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Euro Focus (morning) Fundamental Analysis
Blair Baker, Foreign Exchange Analyst and Strategist
at
GCI Financial Ltd
The euro was little changed vis-à-vis the U.S. dollar today as the single currency was supported around the US$ 1.3345 level and tested offers around the $1.3405 level. Data released in the U.S. today saw final Q3 GDP come in stronger-than-expected at an annualized rate of +4.0%, up from an earlier estimate of 3.9%. Core personal consumption expenditures (PCE) also accelerated to +0.9% from +0.7%, suggesting a slight uptick in inflationary pressures but they remain generally muted. Consumer spending climbed an annualized 5.1% in Q3 – more than three times Q2’s pace of 1.6% - while business investment climbed a strong 13%, up from the estimate of 12.9%. European Central Bank policymaker Padoa-Schioppa said he “absolutely” does not believe an interest rate cut would boost growth in the eurozone, citing the fact that European interest rates are at their lowest levels in 60 years. Data released in the eurozone today saw October EMU-12 industrial orders up 0.2% m/m and 0.6% y/y. Also, it was reported that there was an acute decline in foreign funds flowing in the eurozone in October and the current account surplus widened to €1.1 billion. In other eurozone news, France’s parliament adopted a 2005 budget that projects a budget deficit of €45.175 billion. Incoming Dallas Fed President Richard Fisher yesterday said he “doesn’t believe we should ever make monetary policy that lets inflation get out of control.” Many U.S. economic data will be released tomorrow. Euro bids are seen around the $1.3325 level.
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| Euro Focus (morning)
Technical Analysis
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| Support
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Resistance
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L1. 1.2700 1.3240
L2. 1.2630 1.3300
L3. 1.2230 1.3400
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Commentary provided by
Blair Baker, Foreign Exchange Analyst and
Strategist at GCI Financial Ltd
GCI Financial Ltd is a leading
provider of professionally- managed foreign exchange investment
services and offers a comprehensive online foreign exchange
trading/ dealing platform for individual and institutional
clients.
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Euro Focus |
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| View Full Version
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 Click Charts to Enlarge
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Day's Change
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52-Week High
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52-Week Low
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Instrument |
Current |
Points |
% |
Date |
Value |
Date |
Value |
| Exchange Rates |
22-Dec-04 |
EUR/AUD  |
 |
1.7436 |
-0.0092 |
-0.53% |
3-Jun-04 |
1.7723 |
12-Apr-04 |
1.5735 |
| EUR/CAD |
|
1.6429 |
-0.0029 |
-0.18% |
19-Feb-04 |
1.6908 |
10-Nov-04 |
1.5398 |
| EUR/CHF |
 |
1.5421 |
0.0036 |
0.23% |
8-Mar-04 |
1.5806 |
10-Jun-04 |
1.5072 |
| EUR/GBP |
|
1.4436 |
-0.0094 |
-0.65% |
12-Apr-04 |
1.5237 |
30-Dec-03 |
1.4170 |
| EUR/JPY |
|
139.5500 |
0.1800 |
0.13% |
14-Dec-04 |
140.4000 |
5-Apr-04 |
126.1100 |
| EUR/USD |
|
1.3360 |
-0.0027 |
-0.20% |
3-Dec-04 |
1.3459 |
13-May-04 |
1.1811 |
| EUR/USD - 3m Fwd |
 |
-16.0000 |
0.0000 |
0.00% |
4-Aug-04 |
-14.0000 |
16-Jan-04 |
-113.0000 |
| |
| Indices |
22-Dec-04 |
| CAC 40 |
|
3,770.03 |
5.97 |
0.16% |
17-Nov-04 |
3,844.14 |
13-Aug-04 |
3,484.84 |
| DAX |
|
4,214.39 |
2.84 |
0.07% |
16-Dec-04 |
4,233.71 |
13-Aug-04 |
3,646.99 |
| DJIA |
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10,759.43 |
97.83 |
0.91% |
21-Dec-04 |
10,759.43 |
25-Oct-04 |
9,749.99 |
| NASDAQ |
|
2,150.91 |
23.06 |
1.07% |
15-Dec-04 |
2,162.55 |
12-Aug-04 |
1,752.49 |
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Commodity Charts & Data | Forex Charts & Data | Interest Rate Charts & Data | Index Charts & Data |
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source: DTN Market Access
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2004
theFinancials.com
and GCI Financial Ltd
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