Slow Start To A Busy Week

Last week’s strong economic data from the United States and China have fueled hopes of a solid global economic recovery. Bumper corporate earnings from US banks have also injected equity bulls with enough inspiration to elevate indices to record highs. These themes are likely to support the risk-on mood despite global Covid-19 cases hitting a weekly record last week. European stocks have opened marginally higher this morning amid the market positivity and this could trickle down into Wall Street later in the afternoon.

Despite all this positivity, it does feel like a sluggish start to what should be a busy week for markets. Today, the calendar is void of any major economic releases in the United States, United Kingdom and Europe. There is little movement across currency markets at the time of writing while Gold is hovering around $1777. But given how earnings season is set to build momentum through the week and major economies will release key data that could influence sentiment, things could liven up in the next few days.

Dollar still sulking

The dollar has stumbled into the new week under pressure as Treasury yields lingered near their lowest in five weeks. The greenback has weakened against most G10 currencies this morning with the Dollar Index (DXY) wobbling above the 91.50 support. Since the start of April, the DXY has lost roughly 1.80% and this may continue despite the string of encouraging data from the United States pointing to an accelerated economic recovery. As investors accept the Federal Reserves’ vow to keep an accommodative monetary policy stance until it sees stronger employment and inflation, dollar bears might remain in the driving seat. With the DXY trading below the 200-day SMA and respecting the bearish trend, further downside could be on the cards. A solid breakdown below 91.50 should open the doors towards 91.30 and 90.80.

Commodity spotlight – Gold

Gold drew ample strength from falling Treasury yields and a weaker dollar last week. The commodity is up over 4% this month and has the ability to push higher amid rising tensions between the United States and Russia. However, gold bears could still make an appearance as economic data from the two largest economies in the world remains highly encouraging and may boost global sentiment. If risk-on becomes the name of the game, it could hit appetite for safe-haven gold.

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Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Remitano Creates A Platform For Users To Earn Passive Income In Crypto On A Daily Basis

There are several ways you can make money in cryptocurrency on a daily basis on Remitano and the first way to earn passive income is through the Remitano affiliate program.

How to make passive income on Remitano

Remitano Affiliate program

There are many ways to make passive income on Remitano and one of them is through the Remitano Referral program. Some crypto firms usually give rewards for bringing users to their platform. But none of them are as rewarding and easy as Remitano Affiliate. The affiliate program offers the most attractive reward in the crypto space. You can earn up to forty percent commission when your friend signs up and buys any coin on Remitano through your referral.

Here’s how it works

  • You create an account on Remitano to generate a referral URL that is unique to you.
  • Share the referral URL with your friends and family to join Remitano.
  • When anyone signs up and buys bitcoin and other crypto assets through your affiliate link, you will get a 40% referral commission on the trading fee your friends pay.
  • It doesn’t end there. If any of your referred friends refer someone else who registers and trades, you will get a 10% commission.

The easiest way to earn passive income

By simply inviting people to use Remitano with your referral link, you qualify for mouth-watering bonuses on the platform. You can easily track your downlines and your referral bonuses from your dashboard.

Earn profits for a lifetime

The Remitano referral program is different from others because it runs for a lifetime. Which means there’s no stop to the passive income you can make. As long as your downlines continue to buy coins, you will get up to 40% commission from their trades forever. The same thing applies to your 10% tier 2 commissions.

Remitano Invest

Remitano Invest is the typical example of making your money work for you. It was launched to help customers make passive income and increase their wealth in a quick, easy and secure way. Remitano invest has become the go-to investment platform for crypto lovers.

It is amazing to watch your $100 grow to $150, $200, $400, $1000 and beyond while you watch it without pressing a button. Isn’t it?

Well, that is what you get with Remitano Invest.

Remitano features over 10 investment-worthy coins that you can invest your money in and watch your ROI increase over that. These are full proof and profitable coins that have been extensively researched and stood the test of time.

Gone are the days of investment gone wrong. Remitano Invest offers an exclusive anti-loss feature called Stop Loss. With this feature, investment can only be profitable.

About Remitano

Remitano is a product of Babylons Solutions Limited based in Seychelles. Remitano’s purpose is to offer a robust, quality trading experience to all users as a fast-moving marketplace. With necessary safety standards in place, buyers and sellers can come together, store, trade, and withdraw assets, thus avoiding issues common to other crypto exchanges.

Launched in 2016, Remitano is a global cryptocurrency exchange serving international markets, such as Malaysia, China, Nigeria, Vietnam, Australia, Cambodia, and Indonesia.

Got Questions?

Reach out to Remitano via:

Key Events This Week: Apple Share Prices To Catch Up With Rest Of Big Tech?

