Month: May 2010

By CountingPips.com

New Zealand retail sales rebounded in March after consumer spending on retail goods had declined in February, according to a report by Statistics New Zealand. Total retail sales increased by 0.5 percent in March following a decrease by 0.6 percent in February.

Despite the quarterly rise, the data failed to surpass market forecasts that were expecting a 1.1 percent advancement for the quarter.

Core retail sales, excluding the automobile related industries, increased by 1.1 percent in March after core sales had decreased by 0.9 percent in February.

On a quarterly basis, retail sales also rose by 0.5 percent in the first quarter of 2010. Boosting the quarterly sales were increases in motor vehicle sales and gasoline station sales.

Core retail sales for the first quarter fell by 0.7 percent on seasonally adjusted basis.

Forex Trading: NZD/USD 1-Hour Chart – The New Zealand dollar has failed to receive a boost against the US dollar immediately following the positive retail sales report. The NZD/USD pair has been on a downtrend since touching a recent high of 0.7325 on May 3rd and currently trades around the 0.7120 exchange rate.

By GCI Forex Research

Fundamental Outlook at 1400 GMT (EDT + 0400)

€

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2560 level and was capped around the $1.2685 level.  The common currency is close to testing multi-month lows that could see the pair test March 2009 lows.  Deepening eurozone credit concerns are impacting the common currency negatively, as are output concerns that suggest U.S. economic growth will continue to outpace EMU-16 economic growth.  European Central Bank President Trichet today defended the ECB’s decision this week to buy eurozone debt in the secondary market and said the ECB will sterilize its purchases through time deposits.  ECB member Quaden called on banks today to maintain more and stronger capital.  Many traders believe the ECB will keep its main interest rate target unchanged until late next year.  In U.S. news, data released today saw the April import price index climb 0.9% m/m and 11.1% y/y.  Also, weekly initial jobless claims fell to 444,000 from 448,000 and continuing jobless claims rose to 4.627 million.  Fed Vice Chairman Kohn and Minneapolis Fed President Kocherlakota defended the Fed’s pledge to keep interest rates low for an “extended period.”  Regional Fed Presidents including Dallas’s Fisher, St. Louis’s Bullard, and Philadelphia’s Plosser have recently suggested the pledge may inhibit the Fed’s ability to manage medium-term inflation expectations.  Fed Chairman Bernanke said a Senate proposal to divest swaps trading desks from commercial banks would result in less financial stability.  Euro bids are cited around the US$ 1.2585 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥92.60 level and was capped around the ¥93.65 level.  Traders jumped back into yen today on renewed sovereign credit concerns.  Many data were released in Japan overnight. First, the March current account total printed at ¥2.534 trillion.  Second, the March trade balance printed at ¥1.074 trillion.  Third, April bank lending was off 1.8% y/y.  April bankruptcies data will be released overnight along with April machine tool orders data and the economy watchers’ survey.    Bank of Japan Deputy Governor Yamaguchi this week said the central bank has “no need to alter the outlook in our semi-annual economic report” following recent market volatility.  Finance minister Kan this week reported equity and currency markets will “start to stabilize.”  Minutes from last month’s BoJ Policy Board meeting were released yesterday and policymakers observed “balance sheet adjustments in the banking sector and the fiscal deficit problem in some European countries might further slow the pace of economic recovery” in the region.  The Nikkei 225 stock index climbed 2.18% to close at ¥10,620.55.  U.S. dollar offers are cited around the ¥96.85 level.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥116.60 level and was capped around the ¥118.70 level.  The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥136.75 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥83.15 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8280 in the over-the-counter market, up from CNY 6.8272.  People’s Bank of China member Li Daokui reported “conditions for China’s interest rate adjustment are basically mature now.”  Yuan forwards rose today on the premise that bilateral U.S.-Chinese talks could lead to yuan appreciation.  People’s Bank of China adviser Xin Bin this week said the central bank’s quarterly report released on Monday is a signal the central bank will permit the yuan to appreciate vis-à-vis the U.S. dollar.  The central bank yielded some clues regarding the possibility of ending its U.S. dollar peg, reporting it will manage the yuan “with reference to a basket of currencies” – language that was absent from the central bank’s previous quarterly summary.

