{"id":2421,"date":"2009-06-10T10:25:33","date_gmt":"2009-06-10T15:25:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2421"},"modified":"2009-06-10T10:25:33","modified_gmt":"2009-06-10T15:25:33","slug":"fundamental-outlook-at-1400-gmt-edt-0400-47","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/10\/fundamental-outlook-at-1400-gmt-edt-0400-47\/","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$ 1.4140 level and was supported around the $1.4050 level.\u00a0 The common currency moved higher after the Central Bank of the Russian Federation Deputy Chairman Ulyukayev said the central bank is reducing its holdings of gold and U.S. Treasury bonds in favour of bonds issued by the International Monetary Fund.\u00a0 There is a Sino-Russian movement afoot to develop a new international reserve currency to reduce dependence on the U.S. dollar and this will have a negative impact on the greenback.\u00a0 In eurozone news, German April industrial production was off 1.9% m\/m while French industrial production was off 1.4% m\/m.\u00a0 Group of Seven finance ministers will convene in Italy later this week to discuss their exit strategies from the ongoing economic and financial crisis.\u00a0 Other data released today saw German May consumer price inflation off 0.1% m\/m and flat y\/y.\u00a0 European Central Bank member Quaden said eurozone interest rates are at \u201cappropriate\u201d levels now, adding the ECB does not need an \u201caccommodating\u201d monetary policy in the long term.\u00a0 Euro bids are cited around the US$ 1.3435 level.<\/p>\n

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

The yen depreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the \u00a598.10 level and was supported around the \u00a597.10 level.\u00a0 The yen was given across the board as the global equities rally continued and investors moved into higher-yielding currencies.\u00a0 Data released in Japan overnight saw the May domestic corporate goods price index decline 0.4% m\/m and 5.4% y\/y.\u00a0 Also, April core machinery orders were off 5.4% m\/m, the second consecutive monthly decline, and were off 32.8% y\/y.\u00a0 The Nikkei 225 stock index climbed 2.09% to close at \u00a59,991.49.\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 \u00a5138.35 level and was supported around the \u00a5136.65 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5159.15 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a590.45 level. In Chinese news, the U.S. dollar weakened vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8323 in the over-the-counter market, down from CNY 6.8344.\u00a0 Data released in China overnight saw May consumer prices off 0.3% m\/m and 1.4% y\/y while May producer prices were off 7.2%.<\/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$ 1.4140 level and was supported…<\/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-2421","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2421","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=2421"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2421\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}