With the US earnings season underway amid a relative calm in US Treasury markets, benchmark US stock indexes such as the Dow, S&P 500, and the Nasdaq 100 look set to post new record highs this week, even though the futures contracts are dipping slightly at the time of writing.

As for the currency markets, amid a softening US dollar, it remains to be seen whether the likes of the euro and the Canadian dollar can take advantage of the potential catalysts in the coming days:

Monday, April 19

  • Canada unveils federal budget

Tuesday, April 20

  • Johnson & Johnson earnings (before US markets open)
  • Netflix earnings (after US markets close)
  • Apple unveils new products

Wednesday, April 21

  • Bank of Canada rate decision
  • Canada CPI (inflation)

Thursday, April 22

  • ECB rate decision
  • ECB consumer confidence
  • Intel earnings
  • American Airlines earnings

Friday, April 23

  • Eurozone, UK, US Markit manufacturing PMI
  • US new home sales

Watch Apple’s share price

At its event labelled “Spring Loaded”, the iPhone maker is expected to announce new products, including a line of new iPad Pros. The iPad contributed over 8% to Apple’s total annual revenue in three out of the past four years. Still, last year’s figures were the highest for iPad sales since 2014, as consumers flocked to the tablet as work and schooling commitments became home bound amid the lockdowns worldwide.

It remains to be seen whether the confirmed features of this new iPad Pro would also excite market participants, considering that Apple’s share prices have failed to match its January record high. The stock is still some 6.3% lower since recording its highest ever closing price on January 26th.

During the same period (since 26 January):

  • Facebook has surged 8.56% to post a new record high on April 7
  • Alphabet shares have climbed almost 20% to hit a new record high on April 16
  • The Nasdaq 100 has climbed 4.09% to post a new record high on April 16

“Perhaps the iPad Pro could stir up enough enthusiasm this week for Apple’s stock to allow it to catch up with other tech stocks.”

CAD to still outperform G10 peers?

The Canadian dollar is the second best-performing G10 currency against the US dollar so far this year, and has also strengthened against all G10 currencies except for the Norwegian Krone. However, the CAD has fallen against most of its G10 peers on a month-to-date basis.

Still, Canadian dollar bulls can take heart from the fact that USDCAD’s 50-day simple moving average has resisted any major upward move for this currency pair to keep its downward trend intact.

“From a fundamental perspective, the Canadian dollar’s strength has been fuelled by the robust recovery in Canada’s economy.”

Today, Prime Minister Justin Trudeau is set to release the government’s first budget in two years. This increased spending of tens of billions could help recover the last 296,000 of the 3 million jobs it lost to the pandemic.

With the economy apparently on firmer footing, the Bank of Canada could announce the paring back of its bond purchases this week, and may even comment about a potential rate hike sooner than 2023.

“Should that happen, that could drive Canada’s government bond yields even higher, which may then serve as a tailwind for the CAD.”

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Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Sponsors Airsoft Will Showcase CHRONO Trade At iFX EXPO Dubai

AIRSOFT Technology is again stealing the show as sponsor of the eagerly anticipated iFX EXPO Dubai. The expo will be held at the exclusive 5-star Grand Hyatt Hotel, Dubai from 19-20 May 2021 and will bring together leading players from the finance and fintech sectors.

The AIRSOFT team is eager to showcase CHRONO Trade to brokers at the expo. This exclusive AIRSOFT feature is part of the company’s commitment to offer unique and competitive tools for brokers looking to increase their trading acquisition and volumes. CHRONO Trade allows traders to perform pre-defined, timed, short-term trades to take advantage of volatile assets. It can be implemented as a stand-alone brokerage solution or integrated within an existing CFD platform.

Shay Benhamou, AIRSOFT CEO said:

“CHRONO trade has been presented with great success at numerous virtual and physical events in 2020. We have seen unprecedented interest from the UAE market and we are keen to present it live in Dubai.”

Users of CHRONO Trade are traders looking for adrenaline-fuelled trading. CHRONO Trade appeals to brokers looking to secure more trades and see increased user engagement. Visit the new Airsoft website now and discover how AIRSOFT powers brokers to succeed.

Why Brokers Love CHRONO Trade:

  • Want to boost your brokerage business profits? Simply give traders the tools that will instantly trigger their competitive nature.
  • It’s already working! Brands applying CHRONO Trade to their existing platforms have shown an increase in trades and a longer than usual screen time of their traders.
  • It’s exciting! The reason why traders are loving CHRONO Trade is simple. It makes trading more exciting, and more excitement means more trading.
  • It’s a Differentiator! CHRONO Trade sets your broker apart from the rest and provides another exciting reason for traders to choose you.