£

The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4735 level and was capped around the $1.4915 level.  Traders expressed fresh doubts that the new coalition government would be able to adequately reduce the U.K.’s mammoth fiscal deficit.  The new government has suddenly found an ally in Bank of England Governor King who has publicly supported their decision to reduce spending by as much as £6 billion.  The central bank is likely to gain additional oversight powers and the inclusion of the Liberal Democrats in the new government may have saved the Financial Services Authority.  Data released in the U.K. todays aw the total trade balance worsen sharply, printing at -£3.683 billion.  Cable bids are cited around the US$ 1.4335 level.  The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8540 level and was supported around the £0.8495 level.

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) 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 (”CFDs”) 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.

DISCLAIMER: GCI’s 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.

By Peter Robinson – The U.S. Preliminary University of Michigan (UoM) Consumer Sentiment report is due tomorrow at 13:55 GMT. The previous reading came at 72.2, after it was revised upward from 69.5, highlighting a general growth in consumer confidence. Expectations for this month stand on 73.5, indicating a slight improvement in consumer sentiment.

There is a good reason to believe that consumer sentiment tomorrow would at least turn out to be near expectations, if not higher. This expectation is premised on the array of positive U.S. macro-data in recent months as a result of the U.S. efforts to ease the strain on the economy. The most recent was the Non-Farm Employment Change figure which came higher than expectations. Indeed, Obama’s government increased liquidity and kept low interest rates. The improved U.S. employment conditions would continue to support consumer sentiment as long as fiscal conditions remain.

Consumer Sentiment is an important indicator about the U.S. signaling an expanding or slowing economy. Better-than-expected Consumer Confidence usually supports the local currency but in the case of the U.S., a good outcome may improve confidence all around the world. In fact, if the U.S. economy would signal growth, it would support other countries who export to the U.S. and among these countries are troubled European countries.

The consumer sentiment report is published after another important report due on Friday: Retails Sales. If both indicators are positive it might improve investors’ confidence and put aside recent worries about the European economy. This week so far has been volatile although it was low in macro news. Both these figures could set a new direction to currencies and commodities going into next week.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Market Analysis by Finexo.com

Upcoming Sessions (all times GMT)
• GBP Trade Balance (0830)
• USD Unemployment Claims(1230)
• USD Fed Chairman Bernanke Speaks(1230)
• NZD Retail Sales m/m(12:45)

The Euro appreciated slightly against the U.S Dollar in this morning’s session, but continued to hover around its new 14-month low as investors remained skeptical about the region’s growth as well as the risks of the sovereign debt crisis.

EURUSD
Yesterday, the Euro continued on its downwards slide against the U.S Dollar as concerns about the region’s economic growth dampened optimism of Spain’s public spending cut and of a successful bond sale in Portugal. The Euro lost another 0.2% falling to $1.2628 after previously reaching $1.2739.
Support/Resistance 1.2610/1.2740

GBPUSD
The British Pound slide yesterday against the U.S Dollar, erasing the majority of the gains made after the Conservative party leader David Cameron was appointed Prime Minister. The Pound fell to $1.4879 after the Bank of England Governor reported that growth risks had increased over the last three months, and a resumption of Quantitative Easing was possible. According to the BOE’s report, U.K inflation will fall below 2% even if the benchmark interest rate remains at its current historical low level of 0.5%.
This morning, the bureau of national statistics will release the U.K Trade Balance – which is expected to widen slightly from -6.2B to -6.5B.
Support/Resistance 1.4815/1.4945

Gold
Skepticism that the $1 Trillion rescue package will not solve the EU’s debt crisis, have pushed Gold prices to record high levels of $1248.

According to University of Maryland professor Peter Morici “the Greek bailout does not address the underlying fiscal problem — the absence of EU taxing and spending authority. Investors, fearing the worst, are hedging by putting more of their portfolios into gold, and the price of gold rises.”
Support/Resistance 1039.50/1249.10

Forex Market Review & Analysis by Finexo.com

Disclaimer: Trading the foreign exchange (Forex) carries a high level of risk, and may not be suitable for all investors. All information and opinions contained on this website are to be used for general informational purposes only and do not consitute investment advice.

By Anton Eljwizat – Silver prices rose significantly in the last week and peaked at $19.50 an ounce. However, the 8-hour chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders involved with commodities like this can take advantage of this knowledge by going short on silver now, and at a great entry price!

• Below is the 8-hour chart for silver by ForexYard.

