INGInflation well above target, consumer sentiment at all-time lowThe market is favouring a 75bp rate hike from the Federal Reserve on 27 July and we agree given the tight jobs market and inflation running at more than four times the 2% targeted rate. In fact, inflation is likely to move even further above target this coming week as gasoline, food, shelter and airline fares continue to rise apace. Core inflation may slow marginally to 5.8% from 6%, but this too is well above target.We will also be looking out for the University of Michigan consumer confidence index. It recently fell to an all-time low as the rising cost of living and plunging stock markets weighed on sentiment. This obviously is not encouraging for consumer spending growth, and we will also be closely following the inflation expectations series. It spiked last month (subsequently revised lower) and this was seen by many as the trigger for the Fed to signal it was going to hike by 75bp in June rather than the 50bp it had laid the groundwork for. Another strong reading for inflation expectations should all but confirm a second consecutive 75bp move later this month.Weakening demand and negative trade balanceEurozone industry continues to struggle with supply chain problems, while signs of weakening demand have also become more apparent. Both are bad news for a recovery in production although we do see some improvements in supply chains that may help production to catch up in the months ahead. Backlogs of work are still sizable, so don’t expect a sudden drop in May production figures due to weaker demand just yet. Nevertheless, the outlook for industry remains soft at the moment. Also, look out for the trade balance, which is set to be negative again on the back of high energy prices and a difficult export environment.Canada's housing market provides strong resilience against spikes in priceWe expect the Bank of Canada to implement a 75bp move at its July 13 meeting. The economy is growing strongly, is at record employment levels and its inflation rate is running at 7.7%, the fastest rate since January 1983. The housing market is also red hot while Canada’s strong commodity-producing sectors mean it is far more resilient than most major economies to the spike in prices.Canada looks set to hit the brakes hardThe Bank of Canada (BoC) has indicated that it sees the “neutral” range for the policy interest rate as 2-3%. Given we are currently at 1.5% and central bankers have expressed a desire to see interest rates move to the top or even beyond that range, we expect the Bank of Canada to follow the Federal Reserve’s lead and implement a 75bp hike at its 13 July meeting.After all, the economy is growing strongly, has record employment levels, and its inflation is running at 7.7%, the fastest rate since January 1983. The housing market is also red hot while Canada’s strong commodity-producing sectors mean it is far more resilient than most major economies to the spike in prices.
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Monday, July 11, 2022
Daily Market Outlook, July 11, 2022
Daily Market Outlook, July 11, 2022 Overnight Headlines Asia Shares Open Under Pressure On U.S. Inflation, Earnings Season Treasuries Sit Out Haven Trades As Large CPI Event Risk Looms Rampant Dollar Hits New 24 Year Peak Through 137 On The Yen Japan Ruling Bloc Easily Wins Vote Held Days After Abe’s Murder Japan Orders Fall But Data Good, BoJ Easy, Money Supply Up Kuroda Warns Of High Economic Uncertainty, Repeats Easy Policy Bias RBNZ Shadow Board Recommends Half-Point Hike This Week - NZIER China's June Factory Inflation Cools Counter To Global Trends ECB’s Holzmann Foresees Steep Rate Hikes to Stem Fast Inflation ECB’s Stournaras: Strong’ ECB Crisis Tool Could Stay On Shelf Biden Decision On China Tariffs May Come Shortly, Raimondo Says Tories Look To Narrow Leadership Field Quickly As Rancour Grows Oil Mixed As Market Weighs Tight Supply Against Recession Jitters Europe On Edge As NS Russian Gas Link Set For Planned Shut-Down China Watchdog Fined Alibaba, Tencent Over Reporting Past Deals Twitter Assembles Legal Team To Sue Musk Over Dropped TakeoverThe Day Ahead Most Asian equity markets traded lower on the day as concerns over the Covid situation in China weighed on sentiment. Shanghai reported its first case of the BA.5 Omicron variant yesterday, prompting warnings of further lockdowns to contain its spread. 