Meet The AIRSOFT Team In Dubai

AIRSOFT is a sponsor of the iFX Expo and has opted for a coffee bar sponsorship in addition to a placement at Booths 43 & 44. Coffee is free for all attendees, courtesy of AIRSOFT and the team is keen to utilise the area for meeting brokers, partners and other fintechs. The company will have a large presence at the expo with the sales & marketing team, CEO and COO all available to answer questions from brokers.

Dubai is an exciting business hub, especially for the finance and fintech sectors and the AIRSOFT team is eager to present its latest offerings. If you want to attract clients, increase trading volumes and add exciting tools to your brokerage, visit our booths or arrange a meeting at the coffee bar.

AIRSOFT has been helping brokerages launch since 2012. Founded by veteran industry professionals; the company offers complete solutions for forex, crypto and CFDs brokers, includes software, business consulting, marketing, lead generation and multi-language support.

AIRSOFT is the expert choice for your brokerage… meet us in Dubai!

 

HotForex Launches Special Trading Activity For Ramadan 2021

From 13th April to 12th May, for every lot traded (1 standard lot) on forex, gold and silver from trading accounts participating in the activity, HotForex will be donating 1 USD for the well-being of children in Islamic countries. Participants in the Ramadan activity will have the chance to enter three exclusive lucky draws for a chance to win great prizes.

A HotForex spokesperson commented: “At HotForex, we largely focus on social responsibility and always look for ways to support and give back to our surrounding community. With respect to our clients’ traditions, we are very pleased to announce this new initiative and we welcome all traders to celebrate Ramadan by joining a good cause with the chance of winning special tech prizes.”

Visit the HotForex website today to find out more about the Ramadan charitable activity.

About HotForex

HotForex is an internationally acclaimed multi-asset broker of choice to over 2.5 million live accounts worldwide that has earned over 45 coveted industry awards in its ten year history. The company offers a wide variety of account types, innovative products, platforms, tools and educational resources besides outstanding customer service and unparalleled trading conditions to facilitate individuals and institutional customers to trade Forex and CFDs online.

Super Lottery: NordFX Gives Away 100,000 USD To Traders

The name speaks for itself: 100 cash prizes of $500, $1,000, $2,500 and a super prize of $ 20,000 will be drawn by the year end.

It is quite easy to take part in the lottery and get a chance to win one or even several of these prizes. It is enough to have a Pro account in NordFX (and for those who do not have it – register and open a new one), top it up with $200 and… just trade.

Having made a trading turnover of only 2 lots in Forex currency pairs or gold (or 4 lots in silver), the trader will automatically receive a virtual lottery ticket. The number of lottery tickets for one participant is not limited. The more deposits and the greater the turnover, the more lottery tickets the participant will have, and the greater their chances of becoming a winner of the prize money.

Unlike trader contests, there is no need for a lottery participant to show exceptional trading results. In this case, both experienced professionals and beginners have equal chances of winning. And they can either use the received prize money in further trading, or take it out without any restrictions.

70 prizes of $500 each, 20 prizes of $1,000 each, 10 prizes of $2,500 and 1 super prize of $20,000 will be drawn. The draws will be held on July 1, October 1, 2021 and January 3, 2022. For more details, visit the NordFX website at https://nordfx.com/promo/super-lottery.html.

 

M4Markets Launches New Website

Proud to announce the launch of its newly redesigned website at www.m4markets.com.

The new website has been created with the user in mind and features a streamlined, modern design, improved functionality and easy navigation to information that traders should have access to.

“Our entire mission behind designing and launching a new M4Markets website was to create a unique experience for the user. We wanted to keep things minimal to avoid distractions, so we have a nice and clean design that lets you focus on what actually matters; information about trading. We are very excited about sharing this project with our audience and we are certain that it will reshape their entire experience with M4Markets.” Themis Christou, Group Head of Marketing.

Focusing on transparency, the new M4Markets website also includes additional information about the broker’s pricing through dedicated pages.

“We are very focused on being transparent and we wanted to create a website that really showcases this. Our new website includes information about how our pricing is derived, how we manage to keep our spreads competitively low and other information that clients should know before entering into a relationship with any broker” Marilena Iakovou, Group Chief Marketing Officer.

New elements on the website include a fresh look designed to meet user requirements and expectations. The focus is on providing information that will add value to the user’s browsing experience, while the site is also highly adaptable and responsive so that users can access the new M4Markets website on all devices.

In addition to extensive pricing information, the new M4Markets website also includes information about the company’s background and management team. Search functionality has been added so that users can quickly locate what they are looking for.

For more information about M4Market’s new website, please visit www.m4markets.com

About M4Markets

M4Markets is one of the fastest growing regulated Forex and CFD brokers with a multi-asset offering and a focus on trader experience. With low spreads and no requotes, segregated accounts, ultra-fast execution and regulated by the Financial Services Authority (FSA) in the Seychelles, M4Markets is one of the most trusted brokers.

