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Daily Market Commentary

10-07-2008 - GCI Financial  |   Indexes Technical Analysis
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The euro recovered some recent lost ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5745 level and was supported around the $1.5650 level.  The common currency retraced most of yesterday’s losses as traders reacted to news that Iran had test-fired nine missiles overnight, some of which were capable of reaching Israel.  NYMEX crude oil futures for August delivery re-tested the $138 handle on the news. The pair was also bid higher on hawkish rhetoric from European Central Bank officials.  ECB’s Ordozez reported there is a risk of an inflation wage spiral while ECB’s Trichet reported “In the wake of renewed sharp commodities price increases, (inflation) arrived at the worrying levels of around 4.0 percent in mid-2008.  Looking ahead, the annual (inflation) rate is likely to remain well above the levels consistent with price stability for sometime, moderating only gradually in 2009.” ECB member Gonzal
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GCI Financial
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 Dif...
 
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GCI Weekly Highlights is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI Financial Ltd. assumes no responsibility or liability from gains or losses incurred by the information herein contained.
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