{"id":639,"date":"2009-02-26T16:43:09","date_gmt":"2009-02-26T21:43:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=639"},"modified":"2009-02-26T16:43:09","modified_gmt":"2009-02-26T21:43:09","slug":"fundamental-outlook-at-1500-gmt-est-0500-10","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/02\/26\/fundamental-outlook-at-1500-gmt-est-0500-10\/","title":{"rendered":"Fundamental Outlook at 1500 GMT (EST + 0500)"},"content":{"rendered":"

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

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

The euro gained ground vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2810 level and was supported around the $1.2680 level.\u00a0\u00a0\u00a0 The common currency moved higher on account of a couple of factors. First, the Obama administration announced a US$ 3.55 trillion budget plan for 2010 and that would push the deficit to a record US$ 1.75 trillion.\u00a0 Taxes will be moving higher for taxpayers earning the most money, Medicare will be cut, and more financial assistance would be provided to troubled financial institutions.\u00a0 U.S. Treasury issuance will likely need to rise by record amounts to finance the Obama spending plan.\u00a0 Data released in the U.S. today saw January durable goods orders off 5.2% m\/m and 23.3% y\/y.\u00a0 Also, January new home sales were off 10.2% and months of inventory climbed to 13.3.\u00a0 The U.S. housing market continues to weaken precipitously.\u00a0 Other housing data saw January housing starts off 16.8% with building permits off 2.9%.\u00a0 Also, weekly initial jobless claims climbed to 26-year highs last week, up 36,000 to 667,000, while continuing jobless claims were up 114,000 to 5.112 million, the highest level since at least 1967. In eurozone news, German February consumer price inflation will be released tomorrow.\u00a0 February EMU-16 consumer confidence fell to a record -33 and EMU-16 January private sector loan growth eased to 5.0% from an annualized 5.8% growth rate in December.\u00a0 Also, mortgage lending growth eased to 1.0% from 1.5%.\u00a0 Additionally, the German GfK consumer climate index rose 2.6 points in March, beating expectations of a decline.\u00a0 The ECB reported M3 money supply fell 0.8% m\/m and nearly 25% y\/y, the steepest monthly decline since at least 1980.\u00a0 Euro bids are cited around the US$ 1.2475 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 \u00a598.70 level and was supported around the \u00a597.30 level.\u00a0 There is increasing speculation that Japan is covertly orchestrating a weaker yen to counter its deepening economic recession.\u00a0 U.S. House of Representatives Financial Services Chairman Frank is urging Japan to not devalue the yen through \u201cmassive currency market interventions.\u201d\u00a0 Data released in Japan today saw sales conditions at Japanese small and mid-size firms at their lowest levels since 1984 with the February index at -44.6, down from -37.4 in January.\u00a0 The Nikkei 225 stock index lost 0.04% to close at \u00a57,457.93.\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 \u00a5126.05 level and was supported around the \u00a5123.80 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5141.65 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a584.75 level.\u00a0 The Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar as the greenback closed at CNY 6.8361 in the over-the-counter market, down from CNY 6.8369.<\/p>\n

Daily Market Commentary provided by GCI Financial Ltd<\/strong><\/a>.<\/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 yen depreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the \u00a598.70 level and was supported around…<\/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-639","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/639","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=639"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/639\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}