 

Remitano Crypto Exchange Improves Swap Feature To Significantly Reduce Duration Of Crypto Swap.

The Swap feature has made the cryptocurrency exchange process simple, safe, and comfortable. It has made it easy for users to convert their crypto without ever leaving their Remitano wallet. It also enables users to easily manage their assets to take advantage of price volatility. Users specifically highlight the simplicity and convenience of using the service as a key feature that has made it their go-to service point.

Why do users love Swap?

There are so many great reasons which users have identified as to why they love the Swap feature on the Remitano crypto exchange. Some include:

  • Ability to quickly swap an asset into one they believe would grow
  • Ability to quickly move out of a volatile asset
  • Seamlessly swap between crypto pairs

To further improve the overall user experience of the service, Remitano crypto exchange has upgraded the Swap feature to significantly reduce the duration of crypto swap on the platform. With the improved Swap feature, users will now be able to make instantaneous conversions between crypto pairs such as BTC to ETH on the Remitano exchange platform.

What’s new about the update?

The new Swap update brings along major upgrades to improve the overall user experience and safety on the Remitano crypto exchange platform. The update includes:

  • Significant reduction of the waiting time during crypto conversion.
  • Improved security features
  • Access to an even larger pool of coins to execute crypto swap
  • Improved user interface

With the new Swap version, users now will be able to:

  • Make instant conversion between cryptocurrency pairs such as BTC to ETH in the shortest possible time.
  • Make instant exchange of cryptocurrency with no trading fee. That is, users can swap BTC to ETH or any other crypto without worrying about the trading fee.
  • Execute these trades with only trustworthy users with good track records.
  • Diversify their investment options. Users can now manage their portfolios efficiently to adapt volatility of the cryptocurrency market. Users who own Bitcoin can quickly convert their BTC to ETH or other coins quickly

Remitano crypto exchange is committed to constantly improve its product and service to provide the best experience for its users. The newly improved Swap feature is part of the growing offering from Remitano to create a trading platform and environment where users can successfully exchange their assets to a preferred cryptocurrency as quickly and efficiently as possible.

What are you waiting for? Register on Remitano now to use Swap and enjoy the benefit of crypto exchange.

About Remitano

Remitano is a product of Babylons Solutions Limited based in Seychelles. Remitano’s purpose is to offer a robust, quality trading experience to all users as a fast-moving marketplace. With necessary safety standards in place, buyers and sellers can come together, store, trade, and withdraw assets, thus avoiding issues common to other crypto exchanges.

Launched in 2016, Remitano is a global cryptocurrency exchange serving international markets, such as Malaysia, China, Nigeria, Vietnam, Australia, Cambodia, and Indonesia.

Got Questions?

Reach out to Remitano via:

Electronic mail: team@remitano.com, marketing@remitano.com

Socials: Facebook, Twitter, Instagram, and Telegram.

XTB Launches Investing Day 2021

The fully online event will feature trading legends:

  • Chris Capre: a former Wall Street broker and a professional trader, specialising in Price Action and the Ichimoku cloud
  • Chris Lori: a professional Forex trader, mentor, and an expert in combining fractal geometry with price behaviour and market structure
  • Kym Watson: a professional trader and co-founder of EzeeTrader, a leading Forex trading community

The speakers will focus on providing existing and aspiring traders with hands-on information and tips on how to day trade stocks, what trading spot gold looks like in practice, and how to have the mindset of a professional trader even when you’re just starting out.

Joshua Raymond, Director of XTB UK, commented: “Our annual Investing Day is by far our most popular event that attracts thousands of viewers from all over the world each year. After such a turbulent year in the markets, and a rising interest in trading, we decided to go back to the basics of trading with this year’s event. Existing and aspiring traders will be able to learn how to make the most of their time, capital and effort as they build and trade their portfolios. Our guest speakers are all not only seasoned trading professionals, but also some of the best teachers the trading world has to offer.”

You can find the full itinerary and breakdown of guest speakers, as well as instructions on how to sign up for free, on their website: https://en.xtb.com/investing-day-2021

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

 

Week In Review: Earnings Kick Off, More Record Highs, China’s GDP Surges

We highlighted how inflation expectations remained a hot topic for debate and discussed whether earnings season could encourage the risk-on mood.

In our technical outlook, the Japanese Yen caught our attention after marching into the week on a solid footing. Looking at the technical picture, we discussed the possibility of the USDJPY breaking out of its current range with support at 109.00 and resistance at 109.84. Prices are trading around 108.82 as if writing.

On Tuesday morning, we covered the Euro and questioned whether the currency’s fortune was set to reverse. It has appreciated against most G10 currencies this month excluding the Swedish Krona, Swiss Franc, and New Zealand Dollar.