• The technical indicators used are the Slow Stochastic, RSI and Williams Percent Range.

• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.

• Point 2: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure.

• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure.

Silver 8-Hour Chart

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

By Russell Glaser – Yesterday the U.S. Energy Administration reported the fourth consecutive weekly rise in U.S. crude oil inventories. This helped drive spot crude oil prices lower towards their short term support levels.

The price of spot crude oil closed lower at $75.12 after it reached a low of $74.75 but then bounced off the support level before the day’s end.

The weekly crude oil inventory report showed a record 37M barrels of crude held in the Cushing Oklahoma storage facility. Crude oil stocks rose by 1.9M barrels from the previous week for the fourth consecutive weekly increase. Market expectations were for an increase of only 1M barrels.

The 37M barrels of crude oil is an abnormally high amount of crude held in storage and shows just how oversupplied the market is for the raw commodity. Combined with the constant additional weekly additions, it becomes apparent that the fundamentals for crude oil have not yet shifted. Despite an increase in economic activity and refineries’ attempts to cut production, demand still has not been able to soak up the remaining slack in the crude oil markets.

As such, spot crude oil trading continues to suffer, with prices falling towards a 12-week low to the short term support level at $74.75. The next long term support level rests at $68.75.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Source: ForexYard

Gold futures hit a record high yesterday as investors worry the Euro-Zone bailout will not be much of a fix and are turning to the metal as a safe heaven investment. Furthermore, Gold is again proving to be a popular hedge against inflation.

Economic News

USD – USD Rises on Sign of Strengthening Economic Recovery

The US Dollar rose Wednesday against the EUR and other currencies as the release of the Trade Deficit data signaled the US economic recovery is strengthening and as Euro-Zone sentiment remains negative despite the passage of the aid package.

The data showed the country’s trade deficit widened for the second consecutive month in March but exports jumped to their highest level since 2008, signaling improved growth prospects. Imports also rose which signals a strong rebound in business and consumer spending.

The EUR/USD is currently trading at 1.2642, recovering slightly from 1.2615, yesterday’s closing price. The Dollar also rose against the Japanese currency to 93.18.

Today traders should pay attention to the release of the Unemployment Claims at 12:30 GMT and Ben Bernanke’s testimony at 16:30 GMT for further sign of the U.S recovery which will likely support the Dollar further.

EUR – EUR Declines as Euro-Zone Debt Issues Endure

The EUR declined against the Dollar as concern persist over Euro-Zone sovereign debt issues and as the euphoria over the $1 trillion aid package continued to dissipate. The overall negative sentiment overshadowed better than expected economic data from the Euro-Zone which was published Wednesday

The UK Pound also declined yesterday, erasing previous gains after the Bank of England indicated it wouldn’t move quickly to raise interest rates and left the door open to expanding its quantitative easing program and resume purchasing of British government bonds.

Late Wednesday, the EUR was at $1.2628, down from $1.2683 late Tuesday. The U.K. Pound was at $1.4826 after dropping below $1.50 overnight. It is currently trading at $1.4859.

JPY – Yen Declines on Improved Market Sentiment

The Yen dropped against 12 of its 16 major counterparts in today’s early Asian trading as Asian stocks rose ahead of a report forecasted to show unemployment claims in the U.S. fell. As signs the global economy is recovering, demand for the Japanese currency dampens as investors turn to higher yielding assets.

Japan’s currency fell to 117.84 per EUR from 117.62 in New York yesterday. The JPY is at 93.19 per Dollar from 93.24. Australia’s Dollar was at 89.77 U.S. cents from 89.36 cents. It traded at 83.43 Yen from 83.32 Yen. The New Zealand Dollar rose 0.4% to 71.69 U.S. cents. It advanced 0.3% to 66.71 yen.

OIL – Crude Prices Drop below $76 a Barrel on Record Inventories

Crude Oil traded below $76 a barrel in New York Wednesday as the U.S. Energy Information Administration reported that inventories at Cushing had grown over the past week to a record 37 million barrels. The report showed that inventories climbed for the 14th time in 15 weeks as refiners reduced processing rates.

The report also showed that refineries operated at 88.4% of capacity, down 1.2 percentage points from the prior week and the first decline since March.

Light, sweet crude for June delivery dropped 72 cents, or 0.9%, lower at $75.65 a barrel. Currently the price of spot Crude Oil is $75.47 a barrel.

