{"id":2554,"date":"2009-06-18T16:59:12","date_gmt":"2009-06-18T21:59:12","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2554"},"modified":"2009-06-18T16:59:12","modified_gmt":"2009-06-18T21:59:12","slug":"fundamental-outlook-at-1400-gmt-edt-0400-51","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/18\/fundamental-outlook-at-1400-gmt-edt-0400-51\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

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

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

The euro lost ground-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3870 level and was capped around the $1.4000 figure.\u00a0 Traders were unable to push the common currency above the psychologically-important US$ 1.4000 figure despite gains in U.S. equities markets and crude oil prices.\u00a0 Many data were released in the U.S. today.\u00a0 First, weekly initial jobless claims climbed 3,000 to 608,000 from a revised 605,000 while continuing jobless claims printed at 6.687 million from a revised 6.835 million the prior week.\u00a0 The modest improvement in continuing claims and small rise in initial claims could be a positive for the troubled U.S. employment sector.\u00a0 Second, the May index of leading indicators climbed 1.2%, above expectations.\u00a0 Third, the June Philadelphia Fed index of manufacturing activity improved more than expected to -2.2 from -22.6 in May.\u00a0 Traders are still talking about the government\u2019s plan to enact major changes at the Federal Reserve, including adding the mandate to become a prudential systemtic risk regulator and reducing or taking away its consumer finance mandate.\u00a0 In eurozone news, the German Chancellor Merkel pledged support for new rules on financial markets supervision and said they must be \u201ccommon and binding.\u201d The German government reported it plans to issue \u20ac310 billion in new debt through 2013.\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 \u00a596.70 level and was supported around the \u00a595.60 level.\u00a0 Bank of Japan and the Japanese government upgraded their assessments of the Japanese economy, lending credence to economists\u2019 view the economy may have already bottomed out.\u00a0 There are tentative signs that industrial production and the export sector are improving.\u00a0 The central bank is expected to keep its overnight call rate target unchanged at 0.10% for the foreseeable future.\u00a0 The Nikkei 225 stock index lost 1.39% to close at \u00a59,703.72.\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 \u00a5135.00 figure and was supported around the \u00a5133.00 figure.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5158.45 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a589.35 level. In Chinese news, the U.S. dollar weakened vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8337 in the over-the-counter market, down from CNY 6.8360.<\/p>\n

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

The British pound weakened vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.6185 level and was capped around the $1.6470 level.\u00a0 Data released in the U.K. today saw CML May gross mortgage lending decline to \u20a410.3 billion.\u00a0 Also, May retail sales were off 0.6% m\/m and 1.6% y\/y, a stark contrast with April\u2019s 0.9% m\/m and 2.6% y\/y increases.\u00a0 Third, May public sector borrowing reached a record net \u20a419.9 billion.\u00a0\u00a0 Fourth, the May CBI industrial trends survey rallied to -51 from -56.\u00a0 Cable bids are cited around the US$ 1.6110 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.8605 level and was supported around the \u20a40.8490 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 lost ground-\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-2554","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2554","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=2554"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2554\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}