Interestingly, the Euro has gained almost 0.7% against the dollar since Monday despite the mixed economic data from Europe and third wave of Covid-19 sweeping across the continent…

We also took a deep dive into the Pound’s outlook after England moved into the second stage of the government’s roadmap out of lockdown. Is the GBPUSD poised for a breakdown? Well…not anytime soon as prices are trading back above 1.3800.

Buying sentiment towards the Dollar took a hit on Tuesday afternoon after US CPI data beat market expectations. The Dollar has depreciated against every single G10 currency this week and currently testing the 91.50 support level.

In other news, Bitcoin hit a new record high just shy of $65,000.

Earnings season finally kicked off on Wednesday with JPMorgan, Goldman Sachs, and Wells Fargo reporting their earnings before US markets opened. In our earnings preview, we covered JPMorgan Chase and interesting technical levels on the charts. The bank posted first-quarter profit of $4.50 per share including a $1.28 per share benefit from the reserve release. This was much higher than the $3.01 per share expected. JP Morgan shares are up almost 20 year-to-date.

Elsewhere, Coinbase went public on Nasdaq on Wednesday.

Interestingly, the Dollar remained depressed even after US retail sales figures beat expectations. Retail sales exploded higher in March, surging 9.8% thanks to a combination of better weather, robust job growth, and another wave of pandemic relief checks from the government.

The S&P 500 rallied to a fresh record high near the end of the week thanks to upbeat economic data from the U.S.

On Friday, China was in the spotlight after posting its highest ever recorded GDP growth of 18.3% in the first quarter of 2021.

In the commodities arena, Gold continues to derive strength from falling Treasury yields, a weaker Dollar, and worsening coronavirus conditions in Europe. The rising tensions between the United States and Russia may be the icing on the cake for Gold bulls with prices trading around $1778.50 as of writing.

With earnings season picking up pace in the week ahead and major economies releasing key data, strap on your seatbelts and get ready for more action.

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Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

US, China Show How It’s Done

China posted its highest-ever recorded GDP growth of 18.3% in the first quarter, despite coming in slightly below the market-expected 18.5% print. The broad-based recovery also extended into industrial production, which climbed 14.1% year-on-year last month, while the March retail sales exceeded market forecasts by expanding 34.2% compared to the same month in 2020. Although the year-on-year comparisons are heavily skewed, considering that China was in a lockdown this time last year, it still shows the economy taking meaningful strides into the post-pandemic era.

“China’s stellar economic prints, coupled with Thursday’s better-than-expected data out of the US, shows the global economic recovery is indeed gathering momentum, and such prospects appear to justify the bullish prospects for risk assets moving forward.”

US stocks set to carve fresh peaks in coming week

Global investors will also be eyeing the preliminary US consumer sentiment readings for April due later today. Markets expect consumer sentiment to be at its highest since February 2020, before the Covid-19 pandemic forced lockdowns Stateside. The US consumer sentiment data would also be read amid hopes of a broad-based recovery which have been further fueled by yesterday’s economic data releases, featuring the lowest weekly jobless claims since March 2020 and the highest month-month gain for industrial production since July.

US benchmark stock indices posted new record highs on Thursday as markets cheered signs that the US economy is well and truly getting back on its feet since the pandemic. Although US equity futures now point to a breather when markets open Friday, one would be justified in thinking that new record highs remain in the offing.

“Still, what’s crucial for investor sentiment is that this economic recovery doesn’t show signs of letting up. The global vaccination drive along with the supportive monetary and fiscal measures in major economies all form key components for the risk-on outlook.”

Gold eases as the buck comes up for air

The dollar index (DXY) is attempting to post its first daily advance for the week, though is unlikely to be able to prevent two consecutive weekly declines for the first time since February. The greenback’s support has been eroded with 10-year Treasury yields moving below the psychologically-important 1.60% mark, which in turn allowed spot gold to break above its 50-day simple moving average (SMA) for the first time since early February.

This technical event may offer bullion bulls a whiff of optimism that could spur prices on higher, taking advantage of the fact that real yields lurched deeper into negative territory yesterday. It’s still early days before one can decisively call for a bullion recovery, although to be fair, spot prices have been posting higher highs since March.

“A decisive breach of its 100-day simple moving average which currently resides the psychologically-important $1800 may just do the trick as a clarion call for gold bulls to rush back in.”

Oil benchmarks take heart from economic recovery

Oil prices are set for their biggest weekly advance in six, taking advantage of the moderating dollar seen so far this month. From a technical perspective, the 50-day moving average for the active Brent futures contract has proven itself as a reliable support level in recent weeks, guiding the global benchmark higher.

While the hopeful data out of the US and China this week should support the case for further gains in oil prices, global demand has to show itself robust enough to absorb the incoming OPEC+ supplies starting next month. Otherwise, any major slippage in reining in Covid-19’s spread could then undermine oil’s recent gains.