9 districts and areas of Shanghai where infections were found are due to undergo 2 rounds of mass testing between Tuesday and Thursday. Stocks across Japan were the exception, trading higher on the day following the ruling LDP/Komeito coalition expanding its majority in the yesterday’s Upper House election, opening the way for the current administration to face a “golden three years”, in which it would not need to face a national election. Over the past week, financial markets have remained volatile as the focus seesawed between inflation and growth concerns. This week, updates on China and UK GDP will provide key insights on global growth, with Wednesday’s US CPI report for June keenly watched for news on the latest inflation trends. More immediately, today’s calendar is void of any major data releases, leaving the focus on a handful of central bank speakers, although the extent to which monetary policy outlooks will be discussed remains uncertain. In the US, Fed member Williams is due to speak at event on the Libor transition, while the ECB’s Nagel will talk about the ‘digital euro’. Domestically, Bank of England Governor, Andrew Bailey is scheduled to appear in front of a parliamentary committee, alongside a number of Financial Policy Committee colleagues, to discuss the latest Financial Stability Report. The UK Conservative Party’s 1922 Committee of backbench MPs is expected to elect a new executive later today. The Committee is then expected to confirm the process for selecting a new permanent leader of the Party who will be invited to form a government by the Queen. The current process is that Conservative MPs will whittle down the candidates to two and the winner will be chosen by the wider party membership. Reports suggest the aim is to have a new leader in place by early September. As of this morning, 11 Conservative MPs have announced their intention to stand in the contest.CFTC Data IMM: USD long position grows as EUR, GBP, AUD specs sell into weakness USD net spec long grew in Jun 29-Jul 5 period; $IDX +1.9% EUR$ -2.44% in period specs -6,256 contracts now -16,852; spec eye parity $JPY -0.15% in period, specs sell 1,875 now short 54,445 contracts GBP$ -1.85%, specs sold 3,090 contracts now -56,208 prior to PM resignation CAD specs -4,804, AUD -4,641 contracts; recession fears weigh on commods BTC specs -665 contract long reduced to 420; crypto co.'s liquidity issues stir unwind(Source: Reuters)FX Options Expiring 10am New York Cut EUR/USD: 1.0050 (658M), 1.0125 (208M), 1.0200 (243M) 1.0225 (589M), 1.0250 (1.34BLN), 1.0300 (1.32BLN) 1.0350 (545M) USD/JPY: 136.50 (855M), 137.00 (200M) GBP/USD: 1.2035 (351M) USD/CHF: 0.9745 (205M). USD/CAD: 1.2985 (200M) EUR/CHF: 1.0150 (439M). AUD/USD: 0.6825 (418)Technical & Trade ViewsEURUSD Bias: Bearish below 1.05 Opens the week under pressure trading sub 1.0150 Upside capped by US Yields on increasing Fed rate hike bets ECB/FED policy divergence remains in focus, CPI Wed’s next catalyst Soaring energy costs, inflation and recession concerns pile on the pressure Bids eyed at 1.0070 offers sitting above 1.02 Bears eyeing a parity test; offers seen at 1.0340/60 20 Day VWAP is bearish, 5 Day bearishGBPUSD Bias: Bearish below 1.2150 GBP soft in light Asian session Political power void likely to constrain BoE action in August Wednesday sees 1.15Bln options at 1.2035 Energy price inflation, recession fears and political unknowns weigh on GBP Bears breach YTD lows en-route to a test of 1.18 Offers seen at 1.20 Bids 1.1770 20 Day VWAP is bearish, 5 Day bearishUSDJPY Bias: Bullish above 134 USDJPY trades at a 22 year high in the Asian session US Yields seen as supporting the upside Surge came as BoJ Kuroda reaffirmed the banks policies Tuesday sees 1.1Bln 137.60 option expiries Japanese importer bids seen at 135 Traders see range expansion 135/140 US10Y trad above 3% although retreating from best levels overnight Initial offers seen at 137.55/65 20 Day VWAP is bullish, 5 Day bullishAUDUSD Bias: Bearish below .7050 AUD weighed by souring risk sentiment Fresh Covid concerns out of China, Shanghai finds new subvariant Commodities rolling over again Nickel falling as much as 3% Offers seen at .6870’s with bids .6770’s Next major support seen at the 50% retracement of the 0.5510/0.8007 move at 0.6758 20 Day VWAP remains untested confirming downside 20 Day VWAP is bearish, 5 Day bearishBTCUSD Bias: Bearish below 22k BTC briefly tests 22k but quickly rejected 20 VWAP band contracting ready for next directional drive Trend remains down as within broader bearish channel Support seen at 19k then 18300 the base of the daily VWAP bands failure here opens a retest of lows Concerns regarding increasing Crypto scandals and scams leaves BTC vulnerable Additional pressure seen from BTC miners liquidating positions on declining profitability 20 Day VWAP is bullish, 5 Day bullish
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Three good value American small-cap stocks to buy now
Professional investor Richard de Lisle of the VT De Lisle America Fund picks three American value stocks to buy now.
