economy Archives - The Industry Spread

European Equities Lower after Weak Data

April 18, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, banks, Bitcoin, Brent Oil, ECB, economy, EUR-USD, FED, financial institutions, Fitch Ratings, FOMC monetary policy, monetary policy, Sino-U.S. trade talks, trading platform

Asian stocks finished lower from nine months highs, after worse than expected figures from Japan. Sino-US trade relations were in focus again today as White House economic adviser Larry Kudlow said “very good progress” was being made in talks. The Nikkei225 main index lost 0,89 percent to 22,080, the Hang Seng benchmark in Hong Kong finished 0.46 percent lower at 29,982. Chinese stocks also finished lower, with Shanghai Composite finishing 0.12 percent lower at 3,259, and in Singapore, the FTSE Straits Times index finished 0.17 percent lower at 3,342. Australian equities fell after climbing 25 points at its best levels, those gains were erased following the strong jobs numbers for March. The index edged 3 points higher to 6259.8 and lifting 0.14%for the week.

In commodities markets, Crude oil retreated from recent high at 63.73, boosted by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. The near-term upside target for black gold is at the 65.00 figure, but I expect some profit taking, which can drive the price down to $61. Brent oil is also giving up some cents down to $71,54 per barrel. Gold’s bearish momentum is still intact hitting yesterday the $1271 figure, the lowest levels since April 1st just to start a mild rebound during the Asian session to $1274. XAUUSD‘s technical picture is negative and now strong support stands at the 200-day moving average down to $1250, which if broken can accelerate the downward move to 1200 as sellers are in full control. Strong resistance stands at the $1300 round figure and then at the 50-day moving average around $1305.

XAUUSD Daily Chart

European session started in bearish mood following an uninspiring session in Asian markets. DAX30 is 0.20 percent lower to 12,133, CAC40 is 0.40 percent lower at 5,541 while FTSE100 in London is 0.31 percent lower at 7,448, and the FTSE MIB in Milan is trading 0.78 percent lower at 21,839.

In cryptocurrencies market, Bitcoin (BTCUSD) continues its up and down around the key 200-day moving average at $5,153, currently trading at $5,259 making the daily low at 5,195 and daily high at 5,292. BTCUSD found strong support at the $5,000 level and started the rebound from that figure. Bitcoin immediate support stands at the 50-day moving average at 4,089. Ethereum (ETHUSD) also trades higher to 170, and it is placed nicely above the 100-day moving average, facing strong resistance at 193, the 200-day moving average, while Litecoin (LTCUSD) also follows higher at 80.87. The cryptocurrencies market cap holds above $160.0B.

On the Lookout: Fitch Ratings published its credit review report on the Australian economy, confirming the sovereign rating at AAA with a Stable outlook. Here are the key points: “Momentum in the Australian economy has decelerated in the near term, but still compares well with AAA peers. The slowdown of the Australian economy is due in part to spillovers from the weakening housing market on dwelling investment and household consumption. It expects ongoing housing market correction in Australia to remain orderly. Fitch forecasts Australia’s debt to GDP to begin a downward trajectory in light of the improvement in fiscal performance. Australia’s banking system is well positioned to manage a housing market shock. Australia’s monetary policy is likely to remain accommodative to support economic growth and employment.”

The Japan Nikkei Manufacturing PMI came up to 49.5 in April from the previous 49.2. Yesterday, according to the Department of Commerce, the US trade deficit on goods and services shrank in March at a pace of 3.4% month-on-month to reach $49.4bn (consensus: -$53.6bn), amid a pickup in sales of civilian aircraft.

Fitch Ratings in its latest review on the New Zealand economy, reports that Capital proposals are unlikely to affect New Zealand’s major bank franchises. High household debt in New Zealand is broadly stable but is a key risk. Expect modest deterioration in asset quality in New Zealand over the next year, in part because impaired loan levels are around historical lows. The banks’ strong domestic franchises allow for a stable business model that helps offset continued high macroeconomic risks in New Zealand.