Open your FXTM account today


Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Will The UK’s Post-Pandemic Recovery Provide Further Support For The Pound?

With the most recent GDP figures suggesting a strong post-pandemic recovery remains possible, it is not unreasonable to ask whether sterling does indeed retain the potential to trade higher.

Continued progress with Covid19 vaccinations

A key factor undermining sterling recently has been the concerns expressed over the AstraZeneca Covid19 vaccine, specifically whether restrictions on its use could cause the UK’s vaccination programme to slow, delaying the economic recovery. Recent losses do indeed look largely attributable to this story. But provided the UK public maintains confidence in the vaccine, no material impact on the pace of vaccinations should be felt; and with the Moderna vaccine now also in the UK’s arsenal, there appears no cause for anxiety that the timetable for ending lockdown restrictions will not be adhered to.

Strong recovery on-track, supported by savings-funded consumption

The UK economy is expected to bounce back rapidly once lockdown measures are finally removed, the IMF forecasting 2021/2022 growth of 5.3%/5.1%, compared to 4.4%/3.8% for the euro-zone and 6.4%/3.5% for the US. Better than expected data emerging so far this year suggests growth may be even stronger than this.  Two variables will be key signals of the possible potency of this recovery: the strength of the propensity to consume, potentially evidenced by the 12thApril reopening of non-essential retail premises; and the willingness to run down the excess savings stock built up during the pandemic to fund an excess level of consumption.

Estimated to be worth around £150bn, a run-down in savings towards pre-pandemic levels would certainly turbo-charge any economic recovery. The BoE expects only around 5% of this savings stock to be spent, a forecast predicated on rising unemployment necessitating higher precautionary savings to be maintained and on most of these savings having been accrued by retired and higher income households, with traditionally a lower marginal propensity to consume.  However, given that there will almost certainly be some element of a spending catch-up, on both goods and social activities, the suggestion is that a larger proportion of this savings stock will be spent, boosting economic activity, and potentially bringing forward a normalisation of fiscal and monetary policy.

A more supportive monetary policy

The direction of UK monetary policy has flipped this year. Negative interest rates are no longer seen and the next move in policy settings is now forecast to be a tightening.  Although current metrics are expected to remain on hold until at least Q4 2022, a stronger recovery could potentially see the need for monetary tightening to begin sooner as rising inflationary pressures demand a policy response.

Downside risks overplayed

Of course, negative factors remain. Other countries will eventually catch-up with the UK with Covid19 vaccinations, while UK lockdown measures are more restrictive than some other countries (for example, the US). The public finances remain weak, and concerns endure over the NI protocol and Scottish/Welsh independence movements. And longer term, the extent to which UK/EU trade is hindered by Brexit could also pull sterling lower.  However, a strong post-pandemic rebound should provide some offset to these negatives, while as the UK continues to sign trade deals with faster growing economies than the EU around the world, pivoting business towards these new partners could see trading volumes potentially rising higher than had Brexit not occurred.

Potential for upside gains remains

The assertion is that strong reasons for remaining positive on sterling continue, the current bout of weakness being seen as caused by short term uncertainties rather than anything more structural. The economic recovery remains on track and as this materialises so the pound will find further support. Add to this the fact sterling remains weak on an historical basis, then the potential for further upside gains appears to still be strong.

‘’This material is provided for informational purposes only and does not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed by Equiti Capital. This material is not, and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide. Please see the full disclaimer here: https://www.equiticapital.co.uk/media/11057/disclaimer.pdf ’’

 

LiteForex Trader Receives A Prize In Dream Car Draw

LiteForex Dream Car Draw final took place in Nigeria

Contest winner drove off in a brand new Hyundai Tucson
On March 6, LiteForex held a live raffle draw as part of Nigeria Dream Car Draw. Innocent Osirim won Hyundai Tucson and received it a few days later at the award ceremony which took place in Lagos, Nigeria.

Lucky Dream Car Draw winner gets his prize

Innocent Osirim was taken aback when he saw his number coming from the raffle drum. After all, there were more than 9000 traders participating in the contest. It wasn’t until his name was written on the prize certificate that he could calm down and start celebrating.
Soon Hyundai Tucson was presented to the LiteForex client at an award ceremony in Lagos.
“Don’t miss the opportunity to trade with LiteForex,” said Mr Osirim before driving off in his brand new car.
At the ceremony, ten Nigerian partners of LiteForex received prizes as well. They got MacBooks Pro 13 as rewards for their loyalty and productive work.

At the moment, LiteForex is busy launching new contests, both regional and worldwide. Their greatest so far is LiteForex Dream Draw that is taking place right now with a prize fund of $350 000. The first prize of this contest is a $250 000 certificate for a dream house anywhere in the world.