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Sunday, July 10, 2022
Guo Guangchang: how China’s Icarus fell to Earth
Guo Guangchang dodged the fate of many of his fellow business tycoons when the Chinese government cracked down on them. But his debt-laden empire is now facing a liquidity crunch.
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Why there were no buyers for the sale of Boots
Boots is a dull and boring business, says Matthew Lynn. It should focus on beauty and healthcare to spruce itself up.
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Friday, July 8, 2022
Phoenix Group’s 8.5% dividend yield looks here to stay
At a forecast 8.5%, Financial services group Phoenix, has one of the highest dividend yields in the FTSE 100. And it has all the hallmarks of a great income play, says Rupert Hargreaves.
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Natural Gas Futures (NG1!), H1 Potential For Bullish Rise
Type: Bullish RiseKey Levels:Resistance: 6.834Pivot: 6.026Support: 5.382Preferred Case:On the H1, with prices moving above the ichimoku cloud and has broken the descending trendline, we have a bullish bias that price will rise from the pivot at 6.026 in line with the overlap support, 61.8% fibonacci projection and 38.2% fibonacci retracement to the 1st resistance at 6.834 where the swing high resistance and 61.8% fibonacci projection are.Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support level at 5.382 in line with the swing low support.Fundamentals:Due to the proposed strikes in Norway, there are increased fears about inadequate supply, giving us a bullish bias on the price of natural gas .
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Events to Look Out for Next Week
- Gross Domestic Product & Retail Sales (CNY, GMT 02:00) – GDP for Q2 is expected show further detoriation of the Chinese economy as it is expected at 0.6% q/q from 1.3% q/q and at 4.4%y/y from 4.8% y/y, clearly showing the impact of supply chain disruption, the energy crisis etc. Headline Retail sales should be contracted at -7.1% y/y from -6.7% y/y.
- Retail Sales (USD, GMT 12:30) – May US retail sales swings of -0.3% for the headline and 0.5% ex-autos followed downward revisions that left a much weaker trajectory than we had assumed for retail sales. US retail sales for June are expected to grow to 0.8% m/m and at 0.6% for ex-Auto number.
Click here to access our Economic Calendar
Andria Pichidi
Market Analyst
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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FOMO Friday: Gold Breaks Down to New 2022 Lows
Gold Prices PlungeIt’s been an interesting week across the board in markets with many noteworthy moments; hawkish minutes releases from the Fed and ECB, the UK PM resigning, oil falling and rising, there’s been plenty of action. However, talking with traders today ahead of the weekend it seems the main focus for most has been the breakdown in gold prices which has seen the metal falling to fresh 2022 lows. So, let’s take a look at what caused the move and, as ever, if you caught it? Well done! If you missed it? There’s always next week.What Caused the Move?USD Breaks OutThe main driver behind the drop in gold prices this week was the fresh wave of buying in USD. The greenback broke out to 20 year highs (Dollar Index) as a combination of Fed hawkishness and global recession fears drove the Dollar higher. Despite concerns over growth prospects in the US, the Fed continues to reaffirm its commitment to pushing ahead with planned tightening and the market is now looking for a further .75% hike at the upcoming July meeting. With USD prone to further upside risks, gold prices look vulnerable to further downside in the near-term.Additionally, given the weaker risk-backdrop as traders mull recessionary fears, gold prices don’t seem to be attracting the same safe-haven inflows they once did. With the Fed and the SNB embarking on monetary tightening, USD and CHF have overtaken gold as safe-havens of choice, creating additional pressure on gold prices during times when asset markets are falling.Looking ahead, today’s US labour data will be closely watched. Should we see any further upside surprises in the data this will likely feed into higher prices for USD. In particular, traders will be looking at the average hourly earnings data. If wages are seen rising over the last month, this will feed into near-term inflation expectations, keeping Fed hawkishness firmly entrenched.Technical ViewsXAUUSDGold prices are continuing to travel lower within the large, bearish channel. The breakdown this week has seen price moving below main support at the 1791.63 level. Price is now on course to test the 1722.37 level support next. To the topside, if there is any break of the channel top, the main level to watch will be the 1871.04 level.
