{"id":2471,"date":"2009-06-12T13:25:00","date_gmt":"2009-06-12T18:25:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2471"},"modified":"2009-06-12T13:25:00","modified_gmt":"2009-06-12T18:25:00","slug":"fundamental-outlook-at-1400-gmt-edt-0400-48","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/12\/fundamental-outlook-at-1400-gmt-edt-0400-48\/","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 lower vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3935 level and was capped around the $1.4130 level.\u00a0 The common currency ended higher for the week but gave back some of yesterday\u2019s gains.\u00a0 Traders cited increasing pessimism about the prospects for an economic recovery in the eurozone.\u00a0 European Central Bank President Trichet bearishly said the eurozone\u2019s economic situation is still \u201cdifficult and unpredictable\u201d but noted the central bank is maintaining price stability despite all of the stimuli in the economy and remaining \u201cpermanently alert and cautious.\u201d\u00a0 The euro was also dented by weaker-than-expected April industrial production data that were off 1.9% m\/m and 21.6% y\/y \u2013 the steepest annual decline since at least January 1990.\u00a0 Also, the German May wholesale price indes was up 0.1%.\u00a0 The euro also came off on comments from Canadian finance minister Flaherty who indicated \u201cmore work (needs) to be done in some of the Europearn countries, with repsect to their banking system.\u201d\u00a0 In U.S. news, April import prices were up 1.3% m\/m, the largest monthly rise since July 2008, and were off 17.6% y\/y \u2013 the largest decline since at least 1982.\u00a0 Additionally, the mid-June University of Michigan consumer sentiment indicator ticked higher to 69.0 from 68.7.\u00a0 Euro bids are cited around the US$ 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 \u00a598.40 level and was supported around the \u00a597.45 level.\u00a0 Japanese finance minister Yosano reported the Japanese government supports U.S. policies and the soundness of the U.S.\u2019s debt.\u00a0 Group of Eight officials are not expected to discuss exchange rate issues at this weekend\u2019s meeting of finance ministers in Italy.\u00a0 Data released in Japan overnight saw the May consumer sentiment index print at 35.7, up from 32.4 in April, reaching its highest level since March 2008.\u00a0 Also, April revised industrial output printed at +5.9% m\/m.\u00a0 The Nikkei 225 stock index climbed 1.55% to close at \u00a510,135.82.\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 \u00a5138.30 level and was supported around the \u00a5136.90 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5162.60 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a591.50 level. In Chinese news, the U.S. dollar strengthened vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8344 in the over-the-counter market, up from CNY 6.8323.<\/p>\n

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

The British pound depreciated vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.6340 level and was capped around the $1.6595 level.\u00a0 Cable moved higher this week but ceded some territory today as traders booked profits.\u00a0 Sterling was driven higher earlier in the week on rising U.K. inflation expectations.\u00a0 Chancellor of the Exchequer Darling will reported seek an agenda on assets and oil at this weekend\u2019s Group of Eight meeting in Italy.\u00a0 Cable bids are cited around the US$ 1.6215 level.\u00a0 The euro appreciated vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.8540 level and was capped around the \u20a40.8480 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 lower vis-\u00e0-vis the U.S. dollar today as the single currency tested bids 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-2471","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2471","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=2471"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2471\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}