Facts about LiteForex

LiteForex is an international Forex broker that has been providing services in the financial markets for more than 15 years. The broker has its own user-friendly trading platform and copy trading system which brings together traders from all over the world.
Floating spreads from 0 pips, 170+ trading instuments, free access to analytical materials from independent experts – and it’s only a fraction of what LiteForex has to offer.
With over 15 years of experience in the financial markets, LiteForex has won 16 international awards, including the Best Retail Trading Platform in MENA countries, Best Copy Trading Platform in Southeast Asia and Best ECN Broker in Africa from Global Brands magazine in 2020.

Ultimate Fintech Awards 2021: Time Is Running Out For Broker Nominations

Founders and organisers of the renowned iFX EXPO, Ultimate Fintech understands the sector. Now through the Ultimate Fintech Awards customers, partners and traders will decide the best brokers of 2021 through a public voting system.

With only a week to go until nominations end, we’ve answered your top questions on the Ultimate Fintech Awards.

#1 What Dates Are The Awards Running?

The awards began in February and will run until June 2021 with various stages leading up to the announcement of the winners. However, the time is ticking for your nominations:

  • Nomination Round: Open until 20 April 2021 – During the Nominations period, companies can apply by filling out the Nomination Form. Each brand can apply in up to 5 award categories.
  • Voting Round: 27 April – 25 May 2021 – During the Voting Round, the industry will be asked to cast their vote in the Ultimate Fintech Awards. Subscribed and logged in users will be able to cast one vote only so make your vote count!
  • Shortlist & Winner Announcements: 1 & 10 June 2021 – The first announcement will be on June 1 2021. This will reveal all the shortlisted brands that have made it to the top of every award category. A final list of winners will be announced on the 10th of June, showing one winner in each category.

#2 Why Nominate Your Broker?

  • Instil Trust in Traders – Traders look for recognised brands before they invest their money. Winning a business award provides a credible third-party endorsement so show other traders with onsite awards badges, blogs and social media updates.
  • Improved Employee Morale – When a company receives a prestigious award, everyone on the team feels better. They appreciate being recognised for their hard work.
  • Snag More PR Opportunities – Reinvigorate your marketing with news of your award, team and success.
  • Get More Business – Winning an Ultimate Fintech award can help boost your company’s profile. This increased awareness could mean more traders, IBs and investors. It can also boost your company recruitment drive.

Nominate your broker for up to 5 award categories here.

#3 What Award Categories Are There?

There are a range of awards to be won in specific categories of Global Awards, Regional Awards and Country Awards. As the name suggests, global awards will determine the winners on a global scale, while regional and country awards will go into more specific categories.

The Ultimate Fintech Awards drill down into specific and outstanding talent – from rising stars to established giants. They also recognise key areas of expertise such as customer service or trading platforms.

#4 Where Are The Winners Published?

Winners will be announced on the Ultimate Fintech website as well as entered in The Ultimate Fintech Leaders 2021 List. The Ultimate Fintech Leaders List is the industry index of the most pioneering companies, showcasing both the shortlisted and winning companies in each category, set to serve traders worldwide. Additionally, winners will be announced through the official Ultimate Fintech channels and newsletters, letting the entire B2B and B2C online trading industry know who took home the winning titles.

Awards are a great way to showcase your brand, platform, services and customer support but time is running out. Nominations are only open until April 20 so head over to the Ultimate Fintech website to nominate your broker!

Wobbly Wednesday? US Earnings Preview

The US government has ordered a pause to administering Johnson & Johnson’s Covid-19 vaccine. On a separate note, the US inflation figures came in higher than expected.

Still, the S&P 500 climbed 0.33% while the Nasdaq 100 advanced by 1.2%, with both indices boosted by the likes of Tesla, Nvidia, and Apple. The Dow Jones index however ended the latest cash session lower by 0.2%, which means we’ll have to wait a bit more before we can witness 34,000 Dow.

US equity futures are holding relatively steady as the next earnings season kicks off today.

The Wall Street 30 minis are trying to ease away from overbought territory, ready to relaunch higher when the next opportunity arises.

Banks first on the roll call

Financial heavyweights are first out of the earnings gates today:

  • JPMorgan
  • Goldman Sachs
  • Wells Fargo

Note that financial stocks have been the second-best performing sector on the S&P 500 so far this year, having climbed by 18.5% year-to-date as markets pin their hopes on the US economic recovery. However, according to FactSet, less than 50% of analysts have a Buy rating on financial stocks heading into the second quarter. Perhaps some of that pessimism stems from the looming tax hikes and tougher regulations under the current US administration.

Still, for the S&P 500 as a whole, this is set to be a bumper earnings season.