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USDJPY, H4 | Potential Bullish Rise
Type: Bullish BreakoutKey Levels:Resistance: 141.384Pivot: 136.701Support: 134.271Preferred Case:On the H4, with price moving along an ascending trendline and bouncing off the ichimoku support, we have a bullish bias that price will rise to our pivot at 136.701 in line with the swing high resistance and 100% fibonacci projection. Once there is upside confirmation of price breaking pivot, we would expect bullish momentum to carry price to 1st resistance at 141.384 in line with 61.8% fibonacci projection and 100% fibonacci projection.Alternative Scenario:Alternatively, price could drop to 1st support at 134.271 in line with the swing low support, 100% fibonacci projection and 23.6% fibonacci retracement.
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AUDUSD, H4 | Potential Bullish Continuation
Type: Bullish BreakoutKey Levels:Resistance: 0.69618Pivot: 0.68302Support: 0.6729Preferred Case:On the H4, with price recently breaking out of the descending trendline and RSI moving in an ascending trendline, we have a bullish bias that price will continue to rise from the pivot at 0.68302 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 0.69618 at the swing high in line with the 100% fibonacci projection and 78.6% fibonacci retracement.Alternative Scenario:Alternatively, price may reverse off the pivot and drop to the 1st support at 0.6729 at the swing low in line with the 61.8% fibonacci projection
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Investment Bank Outlook 08-07-2022
USD: NFP unlikely a game-changerThe dollar has remained close to its recent highs, feeling very little pressure from the recovery in risk assets seen yesterday. Today, the futures market points to another negative open in the US stock market, with the highlight of the day being the release of June’s nonfarm payrolls in the US. Our economics team expects a 270k increase in the headline employment figure (in line with consensus), with the unemployment rate staying at 3.6% and wage growth continuing to tick higher. This would mark a slowdown in hiring compared to May, warranted by rising recession fears and higher rates, along with the longstanding issue of a lack of suitable workers despite a large number of job openings.We think, however, that only a very weak reading today can trigger a sizeable re-pricing in the market’s Fed rate expectations given the Bank’s explicit strong focus on fighting inflation and CPI numbers next week will surely carry a much bigger weight. The Fed minutes released this week also seemed to point to rather muted concerns about the worsening economic outlook, and we heard further support for a 75bp increase in July by FOMC members Christopher Weller and James Bullard. Today, we’ll hear from New York Fed President John Williams.EUR: Still looking vulnerableThe euro received very little support from the recovery in sentiment in the eurozone (EuroStoxx up 2%) yesterday. It feels like markets are now recalibrating the ranges for EUR/USD based on a narrative now more focused on the diverging magnitude of downside economic risks in Europe compared to the US. Concerns about a gas crunch in the EU remain elevated, as the Nord Stream 1 pipeline is due to shut for 10 days of annual maintenance on Monday and some fear Russia may not resume flows at the end of that period.On the data side, the eurozone calendar remains very quiet, while some focus will be on European Central Bank speakers today. President Christine Lagarde will deliver a speech in France, and will be followed by Francois Villeroy. Ignazio Visco and Madis Muller are also due to speak. We expect to hear more on euro weakness from ECB members, but the predominance of external downside risks still suggests a somewhat limited ability for hawkish rhetoric to lift the currency.GBP: Politics not the main concern for the PoundThe pound was moderately bid after Prime Minister Boris Johnson announced a well-telegraphed resignation yesterday, with markets likely welcoming a change in leadership after a very turbulent period for the ruling Conservative party. Johnson will remain in power until a new Tory leader is elected. Firstly, a series of votes will allow Conservative MPs to whittle down the list of leadership candidates to the two most popular, which will then be put to a vote of Conservative party members across the UK. When Johnson became leader, this process took roughly six weeks. We could probably see a new prime minister at some point in September.For now, given the high uncertainty around possible candidates, drawing conclusions about the future implications for the pound is quite premature. If anything, some are speculating that most potential candidates – with the possible exception of Liz Truss – may have a less hawkish approach to Brexit and the trade relationship with the EU.