In the macro calendar from Americas today, we have the US retail sales, weekly jobless claims, Philly Fed manufacturing index slated for release at 12:30GMT alongside the releases of the Canadian retail sales and ADP jobs, which will keep the NA traders busy from the onset. At 13:45GMT, the US manufacturing and services PMIs will be published by Markit, followed by the US business inventories data at 14:00GMT. Meanwhile, the speech by the FOMC member Bostic will wrap up a data-heavy Good Friday week.

Trading Perspective: In Forex markets, US dollar is trapped between 96.40 and 96.65, while AUDUSD continues higher for the second day adding 0.084 percent to 0.7189 as Fitch Ratings confirmed the sovereign rating at AAA with a stable outlook. The pair needs to break convincingly above the 200-day moving average at 0.7195 to establish a long term positive momentum. Kiwi underperforms for one more day and trades 10 pips lower at 0.6722.

GBPUSD: The pair slips lower today as the volatility remains at monthly low, losing the short term momentum and trading at 1.3040 below the 200-hour moving average. On the downside, major support will be found at 1.2975 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2942. On the flipside, immediate resistance stands at 1.3195, the high from previous week session, and from there, a major resistance can be found at 1.3232, while 1.3382, the yearly high, will be met with strong supply.

GBPUSD Daily Chart

EURUSD trades up and down around the 1.13 level. The pair made the Asian high at 1.1304 and the low at 1.1289. Euro holds above the 50-day moving average and on the upside is targeting the 100 DMA at 1.1345. Immediate support can be found at the 50-hour moving average around 1.1290, and further bids will emerge at 1.1281 and the 200-hour moving average.

European equities remain in negative mood following recent poor figures in Eurozone. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected.

USDJPY is trading just below the 112 zone, having hit the low at 111.83 and the high at 112.06. Major support for the pair stands at 111.51, the 200-day moving average, and then at the 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.10, the March 2019 high.

USDCAD made the opposite move from yesterday, as it rebounds from yesterdays low at 1.3318 to 1.3352 as oil prices retreat from recent highs. The pair will find immediate support at the 100-day moving average around 1.3315 while extra support stands at 1.3196, and the 200-day moving average which if breached will drive prices down to 1.31 key support. On the upside, immediate resistance stands at 1.34 a break of which can escalate the rebound towards 1.3430.

AUDUSD Eyes 0.72, Gold Continues South

April 17, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, AUD/USD, banks, Bitcoin, Brexit, Brokers, Cryptocurrencies, ECB, economy, financial services, Fitch Ratings, FX trading, monetary policy, OPEC, RBA, trading platform

Asian stocks finished higher close to nine months highs, as investors sentiment was supported by strong Chinese industrial production numbers and better GDP data. In Japan, the Nikkei225 main index added 0.25 percent to 22,277, the highest since December 4th, 2018. The Hang Seng benchmark in Hong Kong finished 0.02 percent higher at 30,109. Chinese stocks also finished higher, with Shanghai Composite finishing 0.33 percent higher at 3,264, and in Singapore, the FTSE Straits Times index finished 0.45 percent higher at 3,347. Australian equities submitted to sellers and ASX 200 index ended lower by 12 points or 0.2%. The ASX 200 continues to trade on lighter volumes with school holidays and the Easter long weekend coming up.

In commodities markets, Crude oil continues north after a two-day consolidation at five months high, the black gold as of writing trades at 64.48 boosted by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. During the weekend, Russia’s Finance Minister Anton Siluanov said that Russia and OPEC might decide to boost production to fight for market share with the United States. On Friday, the weekly release of the Baker Hughes US rig counts showed a decline of 3 rigs giving 1022 figure for the week ended on April 12. The near-term upside target for black gold is at the 65.00 figure, but I expect some profit taking to prevail as oil has reached overbought levels, the RSI trading above 70. Brent oil is also adding to its gains and trades today at $71.94/barrel. Gold’s negative momentum is still intact hitting yesterday 1273 figure, the lowest levels since April 3rd just to start a mild rebound during the Asian session to $1279. XAUUSD’s technical picture is negative and now strong support stands at the 200-day moving average down to $1250, which if broken can accelerate the downward move to 1200 as sellers are in full control. Strong resistance now stands at the $1300 round figure and then at the 50-day moving average around $1305.