Technical News

EUR/USD

The cross has been dropping for the past several days and stands at the 1.2660 level. However, the daily chart’s RSI is already floating in the oversold territory, indicating that a bullish correction might take place in the nearest future. Going long with tight stops may turn out to be the right choice today.

GBP/USD

There is a bullish cross forming on the 4-hour chart’s Slow Stochastic, indicating a bullish correction might take place in the near future. The upward direction on the daily chart’s RSI also supports this notion. When the upward breach occurs, going long with tight stops appears to be preferable strategy.

USD/JPY

The daily chart is showing mixed signals with the RSI fluctuating in neutral territory. However, there is a fresh bearish cross forming on the 4-hour chart’s Slow Stochastic indicating a bearish correction might take place in the nearest future. Going short might be a wise choice.

USD/CHF

The momentum behind the pair’s appreciation over the past month appears to be fading. The daily chart shows the 14-day Relative Strength Index has crossed below the 70 line, indicating a sell signal. The MACD histogram is also downward sloping, yet another signal that the pair’s bullish move may be coming to an end. The next support line for the pair rests at 1.0920.

The Wild Card

Gold

Gold prices closed yesterday at an all-time record high of $1236.60, supplanting the previous record high of $1224.70. Since the breach of the 1169 resistance level, gold prices have jumped. The commodity has both a strong long term trend line and sharp upward sloping short term trend line. CFD traders should look to be long on gold with a minimum target of $1248.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Market Analysis provided by eToro

The Euro remained under pressure despite better than expect Euro Zone GDP.  If yields on peripheral European bonds decline, the Euro will have the ability to rally.

Click here to read the full daily Review

By Robert Folsom, Elliott Wave International

Please join me to consider a time in the stock market that lasted just under three years: 32 months, to be precise.

During this period a series of powerful rallies stand out clearly on a price chart. The shortest of these rallies was four weeks, the longest more than five months.

I can even list seven of these rally episodes, with the number of calendar days and percentage gains.

1.  152 days     +52%
2.  28 days       +11%
3.  77 days       +19%
4.  69 days       +27%
5.  31 days       +30%
6.  35 days       +39%
7.  28 days       +27%

Get Robert Prechter’s Latest Analysis — Click Here to Download His 10-Page Market Letter FREE
For a limited-time, you can download Robert Prechter’s April 2010 Elliott Wave Theorist, the first in a two-part series entitled “Deadly Bearish Big Picture,” for FREE! Click here to learn more and download your free Theorist.

This information obviously seems to paint a bullish picture: The stock market was in double-digit rally mode during 43% of the total calendar days in question.

But in fact, those rallies were the days when the bear was catching his breath. The market was the Dow Jones Industrials; the overall period was from November 1929 to July 1932. It devastated investors. The Dow lost 80% of its value. Yes, that includes the rallies listed above.

I said that these rallies stand out on a price chart, and indeed they do — it’s just that the declines stand out even more. There’s virtually no “sideways” action. Prices moved rapidly in one direction or the other.

You can see the chart for yourself in the first issue (April issue, page 4) of the two-part series Bob Prechter has published in The Elliott Wave Theorist. Part One was in April, “A Deadly Bearish Big Picture.” The final sentence of that issue said Part Two “will update the stunning long-term Elliott wave picture.”

Bob just published Part Two. It completes the “Big Picture” he has now delivered to subscribers.

The past doesn’t “define” the present or the future, but it sure does provide context. No analyst alive today understands this better than Bob Prechter.

Believe me when I say that the charts and analysis in this two-issue series are unique. The word “stunning” only begins to describe what you’ll read.

Get Robert Prechter’s Latest Analysis — Click Here to Download His 10-Page Market Letter FREE
For a limited-time, you can download Robert Prechter’s April 2010 Elliott Wave Theorist, the first in a two-part series entitled “Deadly Bearish Big Picture,” for FREE! Click here to learn more and download your free Theorist.

