{"id":3427,"date":"2009-08-20T15:12:34","date_gmt":"2009-08-20T20:12:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3427"},"modified":"2009-08-20T15:12:34","modified_gmt":"2009-08-20T20:12:34","slug":"fundamental-outlook-at-1400-gmt-edt-0400-71","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/20\/fundamental-outlook-at-1400-gmt-edt-0400-71\/","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$ 1.4275 level and was supported around the $1.4200 figure.\u00a0 European Central Bank member Bini Smaghi reiterated the central bank expects inflation to remain low over the coming year and will \u201cdo everything it takes to prevent it from rising.\u201d\u00a0 He also indicatyed the ECB does not expect EMU-16 growth before the middle of 2010.\u00a0 Notably, EMU-16 GDP growth was -0.1% q\/q, up from the record decline of -2.5% in the prior quarter. The euro moved higher partially on a reound in Chinese equity markets as the Shanghai Composite was up 4.5% today following recent flirtations with bear market territory.\u00a0 Other major news today focused on a warning from Germany\u2019s finance ministry that the economic stabilization may not hold.\u00a0 It was reported last week that German GDP improved unexpectedly in the second quarter.\u00a0 In U.S. news, data released in the U.S. today saw the Philadelphia Fed\u2019s manufacturing survey improve to 4.2 from -7.5 in July while July leading economic indicators were up 0.6%.\u00a0 Also, weekly initial jobless claims rose to 576,000 from a revised 561,000 and continuing jobless claims printed at 6.241 million, up from a revised 6.239 million.\u00a0 Euro bids are cited around the US$ 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 \u00a594.55 level and was supported around the \u00a593.85 level.\u00a0 Bank of Japan Policy Board member Mizuno warned the domestic economic recovery could decelerate in the autumn, adding a sustained economic recovery would require \u201csupport from governments and central banks.\u201d\u00a0 He said the BoJ should prepare Japan for an extended bout with deflation, warning that \u201cprice declines will ease only at a moderate pace\u201d in the year starting April 2011.\u00a0 He also warned the central banks lacks the tools needed to \u201cprop up prices and stimulate economic growth in the short term.\u201d\u00a0 The yen\u2019s direction is uncertain given the real possibility that economic growth may slow further.\u00a0 On the political front, a Democratic Party of Japan victory at the general election on 30 August could result in upward pressure on the yen and possibly more supply of Japanese government bonds.\u00a0 The Nikkei 225 stock index climbed 1.76% to close at \u00a510,383.41.\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 \u00a5134.60 level and was supported around the \u00a5133.40 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5156.70 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a588.65 level. In Chinese news, the U.S. dollar lost ground vis-\u00e0-vis the Chinese yuan as the greenback closed at CNY 6.8273 in the over-the-counter market, down from CNY 6.8320.<\/p>\n

Daily Market Commentary<\/strong><\/em> provided by<\/em><\/strong> GCI 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 – European Central Bank member Bini Smaghi reiterated the central bank expects inflation to remain low over the coming year…<\/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-3427","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3427","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=3427"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3427\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}