The European session started mixed, tracking after sentiment supported by influential Chinese macro figures. DAX30 is 0.06 percent higher to 12,108, CAC40 is 0.01 percent higher at 5,524 while FTSE100 in London is 0.02 percent higher at 7,458, and the FTSE MIB in Milan is trading 0.07 percent higher at 21,934.

In cryptocurrencies market, Bitcoin (BTCUSD) continues its up and down around the key 200-day moving average at $5,153, currently trading at $5,200, making the daily low at 5,167 and daily high at 5,267. BTCUSD finds yesterday strong support at the $5,000 level and started the rebound from that figure. Bitcoin will find support at the 50-day moving average at 4,089. Ethereum (ETHUSD) also trades higher to 165, and it is placed nicely above the 100-day moving average facing strong resistance at 193, the 200-day moving average, while Litecoin (LTCUSD) also follows higher at 79.40. The cryptocurrencies market cap currently holds above $160.0B.

On the Lookout: China supplied today some strong figures, the industrial production rose 8.5% y/y (cf. 5.9%), the retail sales were up 8.7% y/y (cf. 8.4%) and last but not least, Chinese GDP rose 6.4% slightly above analyst’s forecasts.

In Japan, the trade data for March showing its exports fell 2.4% from a year earlier, while the trade surplus sank 33%.

In the macro calendar from the Americas today, we have the Canadian manufacturing sales at 12:30GMT, followed by the US capacity utilization and industrial figures due at 13:15GMT. New Zealand’s GDT price index data will be published around 14:00GMT. Oil traders will await the release of the US API weekly crude stocks data that will be released at 2030GMT.

AUDUSD Hourly (H1) Chart

Trading Perspective: In Forex markets, the US dollar is trapped between 96.40 and 96.65, while AUDUSD after yesterdays pullback continues higher adding 0.24 percent to 0.7192 as RBA April meeting’s minutes was widely read as dovish, and the likelihood of near term rate hike is low. The pair needs to break convincingly above the 200-day higher to establish a long term positive momentum. Kiwi underperforms and trades 30 pips lower at 0.6736.

GBPUSD: The pair trades lower as the pair’s volatility is at a monthly low, losing the short term momentum as it trades at 1.3050 below the 200-hour moving average. On the downside, major support will be found at 1.2975 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2942. On the flipside, immediate resistance stands at 1.3195, the high from previous week session, and from there major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets, open interest shrunk by nearly 1.9K contracts on Tuesday from Monday’s final 151,327 contracts, according to flash data from CME Group. On the other hand, the volume went up by almost 32.7K contracts, reversing the previous drop.

EURUSD managed to rebound from yesterday lows at 1.1280 and regains the 1.13 level. The pair made the Asian high at 1.1316 and the low at 1.1280. Euro holds above the 50-day moving average and now is targeting the 100 DMA at 1.1345. Immediate support can be found at the 50-hour moving average around 1.13, and further bids will emerge at 1.1293 and the 100-hour moving average.

EURO remains in negative mood following recent poor figures in Eurozone. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected.

In Euro futures markets, open interest rose by nearly 3.8K contracts on Tuesday. Volume extended the choppy performance and increased by almost 68.8K contracts.

USDJPY: Same story here as the pair is trading in just 20 pips trading range, having hit the low at 111.91 and the high at 112.15. Major support for the pair stands at 111.51 the 200-day moving average and then at 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.10 the March 2019 high.

Open interest in JPY futures markets increased by 6.9K contracts on Tuesday, recording at the same time the fifth consecutive build. In the same direction, volume partially reverted Monday’s pullback and increased by more than 11K contracts.

USDCAD did the opposite move from yesterday, as it retreats from yesterdays high at 1.3381 to 1.3328 as oil prices continue higher. The pair will find immediate support at the 100-day moving average around 1.3315 while extra support stands at 1.3196 and the 200-day moving average which if breached will drive prices down to the 1.31 key support. On the upside, immediate resistance stands at 1.34, a break of which can escalate the rebound towards 1.3430.

