{"id":814,"date":"2009-03-09T14:49:52","date_gmt":"2009-03-09T19:49:52","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=814"},"modified":"2009-03-09T14:49:52","modified_gmt":"2009-03-09T19:49:52","slug":"fundamental-outlook-at-1400-gmt-est-0400","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/03\/09\/fundamental-outlook-at-1400-gmt-est-0400\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EST + 0400)"},"content":{"rendered":"

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

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

The euro depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2555 level and was capped around the $1.2725 level.\u00a0 European Central Bank President Trichet spoke at the Bank for International Settlements meeting today and said the global economy is \u201capproaching\u201d a point where it will be improving because some positive aspects have not been priced in by the markets including corporate bond issuance activity and the \u201c\u2026very, very strong commitment of authorities…not to let any systemic institutions go under.” Trichet also cited lower commodities prices and fiscal stimuli as positives.\u00a0 Notably, he added central bankers will not depart from current growth forecasts that see economic growth at or below 0% this year.\u00a0 Data released in the U.S. today the February employment trends index decline 3.2% to 91.0, the latest indication that the U.S. employment trend is substantially weakening.\u00a0 These data follow Friday\u2019s significant February non-farm payrolls decline of 651,000 and increase in the unemployment rate to 8.1%.\u00a0 The big debate in the markets remains the possibility that some U.S. financial institutions may become nationalized.\u00a0 In eurozone news, Bank of France reported its sees Q1 2009 GDP growth of -0.6% q\/q.\u00a0 Euro bids are cited around the US$ 1.2385 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 \u00a599.20 level and was supported around the \u00a597.90 level.\u00a0 Data released in Japan overnight saw the first monthly current account deficit in thirteen years last month, the latest indication that Japanese business activity is suffering on account of the yen\u2019s relative strength.\u00a0 The January current account balance printed at -\u00a5172.8 billion, considerably worse than expected.\u00a0 Other data released overnight saw total bank lending climb 3.8% m\/m in February while February corporate bankruptcy cases were up 21.0% y\/y.\u00a0 The Nikkei 225 stock index lost 1.21% to close at \u00a57,086.03.\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 \u00a5125.45 level and was supported around the \u00a5123.95 level.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested bids around the \u00a5136.00 figure while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a585.40 level.\u00a0 The Chinese yuan depreciated vis-\u00e0-vis the U.S. dollar as the greenback closed at CNY 6.8398 in the over-the-counter market, up from CNY 6.8395.<\/p>\n

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

The British pound depreciated sharply vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.3740 level and was capped around the $1.4180 level.\u00a0 Traders sold sterling after it was announced the government may assume control of up to 65% of Lloyds Bank in its second rescue attempt. Chancellor Darling said this is a \u201cvital step\u201d to restoring bank lending.\u00a0 Barclays submitted a \u20a450 billion portfolio that is being assessed this week for the government\u2019s asset protection scheme.\u00a0 Cable bids are cited around the US$ 1.3530 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.9185 level and was supported around the \u20a40.8950 level.<\/p>\n

Daily Market Commentary provided by 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.<\/span><\/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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

BY GCI Financial – The euro depreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2555 level and was capped 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-814","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/814","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=814"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/814\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}