{"id":933,"date":"2009-03-12T12:17:51","date_gmt":"2009-03-12T17:17:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=933"},"modified":"2009-03-12T12:17:51","modified_gmt":"2009-03-12T17:17:51","slug":"fundamental-outlook-at-1400-gmt-est-0400-4","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/03\/12\/fundamental-outlook-at-1400-gmt-est-0400-4\/","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$ 1.2730 level and was capped around the $1.2870 level.\u00a0 European Central Bank President Trichet reported the current main refinancing rate target is \u201cat a very, very low level\u201d but intimated rates could go lower. Trichet added \u201cIt is absolutely clear that the present year will be a year of recession in a large number of countries. It is the same in most industrialized economies. It is in the projections of most economists, whether public or private, that in the course of 2010, starting from a very low level, because it is clear that 2009 is a year of deep slowing down, that we will progressively see a pickup.\u201d\u00a0 Other ECB officials have recently suggested rates could even move lower from their current all-time lows.\u00a0 Also, German January industrial output fell 7.5% m\/m, the largest decline on record, and was off 19.3% y\/y.\u00a0 EMU-16 January producer price inflation was off 0.8% m\/m and 0.5% y\/y.\u00a0 In U.S. news, January business inventories declined 1.1% m\/m and February headline retail sales were off 0.1% last month, better-than-expected.\u00a0 Also, January retail sales were upwardly revised to +1.8% from the preliminary 1.0% level.\u00a0 Additionally, weekly initial jobless claims rose 9,000 to 654,000 while continuing jobless claims surged to 5.317 million, the highest level since at least 1967.\u00a0 Euro bids are cited around the US$ 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 \u00a598.50 level and was supported around the \u00a595.65 level.\u00a0 Data released in Japan overnight saw gross real gross domestic product for October – December upwardly revised to -3.2% q\/q from the preliminary -3.3% print.\u00a0 This will likely result in a larger contraction to gross domestic product data in the current January \u2013 March period.\u00a0 Japan\u2019s fiscal year-end concludes at the end of this month and its economy is suffering from strong deflationary pressures, negative growth, and a current account surplus that recently turned negative \u2013 traditionally one of Japan\u2019s strong suits.\u00a0 The annualized contraction in October \u2013 December 2008 printed at -12.7%.\u00a0 The Nikkei 225 stock index lost 2.41% to close at \u00a57,198.25.\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 \u00a5125.55 level and was supported around the \u00a5122.10 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5135.50 level while the Swiss franc moved lower vis-\u00e0-vis the yen and tested bids around the \u00a581.30 level.\u00a0 The Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar as the greenback closed at CNY 6.8383 in the over-the-counter market, down from CNY 6.8399.\u00a0 Data released in China overnight saw January \u2013 February industrial output up 3.8% y\/y.<\/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 Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar as the greenback closed at CNY 6.8383…<\/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-933","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/933","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=933"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/933\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}