USDCAD Hourly (H1) Chart

Broadridge to Launch Investor Voting App

April 15, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: Broadridge, business, economy, funds, global market, individual investors, investor, market, Tim Gokey, Voting App

The Investor Voting App, which builds on the firm’s mobile voting feature launched in 2011, allows investors to vote directly and receive important regulatory and educational information relating to corporate direction.

Broadridge Financial Solutions has announced the imminent launch of a new app on Android and iPhone for individual investors that allows them to vote and equips them with new tools and educational resources designed to drive more meaningful engagement from social media to government elections.

The app’s single personalized dashboard creates an intuitive, streamlined experience designed to empower people to have their voices heard and exercise their rights.

According to ProxyPulse, individual investors participated in only 28 percent of the total voting opportunities available to them in 2018. Broadridge’s app targets this demographics specifically. This app is the next step in using technology to transform and increase individual investor engagement.

Tim Gokey, President and Chief Operating Officer at Broadridge

Tim Gokey, President and Chief Executive Officer at Broadridge, commented:
“Individual investors have an important voice in the future of the companies that they invest in, yet few realize the power they yield. Their votes not only impact their own financial well-being, but can have lasting effects on our economy and society. This app will empower investors of all kinds to exercise their right to vote and participate in the corporate governance process.”

Through thumbprint and facial recognition, individual investors can sign-in securely as well as sign up for mobile push notifications to alert them of meetings and elections. Banks’ and brokers’ branding will be prominently featured within the app. Investors will be able to review and change their votes, sign up for electronic delivery from their bank or broker and download materials, among other features.

This month, Broadridge launched a firm-specific fund-by-fund comparative securities lending assessment solution for mutual fund companies and the boards that oversee their funds.

The company has further expanded its global market intelligence business with the acquisition of MackayWilliams in mid-2018.

European Market Trades Positive on Steady Risk Appetite, Dovish Central Bank Cues Hamper Progress

April 13, 2019 by Karthik Subramanian Leave a Comment Filed Under: Market News - US Open Tagged: Brexit, Dovish Central Bank, economy, European market, European Market Trades, gold, investors, silver, Steady Risk Appetite, trading, US Market, WTI benchmark

While European market is seeing positive price action on upbeat macro data and Brexit delay which supports steady risk appetite, dovish central bank cues continue to hamper progress in major global markets.

Summary: Major equities and benchmark indices in the global market see mixed activity in Asian and European markets yet another day. Increasing anxiety over a global economic slowdown continues to keep gains in check capping momentum influenced by upbeat macro data. This has resulted in US Wall Street seeing mixed price action last night, which then carried forward into Asian market hours with Chinese market seeing sharp declines while Japanese & Singapore markets seeing positive price action. While Chinese trade balance saw positive growth, the imports have seen sharp decrease which shows impact of ongoing trade war between US and China and boosts concerns on possibility of a slowdown in Chinese industrial activity. However, European market is seeing all major indices and equities trade positive across major stock exchanges with positive support stemming from upbeat macro data and ease of concerns surrounding Brexit in immediate future. USD denominated major global currency pairs continue to trade positive in global market on upbeat investor risk appetite in European market hours.

Precious Metals: Both gold and silver gained positive momentum in the global market today. The upside movement was inspired by a spell of mixed investor sentiment in US & Asian markets. Concerns of global economic slowdown, dovish central banks helped precious metals climb up while dovish USD added further support to upward price momentum albeit price of both gold and silver remaining below critical levels.

Crude Oil: Crude oil price saw positive momentum in the global market today in both Brent and WTI benchmark indices. Both spot Forex and futures crude oil contracts rose near 2019 highs as concerns of supply disruption stemming from middle east on political tensions and OPEC enforced supply cut agreement on member nations greatly outweigh influence from any other macro data updates and market headlines providing solid fundamental support to crude oil bulls.

USD/JPY: With equities rallying in the global market despite mixed cues and risk appetite remaining high in Forex and equity market, JPY is seeing reduced demand. While there is some level of risk averse action in the market it is yet to spike to level where people flock to yen and this has helped USD maintain upper hand despite Greenback’s prevalent weakness in the global market. Also US T.Yields rising to monthly highs provided some support to USD bulls helping the pair scale 5 week tops.