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Daily Market Outlook, July 8, 2022
Daily Market Outlook, July 8, 2022 Overnight Headlines Japan Ex-PM Rushed To Hospital After Apparent Shooting Johnson’s Plan To Drag Out His Departure Under Pressure New UK PM To Be Selected Early September After Recess UK Labour Demand Growth At Slowest Pace In 16 Months Fed Hawks Support 75Bps July Hike, Still See Soft Landing Biden To Meet With Advisers To Discuss China Tariffs Cuts Dems Aim To Close Tax Loophole On Pass-Through Firms Shanghai Outbreak Persists As Shandong Infections Jump Japan Household Spending Slips For Third Straight Month Germany See Energy Markets Intervention To Revive Coal Elon Musk’s $44Bln Deal To Buy Twitter In Peril Over Bots Rolls-Royce Playing Long Game On 787, Final Fix DelayedThe Day Ahead Asian equity markets are mostly up this morning, but gains are generally smaller than those seen in Europe and the US yesterday. Chinese indices are down slightly, despite speculation of more fiscal stimulus before year end, possibly due to further reports of more Covid cases. Japanese PM Abe has reportedly been shot while campaigning. Upper House elections are scheduled for Sunday. US President Biden will consult on lowering tariffs on some Chinese goods today as he is said to have not yet made up his mind. Meanwhile, the timetable to choose the next Conservative Party leader will reportedly be revealed early next week. Today’s US labour market report for June will be seen as important gauge of economic conditions. US Federal Reserve policymakers have repeatedly stressed that the tight labour market is reinforcing their concerns about inflation. This is the last labour market update before the Fed’s next monetary policy announcement on 27th July so it is likely to be watched particularly closely. Monthly reports so far this year have confirmed that the labour market remains buoyant as they have shown strong employment growth, a fall in the unemployment rate below its pre-Covid low and an acceleration in wage growth. There have been tentative signs in recent weekly unemployment benefit claims data that the market may now be turning. However, while weaker employment growth than in May, markets expect a sizeable rise and a further decline in the unemployment rate. Average earnings growth will also be watched closely to see if it confirms recent indications that wage growth may have peaked. Canada’s labour market for June will also by a key input into the Bank of Canada’s next policy decision. As in the US, the concern is that a tight labour market will add to inflationary pressures. The BoC’s latest update is due next Wednesday and it is widely expected to raise interest rates by another 50 basis points taking them to 2%. A hike next week seems almost certain whatever is in today’s report, but a strong outcome will probably lead to calls for the BoC to consider an even bigger rise. There are no major data releases elsewhere but there are some central bank speakers. Both European Central Bank President Lagarde and Bank of France head Villeroy are speaking at a conference in France. Neither seems likely to offer anything new on the immediate interest rate outlook for the Eurozone but they may touch on some of the risks. Meanwhile in the US, comments from Fed policymaker Williams, a pivotal figure on the rate-setting committee, may provide further insight int the size of the interest rate increase that can be expected this month.FX Options Expiring 10am New York Cut USD/JPY: 133.50 (355M), 134.00 (559M), 135.00 (1.2BLN) GBP/USD: 1.1930 (203M) EUR/GBP 0.8585 (328M), 0.8600 (498M) USD/CHF: 0.9500 (250M), 0.9650 (205M), 0.9670 (330M) AUD/USD: 0.6800-10 (591M), 0.6850 (305M), 0.6900-05 (455M) 0.7100 (2.18BLN) USD/CAD: 1.2800 (771M), 1.3000-05 (535M) USD/ZAR: 16.3100 (300M)Technical & Trade ViewsEURUSD Bias: Bearish below 1.05 Retains offered tone trading towards 1.01 EUR/USD weighed