Markets would want to see whether some of these estimates, as gathered by FactSet, actually prove true:

  • Record high increase in EPS (earnings per share) estimates of 6%
  • Highest earnings growth in over 10 years of at least 28%

Already, about 60 S&P 500 companies have issued positive guidance for EPS and sales, with that 60 tally already being a record high. Such has been the optimism leading up to the earnings announcements.

“Ultimately, market participants will remain primed to the earnings outlook for the rest of the year, amid the expected economic recovery. Such corporate commentary could determine whether the S&P 500 should soar higher from current levels, even though a pullback from overbought levels appear warranted in the near future.”

Vaccine woes unlikely to dampen risk appetite … for now

Markets have been willing to ignore Johnson & Johnson’s vaccine pause for the time being, nothing the shots by J&J represent only 3.6% of the near-190 million shots delivered in the US so far. Also, the pause may be lifted in a matter of days.

“However, if such concerns escalate and become material enough to derail the economic recovery, that may trigger a pullback in risk assets.”

For Johnson & Johnson’s stock itself, should the 100-day simple moving average (SMA) hold steady as a support level, as it did back in early March, that could help its share price bounce back when its single-shot vaccines can be administered once more. The longer the wait, perhaps the stronger the weakening bias for the stock in the interim as shareholders patience wears thin.

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Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Hot, But Not Too Much

This is all down to two news stories, the first being the US CPI data which jumped as forecast but wasn’t at the highest end of estimates. Energy costs rose over 13% y/y but at first glance, the market is fairly sanguine and appears to be looking through the figures as transitory. Many economists are not too sure and see rising prices closer to 4% in the not-too-distant future. That means the rate hike priced in at the end of 2022 is about right, but the Fed don’t agree judging by the recent speakers.

Don’t Fight The Fed

The dollar is lower as higher inflation readings are seemingly par for the course as far as the Fed is concerned. They have been arguing that significant spare capacity means these numbers will drop back towards its 2% target in due course. Bond yields are also lower having popped higher on the J&J news. If housing prices especially continue on their upward path, together with rapid job creation, then the Fed may have to change course, but “Don’t’ fight the Fed” is a phrase that has stood the test of time!

Dollar Rolling Over

The withdrawal of the Johnson & Johnson vaccine is a blow to the ongoing reopening of the world’s biggest economy. We said last week that USD was at an important juncture and the 200-day moving average looks to be capping any upside. A strong close below 92 could see the DXY break its recent narrow range and move towards 91.50 in the near term.

Bitcoin Hits New Record Highs

The premier cryptocurrency looks to be breaking out in a textbook fashion. We’ve seen a series of higher highs and higher lows since January with the 50-day moving average supporting prices along the way. After cracking $60,000, prices have now pushed above $63,000 with the public offering of Coinbase adding to the euphoria of cryptos in general.

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Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

OctaFX Introduces New Currency Pairs And A New Commodity: ZAR Pairs And XNGUSD

The global Forex broker OctaFX has recently added the South African rand (ZAR) and U.S. Natural Gas (XNG) to its asset pool.

According to the Big Mac Index of the prestigious weekly newspaper The Economist, the South African rand is still one of the most underappreciated currencies worldwide, which makes it one of the rather fascinating and captivating currencies to pair with for trading.

Because of this unique appeal, the currency undergoes periods of high volatility, making pairs like USDZAR a go-to high risk/high-reward kind of play.

At OctaFX, the South African rand comes in the following currency pairs:

  • USDZAR (U.S. dollar/South African rand)
  • ZARJPY (South African rand/Japanese yen)
  • EURZAR (euro/South African rand)
  • GBPZAR (Great Britain pound/South African rand)

Lastly, OctaFX also introduced the currency pair with the commodity U.S. Natural Gas quoted in U.S. dollars (XNGUSD), expanding the trading opportunities even more.

All these new symbols listed above are available both on MetaTrader 4 and MetaTrader 5.

According to OctaFX’s latest update, the maximum leverage for USDZAR, EURZAR, and GBPZAR is 1:500, whereas, for ZARJPY and XNGUSD, it is 1:100.

Traders will want to keep a close look at the economic calendar, as far-reaching news can potentially impact these currency pairs. Anticipating when these catalysts could occur gives the Forex market participant a distinct idea of which order to open with these new and exciting pairs.

OctaFX is a global Forex broker that provides online trading services worldwide since 2011. It offers a state-of-the-art trading experience to over 6.6 million trading accounts worldwide. OctaFX has won more than 40 awards since its foundation, including the ‘Best ECN Broker 2020’ award from World Finance and more recently the 2021 ‘Best Forex Broker Asia’ award and the 2020 ‘Most Transparent Broker’ award from Global Banking & Finance Review and Forex Awards, respectively. The company is well-known for its social and charity activity and its promotions.