By GCI Forex Research

Fundamental Outlook at 1400 GMT (EDT + 0400)

€

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2605 level and was capped around the $1.2740 level.  Traders continue to express skepticism with the latest bailout plans for eurozone countries, doubting that Greece, Ireland, Italy, Spain, and Portugal will be able to dramatically reduced their bloated deficits and rein in fiscal spending.  Sovereign debt concerns continue to weigh heavily over the common currency.  European Central Bank President Trichet today “ruled out completely” the idea that a member country of the eurozone could be expelled from membership. Trichet also defended the ECB’s decision this week to purchase eurozone government bonds in the secondary market, reporting it is “not a situation of quantitative easing. We are takking back all the liquidity that we’re providing.”  Concurrent with the eurozone jitters, it was announced that Estonia will join the euro on 1 January 2011.  Data released in the eurozone today saw EMU-16 March industrial production climb 1.3% m/m and 6.9% y/y while EMU-16 GDP growth registered 0.2% q/q and 0.5% y/y.  The ECB will release its May monthly report tomorrow.  German data released today saw Q1 GDP growth of 0.2% q/q and 1.7% y/y.  Also, French consumer prices were up 0.3% m/m and 1.7% y/y while Q1 gross domestic product was up 0.1% q/q and 1.2% y/y.  In U.S. news, St. Louis Fed President Bullard said the economic recovery is “fairly robust” and said risks from Europe are “not that high.” The Senate today voted to keep regulatory oversight of smaller banks with the Fed.  Data released in the U.S. today saw MBA mortgage applications up 3.9% while the March trade balance printed at –US$ 40.4 billion, wider than the revised –US$ 39.4 billion.  Euro bids are cited around the US$ 1.2585 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥93.25 level and was supported around the ¥92.45 level.  Some risk appetite returned to the market after several days of intense volatility and traders reduced exposure to the yen.  Data released in Japan overnight saw official reserve assets climb to US$ 1.046 trillion while the March leading and coincident indices rallied to 102.8 and 101.1, respectively.  Many data will be released in Japan overnight.  Bank of Japan Deputy Governor Yamaguchi this week said the central bank has “no need to alter the outlook in our semi-annual economic report” following recent market volatility.  Finance minister Kan this week reported equity and currency markets will “start to stabilize.”  Minutes from last month’s BoJ Policy Board meeting were released yesterday and policymakers observed “balance sheet adjustments in the banking sector and the fiscal deficit problem in some European countries might further slow the pace of economic recovery” in the region.  The Nikkei 225 stock index lost 0.16% to close at ¥10,394.03.  U.S. dollar offers are cited around the ¥96.85 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥118.40 level and was supported around the ¥116.55 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥139.80 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥84.10 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8272 in the over-the-counter market, down from CNY 6.8293.  People’s Bank of China adviser Xin Bin this week said the central bank’s quarterly report released on Mondat is a signal the central bank will permit the yuan to appreciate vis-à-vis the U.S. dollar.  The central bank yielded some clues regarding the possibility of ending its U.S. dollar peg, reporting it will manage the yuan “with reference to a basket of currencies” – language that was absent from the central bank’s previous quarterly summary.

£

The British pound depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4815 level and was capped around the $1.5045 level.  New Prime Minister Cameron formed a government with the Liberal Democrats and the new coalition government promised to reduce the U.K.’s deficit.  Bank of England Governor King applauded the new government’s decision to reduce as much as £6 billion in spending this year.  BoE released its quarterly inflation report today in which predicted inflation will remain above its 2% target through the remainder of the year and about 1.4% in two years’ time.   Nonetheless, there are no indications BoE is considering tightening policy at this time and the central bank added downside U.K. growth rates have “increased somewhat.”  BoE is expected to begin reversing its quantitative easing policies in 2011.  Data released in the U.K. today saw the April claimant count tick lower to 4.7% from 4.8% while jobless claims were off 27,100.  Average weekly earnings accelerated sharply to 4.0% and the ILO unemployment rate remained steady at 8.0%.  April Nationwide consumer confidence will be released tonight.  Cable bids are cited around the US$ 1.4335 level.  The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8545 level and was supported around the £0.8445 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1060 level and was capped around the CHF 1.1140 level.  The Swiss government today called on UBS and Credit Suisse to reduce risk-taking activities.  Data released in Switzerland today saw April producer and import prices up 0.6% m/m and 0.8% y/y.  U.S. dollar offers are cited around the CHF 1.1270 level.  The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4015 level while the British pound depreciated vis-à-vis the Swiss franc and tested bids around the CHF 1.6415 level.

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) 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 (”CFDs”) 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.

DISCLAIMER: GCI’s 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.