further by EURJPY flows driven by Abe shooting news ECB/FED policy divergence remains in focus, NFP’s next catalyst Soaring energy costs, inflation and recession concerns pile on the pressure Bids eyed at 1.0070 offers sitting above 1.02 Bears eyeing a parity test; offers seen at 1.0340/60 20 Day VWAP is bearish, 5 Day bearishGBPUSD Bias: Bearish below 1.2150 GBP pop on UK PM resignation is short lived back below 1.20 now Political power void likely to constrain BoE action in August GBP languishing at 2yr lows Energy price inflation, recession fears and political unknowns weigh on GBP Bears breach YTD lows en-route to a test of 1.18 Offers seen at 1.20 Bids 1.1770 20 Day VWAP is bearish, 5 Day bearishUSDJPY Bias: Bullish above 134 JPY buy backs driven by shock shooting of former PM Abe Japanese importer bids seen at 135 Traders betting on 134/137 range trade US10Y 2.94 giving back over 1% overnight supporting JPY bid Initial offers seen at 136.55/65 stops above to see a retest of 137 Option barriers KO’s quoted at 137 remain intact 20 Day VWAP is bullish, 5 Day bullishAUDUSD Bias: Bearish below .7050 AUD weighed by JPY cross flows Commodities rolling over again Nickel falling as much as 3% Offers seen towards .6900 Support seen at the 50% retracement of the 0.5510/0.8007 move at 0.6758 20 Day VWAP remains untested confirming downside 20 Day VWAP is bearish, 5 Day bearishBTCUSD Bias: Bearish below 22k BTC briefly tests 22k but quickly rejected FTX CEO says the exchange has more than USD 2bln to backstop the crypto industry if needed; the worst appears to be over for the liquidity crunch in the industry 20 VWAP band contracting ready for next directional drive Trend remains down as within broader bearish channel beckons Support seen at 19k then 18300 the base of the daily VWAP bands failure here opens a retest of lows Additional pressure seen from BTC miners liquidating positions on declining profitability 20 Day VWAP is bullish, 5 Day bullish
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Market Update – July 8 – Stocks Rise, USD holds, Johnson Resigns, Abe Shot
USDIndex tested 107.00 again following safe haven bids for USD & JPY following shooting of former Japanese PM Shinzo Abe (he remains in a critical condition). US Stocks US Stocks rallied into close (NASDAQ +2.28%), lifting on hopes of less restrictive FED despite the tone of the minutes. Asian markets were positive before shooting closing flat. (Hang Seng +0.22%, Nikkei +0.1%). European FUTS positive too. Yields closed up +3.85%. Oil rallied 4.3%, Gold flat up 0.2% & BTC rallied to $22k. UK PM Johnson resigned but will remain caretaker PM for now (FTSE100 gained 1.14%, Cable recovered to 1.2000).
- USDIndex holds the bid at 107.00
- Equities – USA500 closed +1.50% 57.54pts (3902), US500FUTS at 3899 now.
- Yields 10-year yield higher, closed at 2.85%, trades at 3.05% now.
- Oil & Gold had volatile sessions – USOil traded up to $104 from $96.60 lows and remains over $100.00 at $102.00. Gold fell to $1742, and rotates their currently.
- Bitcoin rallied from $20K, testing $22.4K today on chatter of major investments coming.
- FX Markets – EURUSD remains pressured at 1.016, USDJPY capped by 136.00 traes at 135.50 now. Cable traded to 1.2050 at 1.2000 now.
Overnight – A weak set of data from Japan – Household spend -0.5% vs 2.2%, Econ. Watchers Sentiment 52.9 vs. 55.0
Today – US & Canadian Labour Market Reports, US Wholesale Inventories, Speeches from ECB’s Lagarde & Fed’s Williams.
Biggest FX Mover @ (06:30 GMT) GBPJPY (–0.39%). JPY safe haven bid following ABE shooting stemmed the rally to 164.00 from 160.40 on Wednesday. Down to 162.80 now. MAs crossed lower, MACD histogram positive but falling, RSI 44 & falling, H1 ATR 0.319, Daily ATR 1.983.
Click here to access our Economic Calendar
Stuart Cowell
Head Market Analyst
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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