gmt":"2009-06-03T02:18:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2260"},"modified":"2009-06-02T21:18:37","modified_gmt":"2009-06-03T02:18:37","slug":"fundamental-outlook-at-1400-gmt-edt-0400-43","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/02\/fundamental-outlook-at-1400-gmt-edt-0400-43\/","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 vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4245 level and was supported around the US$ 1.4100 figure.\u00a0 U.S. equity markets staged a further recovery in response to better-than-expected U.S. pending home sales data that saw an increase of 6.7% in April, significantly above the 0.4% estimate.\u00a0 There is a growing consensus that the U.S. economy has bottomed out.\u00a0 May ADP employment change data and ISM non-manufacturing data will be released tomorrow.\u00a0 In eurozone news, the EMU-16 unemployment rate escakated to its highest level since September 1999, rising to 9.2% from 8.9% in March.\u00a0 Notably, 3.1 million people have lost their jobs in the eurozone over the past year and this will have an ongoing appreciable impact on final private demand.\u00a0 Other data saw French April producer price inflation off 0.6% m\/m and 5.5% y\/y.\u00a0 The European Central Bank convenes on Thursday and most traders believe policymakers will keep the ECB\u2019s main refinancing rate unchanged at the current record low of 1.0%.\u00a0 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 \u00a595.30 level and was capped around the \u00a596.65 level.\u00a0 The U.S. dollar fell sharply across the board as traders reduced their long U.S. dollar exposure on fears that major foreign holders of U.S. dollar assets may have a declining risk appetite for U.S. assets.\u00a0 The Nikkei 225 stock index climbed 0.3% to close at \u00a59,704.31.\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 \u00a5137.45 level and was supported around the \u00a5135.75 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5159.20 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a590.55 level. In Chinese news, the U.S. dollar strengthened vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8298 in the over-the-counter market, up from CNY 6.8257.<\/p>\n

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

The British pound appreciated sharply vis-\u00e0-vis the U.S. dollar today as cable tested offers around the US$ 1.6595 level and was supported around the $1.6320 level.\u00a0 Many data were released in the U.K. today. First, April net lending to individuals expanded \u20a41.287 billion, up from a revised \u20a4693 million in March.\u00a0 Second, May PMI construction improved to 45.9.\u00a0 Third, April mortgage approvals increased to 43,000 from 40,000.\u00a0 Fourth, mortgage approvals improved to 43,201, an eleven-month high that indicated the housing sector may be improving.\u00a0 Fifth, the April M4 money supply expanded 0.2% m\/m and 17.4% y\/y.\u00a0 Sixth, BSA reported April gross mortgage lending was unchanged from March at \u20a41.5 billion. Cable bids are cited around the US$ 1.6070 level.\u00a0 The euro appreciated vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.8670 level and was supported around the \u20a40.8600 figure.<\/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 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-2260","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2260","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=2260"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2260\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}