European Market Trades Positive on Steady Risk Appetite, Dovish Central Bank Cues Hamper Progress

On The Lookout: With key geo-political events and updates out the way as trading session comes to an end for the week, price action is driven by broad based investor sentiment. Regardless of tensions flaring earlier this week with headlines hinting at possible escalation of trade tensions, neither Sino-U.S. nor E.U.-U.S. trade talks have made any major progress. Brexit has been postponed albeit not to expected extent disappointing investors across the globe but the influence from all above mentioned events and updates have already seen their fair share of activity in the market. As investors still remain cautious of possible global economic slowdown, cues from dovish global central banks and general risk appetite in the market are the only factors contributing to price action in the market today. European markets are seeing positive equity and Forex market price actions but better than expected EU area macro data updates had little to do with the rally. Investors now await US trade data and Michigan consumer sentiment/expectations data for short term trading cues and profit opportunities.

Trading Perspective: The day ahead is likely to see major equities and benchmark indices consolidate their hold over weekly price range with US macro data influenced rally providing short term profit opportunities.

EUR/USD: The pair trades positive with sharp upward boost in Asian market hours over demand from Japanese banks with positive macro data also providing some level of fundamental support pushing the pair to 2-week highs. The pair has since maintained range bound price action near intra-day highs as USD’s strength on rebound in U.S. T.Yields is capping further upside move. Investors await US trade data for directional cues and the pair could scale mid-1.13 handle in case the data disappoints.

GBP/USD: Despite slight downside move earlier on the day on rebound in U.S. T.Yields, the pair erased all intra-day loss and staged sharp upward price action. Prevalent risk appetite that influenced USD sell off in the market today greatly helped in Sterling’s recovery. But lack of progress in UK cross party talks continue to pressure GBP bulls keeping the pair from climbing back above 1.32 handle which could pave way for moving towards 2019 highs. Investors await US trade data for directional cues.

USD/CAD: The pair retreated from weekly highs hit on crude oil decline earlier this week as Crude oil price rebound in the global market. Rebound in U.S. T.Yields is the main reason the pair didn’t see sharp slide today given the prevalent risk appetite and USD sell off in the global market which combined with upbeat US crude oil price could have pushed the pair back below 1.30 handle. Investors now await US macro data for short term profit opportunities as trading session comes to close for the week.

The Central Review Group is referred to as FINRA’s Point Guard

April 11, 2019 by Michael Volpe Leave a Comment Filed Under: Feature Articles Tagged: Central Review Group, economy, FINRA, FINRA Board, Fintech, fraud, NASD, NYSE, OFDMI, risk management

FINRA

FINRA, the Financial Industry Regulatory Authority, is a self-regulatory organization created in 2007 when the regulatory arms of NYSE and NASD merged.

Tony Cavallaro heads the CRG, and he was the latest guest on FINRA’s podcast, Unscripted.

Cavallaro said that following key investigative missteps in the Bernie Madoff and Allen Stanford cases, FINRA went through a review in 2009.

FINRA revolutionized not only how it investigated wrongdoing but also processed information.

Two ideas were the creation of the Office of Fraud Detection and Market Intelligence (OFDMI), and its nerve center, the Central Review Group, which Cavallaro runs.

The CRG is one of four groups within OFDMI and the head of the insider trading group, Sam Draddy, had also previously been a guest on Unscripted.

As previously mentioned, the CRG is referred to as FINRA’s point guard and Cavallaro explained why, “Since we’re responsible for reviewing pretty much all the incoming matters into FINRA, and then working with a bunch of people determining the right place within FINRA; it’s a perfect name for the central review group.”

Cavallaro said information comes in different ways: media, corporate filings, whistleblowers, and others.

It can also trigger a variety of actions. A news story on a fraud by a broker/dealer could trigger an investigation to remove their FINRA license.

In another case, it turned into an alert for member firms. In this case, information which came into the CRG led to the uncovering of a phishing email scam. Here is part of a press release at the time, February 13, 2019.

