{"id":3151,"date":"2009-07-30T15:34:33","date_gmt":"2009-07-30T20:34:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3151"},"modified":"2009-07-30T15:34:33","modified_gmt":"2009-07-30T20:34:33","slug":"fundamental-outlook-at-1400-gmt-edt-0400-64","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/30\/fundamental-outlook-at-1400-gmt-edt-0400-64\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

By GCI Fx Research<\/strong><\/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$ 1.4095 level and was supported around the $1.4010 level.\u00a0 Strong gains in U.S. equities markets led to a difficult day for the U.S. dollar as risk appetite expanded and the greenback\u2019s safe haven appeal diminished. The International Monetary Fund reported recessionary problems in the eurozone are receding.\u00a0 The IMF now foresees a 4.8% decline in gross domestic product in the eurozone this year.\u00a0 Data released in the U.S. today saw weekly initial jobless claims up 25,000 to 584,000 while continuing jobless claims were off 54,000 to 6.197 million.\u00a0 The Fed released its July Beige Book yesterday and reported the recession is easing in most regions of the country, noting \u201cthe pace of decline has moderated since the last report or that activity has begun to stabilize, albeit at a low level.\u201d\u00a0 In eurozone news, German July unemployment fell a surprising 6,000 on an adjusted basis and were up 52,000 on a non-adjusted basis, equivalent to 8.2% of the workforce.\u00a0 Other data released today saw German June plant, machinery orders slump 46% y\/y.\u00a0 The European Commission reported business and consumer confidence in the eurozone improved in July with the overall Economic Sentiment Indicator rising sharply to an eight-month high of 76.0 from 73.2 in June.\u00a0 Similarly, July industrial confidence improved to -30 from -32 in June and consumer confidence was lifted to -23 from -25.\u00a0 Euro bids are cited around the US$ 1.3900 figure.<\/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 \u00a595.65 level and was supported around the \u00a594.80 level.\u00a0 Data released in Japan overnight saw June industrial output climb 2.4% m\/m and 8.3% q\/q in April-June, – the largest jump since 1953 – while the July trade deficit printed at \u00a538.415 billion in the first ten days of July, off 18.0% y\/y.\u00a0 Bank of Japan Policy Board member Noda said the central bank has no plans to change its current easy monetary policy and remains sensitive to an increase in long-term interest rates that could inhibit the economic recovery.\u00a0 Noda added \u201cAs corporate earnings conditions remain severe, uncertainty over final demand is high even after progress in inventory adjustment, and concerns over fundraising are not receding.\u201d\u00a0 Some of the BoJ\u2019s temporary liquidity measures will expire on 31 December as of now and Noda said keeping the measures for some time could damage the economy.\u00a0 Noda is one of the more hawkish members of the Policy Board and his remarks evidence caution at the central bank.\u00a0 The Nikkei 225 stock index climbed 0.51% to close at \u00a510,165.21.\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 \u00a5134.70 level and was supported around the \u00a5133.20 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5158.00 figure while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a587.90 level. In Chinese news, the U.S. dollar lost ground vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8293 in the over-the-counter market, up from CNY 6.8285.\u00a0 Chinese officials made it clear overnight that they will continue to keep monetary policy loose and this supported international equity markets.\u00a0 Traders had noted chatter yesterday suggesting China may begin to restrict bank lending further.<\/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 – In Chinese news, the U.S. dollar lost ground vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8293…<\/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-3151","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3151","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=3151"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3151\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}