{"id":985,"date":"2009-03-17T13:47:48","date_gmt":"2009-03-17T18:47:48","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=985"},"modified":"2009-03-17T13:47:48","modified_gmt":"2009-03-17T18:47:48","slug":"fundamental-outlook-at-1400-gmt-est-0400-7","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/03\/17\/fundamental-outlook-at-1400-gmt-est-0400-7\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EST + 0400)"},"content":{"rendered":"

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

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

The euro appreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3030 level and was supported around the US$ 1.2930 level.\u00a0 The European Union will this week likely suggest that a credit line be made available for EU members that are not part of the eurozone to provide \u201cbalance of payments assistance.\u201d\u00a0 A credit line of \u20ac25 billion was made available in December and EU leaders are concerned that some EU members may not be able to meet their payment obligations unless additional aid is appropriated.\u00a0 German Chancellor Merkel and French President Sarkozy are rallying EU members to get behind the G20 initiative to strengthen the international financial regulatory systems.\u00a0 Group of Twenty officials are convening in London on 2 April and there is a lack of unanimty among attendees as to exactly what needs to be accomplished at the meeting. For starters, U.S. officials are said to be pressing their European counterparts to offer more of a fiscal stimulus to eurozone member countries.\u00a0 European Central Bank member Draghi today reported \u201cIt’s possible that unconventional monetary policy measures may be needed.\u201d\u00a0 ECB member Mersch added there is \u201cno evidence of a credit crunch\u201d in Europe but would not rule out additional monetary easing.\u00a0 Other European data saw Germany\u2019s March ZEW index improve to -3.5.\u00a0 Germany\u2019s IWH Institute think tank downwardly revised its economic outlook for 2009 to -4.8% for German GDP growth from the previous forecast of -1.9%.\u00a0 In U.S. news, February producer price inflation was up 0.1% m\/m and off 1.3% y\/y. Core PPI was up 0.2% m\/m and 4.0% y\/y.\u00a0 Also, February housing permits were up 3.0% to 547,000 annualized units while February housing starts were up 22.2% TO 583,000 in February, the largest increase since 1990.\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 \u00a598.95 level and was supported around the \u00a598.05 level.\u00a0 Bank of Japan is considering the provision of \u00a51 trillion in subordinated loans to financial institutions to bolster their capital ratios and stimulate bank lending.\u00a0 This policy is being deliberated to try and ease credit strains ahead of the fiscal year-end at the end of this month.\u00a0 Data released in Japan overnight saw February revised machine tool orders up 7.2% m\/m and off 84.4% y\/y.\u00a0 Additionally, the January tertiary industry activity index was up +0.4% m\/m.\u00a0 The Nikkei 225 stock index climbed 3.18% to close at \u00a57,949.13.\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 \u00a5128.55 level and was supported around the \u00a5127.15 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5139.35 figure while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a583.65 level.\u00a0 The Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar today as the greenback closed at CNY 6.8369 in the over-the-counter market.<\/p>\n

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

The British pound moved lower vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.3965 level and was capped around the $1.4135 level.\u00a0 Data released in the U.K. today saw the January DCLG house price index off 11.5%.\u00a0 Separately, the government reported recent retail sales growth has been caused by rising food costs.\u00a0 Cable bids are cited around the US$ 1.3720 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.9280 level and was supported around the \u20a40.9205 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 yen depreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the \u00a598.95 level and was supported around the \u00a598.05 level…<\/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-985","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/985","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=985"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/985\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}