“FINRA warns member firms to be on the lookout for a fraudulent phishing email that is currently circulating. Brokerage firms reported to FINRA that they had received suspicious emails targeting their compliance personnel. The email appears to be from a legitimate credit union attempting to notify the firm about potential money laundering involving a purported client of the firm.” FINRA stated. “The email directs the recipient to open an attached document—which likely contains a malicious virus or malware designed to obtain unauthorized access to the recipient’s computer network.”

In another case, FINRA uncovered a scam involving fake checks purportedly from FINRA. Here is part of that press release.

“Fake checks purported to be issued by FINRA appear to be back in circulation in 2019. FINRA fielded two calls in late February from individuals who received unexpected ‘FINRA’ checks. The checks are counterfeit and may arrive by special delivery and require a recipient’s signature.” FINRA stated. “The arrival of these checks may be linked to job search scams, though some past callers noted that there appeared to be no direct reference to a job search relationship accompanying the mailing—just a check out of the blue. We are updating and reissuing this alert to reiterate the risks of cashing unexpected checks and offer tips to avoid being a check scam victim.”

In other cases, it could lead to a more mundane but helpful result, for a member firm. Cavallaro noted that in 2011 FINRA changed rules so that an amendment on a filing called the U5 did not also have to be done on another form, which was the rule until then.

Even though it is eight years later, Cavallaro said he still gets – as recently as last month- duplicate filings.

In that case, the firm is contacted and made aware of the rule. Thus, the firm saves precious time on paperwork.

ECB and FED Without Surprises, Major Pairs Flat After Brexit Extension

April 11, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Airbus, Asian stocks, banks, Bitcoin, Brexit, Brexit extension, Cryptocurrencies, ECB, economy, EUR-USD, FED, financial services, FOMC, FX trading, Iran sanctions, monetary policy, Sino-U.S. trade talks, trading platform

Asian stocks finished mostly lower, as investors digest updates from both the European and US central banks. Yesterday, the IMF cut its GDP prediction for the third time in the last six months to the lowest since 2009. US President Donald Trump also threatened to impose tariffs on $11 billion of European Union (EU) imports as retaliation on what he claims to be unfair subsidies to Airbus. In Japan, the Nikkei225 main index added 0,11 percent to 21,711, the Hang Seng benchmark in Hong Kong finished 0.63 percent lower at 29,927. The Shanghai Composite underperformed, finished 0.80 percent lower at 3,215 and in Singapore the FTSE Straits Times index finished 0.04 percent higher at 3,330. Australian equities fell slightly on Thursday, with the ASX200 benchmark down by 0.4 percent or 24.8pts to 6198.7.

In commodities markets, Crude Oil consolidates at a five-month high and holds recent gains at 64,24 supported by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. The near-term upside target is the 65.00 figure, but I expect some profit taking to prevail as the black gold has reached overbought levels, the RSI trading above 70. Brent oil started the week with a gap up and trades today at $71.42/barrel also holding recent highs. Gold rebounded yesterday above $1300 at two weeks high, supported by escalating geopolitical tensions concerning Tripoli, the Libyan capital. The precious metal is trading today at $1307.50, making the daily high during Asia session at 1,309 and the low at 1,305. XAUUSD technical picture is positive, and now immediate support stands at the 50-hour moving average at $1300, which if broken can accelerate the downward move to 1293 and the 200-hour moving average. Strong resistance now stands at the $1309, the 50-day moving average, and I expect the bears to defend $1309 with full force.

European session started in mixed fashion as the Brexit deadline extended for one more time, DAX30 is 0.23 percent lower to 11,870, CAC40 is 0.16 percent higher at 5,458 while FTSE100 in London is 0.33 percent lower at 7,396 and the FTSE MIB in Milan is underperforming, trading 0.56 percent lower at 21,546.

In cryptocurrencies, Bitcoin (BTCUSD) consolidates above the 5,000 mark, and the key 200-day moving average resistance at $5,225 making the daily high at 5,338. Bitcoin will find support at the 50-hour moving average at 4,514. The rally in BTC triggered bids across the industry with Ethereum (ETHUSD) underperforming today, trading 10 dollars lower today at 171 and Litecoin (LTCUSD) lost 3 dollars to 85.55.

