{"id":726,"date":"2009-03-04T15:50:40","date_gmt":"2009-03-04T20:50:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=726"},"modified":"2009-03-04T15:50:40","modified_gmt":"2009-03-04T20:50:40","slug":"fundamental-outlook-at-1500-gmt-est-0500-14","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/03\/04\/fundamental-outlook-at-1500-gmt-est-0500-14\/","title":{"rendered":"Fundamental Outlook at 1500 GMT (EST + 0500)"},"content":{"rendered":"<p><span style=\"color: #888888;\">By GCI Fx Research<\/span><\/p>\n<p><span style=\"color: #888888;\"><span style=\"color: #000000;\"><strong>\u20ac<\/strong><\/p>\n<p>The euro appreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2650 level and was supported around the $1.2455 level.\u00a0\u00a0 The U.S. Treasury announced that its new mortgage relief plan will help up to 9 million homeowners avoid home foreclosure.\u00a0 Mortgage servicers have been authorized to immediately reduce mortgage payments for eligible borrowers.\u00a0 In other U.S. news, the February non-manufacturing PMI survey fell to 41.6 from 42.9 in January, an acceleration in the downturn in the services industry.\u00a0 Likewise, both the new orders and employment sub-indices moved lower.\u00a0 Additionally, the ADP February U.S. private sector jobs survey revealed a loss of 697,000 private sector jobs last month.\u00a0 Most dealers believe these data indicate this Friday\u2019s non-farm payrolls data for February will be extremely weak with some whispers of job losses around 750,000.\u00a0 In eurozone news, the European Commission released proposals today to strengthen financial supervision across the European Union including an early warning system led by the European Central Bank.\u00a0 Central and Eastern European central bankers and regulators released a joint statement today to address the \u201coften simplified and misleading\u201d information about the risks facing the financial sectors in those countries.\u00a0 Data released in the eurozone saw the February services PMI survey decline to 39.2 from 42.2 in January.\u00a0 ECB member Noyer yesterday report he doesn\u2019t see any risk that any eurozone country will collapse and added the ECB may enact additional unconventional monetary policy.\u00a0\u00a0 Euro bids are cited around the US$ 1.2385 level.<\/p>\n<p><strong>\u00a5\/ CNY<\/strong><\/p>\n<p>The yen depreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the \u00a599.50 level and was supported around the \u00a598.15 level.\u00a0 Bank of Japan ramped up its purchase of corporate bond purchases overnight, part of the central bank\u2019s strategy to steer market interest rates lower and reduce credit strains in the capital market.\u00a0 BoJ Policy Board member Suda spoke today to business leaders.\u00a0 Q4 capital spending data will be released overnight.\u00a0 The Nikkei 225 stock index gained 0.85% to close at \u00a57,290.96.\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 \u00a5125.60 level and was supported around the \u00a5122.35 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5140.70 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested bids around the \u00a584.85 level.\u00a0 The Chinese yuan depreciated vis-\u00e0-vis the U.S. dollar as the greenback closed at CNY 6.8434 in the over-the-counter market, up from CNY 6.8413.\u00a0 Data released in China overnight saw the February Purchasing Managers Index improve to 49.0 in February from 45.3 in January.\u00a0 The Chinese media reported China is considering an additional fiscal stimulus to shore up the domestic economy.<\/span><br \/>\n<\/span><\/p>\n<p>Daily Market Commentary provided by <strong><a href=\"http:\/\/gcitrading.com\/\" target=\"_blank\"><strong>GCI Financial Ltd<\/strong><\/a>.<\/strong><\/p>\n<p><span style=\"color: #000000;\">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.<\/span><\/p>\n<p><span style=\"color: #000000;\">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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By GCI Financial &#8211; The euro appreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2650 level&#8230;<\/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-726","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/726","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=726"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/726\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}