{"id":996,"date":"2009-03-18T11:31:37","date_gmt":"2009-03-18T16:31:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=996"},"modified":"2009-03-18T11:31:37","modified_gmt":"2009-03-18T16:31:37","slug":"fundamental-outlook-at-1400-gmt-est-0400-8","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/03\/18\/fundamental-outlook-at-1400-gmt-est-0400-8\/","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$ 1.3155 level and was supported around the US$ 1.2985 level.\u00a0 Traders are awaiting the outcome of today\u2019s Federal Open Market Committee meeting with most traders expecting no dramatic announcements.\u00a0 Fed officials may use the opportunity to expound upon their recently-launched Term Asset-Backed Securities Loan Facility (TALF) program to stimulate consumer and business lending in the asset-backed securities market.\u00a0 Fed officials may also give some colour about the current state of the economy and could indicate that recent economic data suggest there are nascent signs of an economic recovery, notwithstanding the labour market.\u00a0 Data released in the U.S. today saw the Q4 2008 current account deficit narrow to \u2013US$ 132.8 billion between October and December from an upwardly revised deficit of \u2013US$ 181.3 billion in Q3 2008.\u00a0 Also, the February consumer price index rose 0.4% m\/m and +0.2% y\/y.\u00a0 In eurozone news, the European Union may appropriate an additional \u20ac10 billion in emergency loans available to non-eurozone members. This would be in addition to the \u20ac25 billion facility already in place.\u00a0 Euro bids are cited around the US$ 1.2385 level.<\/p>\n

\u00a5\/ CNY<\/strong><\/p>\n

The yen appreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested bids around the \u00a597.70 level and was capped around the \u00a598.85 level.\u00a0 As expected, Bank of Japan\u2019s Policy Board voted to keep interest unchanged and at ultra-accommodative levels overnight.\u00a0 More importantly, the central bank decided to purchase additional government bonds outright to ease credit strains heading into the fiscal year-end at the end of the month.\u00a0 BoJ will now purchase \u00a51.8 trillion every month, or \u00a521.6 trillion annually, up from the \u00a51.4 trillion monthly and \u00a516.8 trillion annual level established in January.\u00a0 The Nikkei 225 stock index climbed 0.29% to close at \u00a57,972.17.\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 \u00a5129.20 level and was supported around the \u00a5128.00 figure.\u00a0 The British pound moved lower vis-\u00e0-vis the yen as sterling tested bids around the \u00a5136.55 figure while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a584.30 level.\u00a0 The Chinese yuan appreciated vis-\u00e0-vis the U.S. dollar as the greenback closed at CNY 6.8347.<\/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$ 1.3840 level and was capped around the $1.4070 level.\u00a0 Data released in the U.K. today saw unemployment move above the two million level for the first time in nearly twelve years with the claimant count jumping 138,400 in February and the unemployment rate higher at 6.5%.\u00a0 Bank of England Governor King yesterday reported the central bank will decide when and how to reverse its asset purchases and normalize interest rates when inflation conditions allow same.\u00a0 King also said the upcoming Group of Twenty meeting needs to drive home the message that macroeconomic stimulus is needed.\u00a0 Cable bids are cited around the US$ 1.3720 level.\u00a0 The euro moved higher vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.9415 level and was supported around the \u20a40.9255 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 appreciated vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3155 level and was supported around the US$ 1.2985 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-996","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/996","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=996"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/996\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}