On the Lookout: The FOMC minutes suggested that members generally favor being patient for the remainder of the year, the European Central Bank announced that the Governing Council left the interest rate unchanged while Mario Draghi noted that the risk of recession for the Eurozone remains low for now.

In Brexit front, the EU struck a final accord and offered a flexible Brexit deadline extension until Oct 31st to the UK, leaving doors open for an early exit if the PM May manages to clinch a Brexit deal.

In its 2019 World Economic Outlook yesterday, the International Monetary Fund slashed its prediction for the rate of growth in global GDP in 2019 by 0.4 percentage points to 3.3% and that for 2020 by 0.1 percentage points to 3.6%.

Trading Perspective: In Forex markets, most majors are sticking to tight trading ranges for one more day as the ECB and FED failed to impress investors. AUDUSD is trading 0.14 percent lower at 0.7160 near a two-week high, after the government called for a Federal Election for May 18. Generally, an Australian election has not had a meaningful impact on FX markets. However, there are signs that Aussie investors can be a little hesitant in the lead-up to an election due to concerns about policy changes. Over the past five elections, the AUD has been a little soft and volatile at times in the weeks heading into an election and has stabilised once Australians have voted. Kiwi is trading 10 pips lower at 0.67.53. The US dollar index is trapped in mid 96.

GBPUSD Hourly (H1) Chart

GBPUSD consolidates between the 50 and 200-day moving average. Today the pair is trading flat at 1.3085 (low at 1.3076, high at 1.3107) as the Brexit deadline extension is likely good news for Cable. On the downside, major support will be found at 1.2977 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2929. On the flipside, immediate resistance stands at 1.3195 the high from previous week session, and from there major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets, open interest shrunk by just 326 contracts on Wednesday from the previous session. Volume followed suit, down by 35.2K contracts, reversing the previous build and prolonging the erratic performance seen as of late.

EURUSD is trading flat after Mario Draghi failed to start any new trend. The pair is trading today at 1.1281 at the daily high. The pair needs to break above 1.13 to give bulls a breath and then approach the 50-day moving average at 1.1329 to establish a short term bullish momentum. Immediate support can be found at the 100-hour moving average around 1.1215. Comments from ECB and FOMC today will provide the cues for the next short term trend for the pair.

EURO remains in a negative mood following recent poor figures in the Eurozone. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected.

On the Euro political front, headwinds are expected to emerge in light of the upcoming EU parliamentary elections, where the focus of attention will be on the potential increase of the populist and right-wing option among voters.

In Euro futures markets, traders added just 721 contracts to their open interest positions on Wednesday. In the same direction, volume increased by around 62.5K contracts.

USDJPY: The pair is trading higher today at 111,10 having hit the low at 110.89 and the high at 111.16. Major support for the pair stands at 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.06 the March 2019 high.

Open interest in JPY futures markets rose by 742 contracts on Wednesday, while volume shrunk by around 12K contracts, partially reversing the previous build.

USDJPY Daily Chart

USDCAD gains momentum and recovers from 1.33 to 1.3353 and then printed a fresh weekly low at 1.3292, which now acts as strong support. The pair will find extra support at 1.3285, and the 50-day moving average which if breached will drive prices down to 200-day moving average key support. On the upside, immediate resistance stands at 1.34 a break of which can escalate recent rebound towards 1.3430.

New Zealand Leaders Stand Together

April 11, 2019 by industryspread Leave a Comment Filed Under: Central Bank Annoucements Tagged: Bank, Christchurch mosque attacks, Darden programme, discrimination, economy, EY, organisation, racism, RBNZ, Reserve Bank Of New Zealand, societal change, workplaces

Emerging New Zealand leaders seek support from NZ CEOs to foster inclusive and diverse workplaces following Christchurch mosque attacks.

A group of emerging leaders has published a letter calling for CEOs and other leaders across the country to enable a better, safer and more inclusive New Zealand following the Christchurch mosque attacks on 15 March.

The letter, already supported by organisations including the Reserve Bank of New Zealand and Ernst & Young (EY), commits to addressing discrimination and creating more inclusive environments within New Zealand workplaces.

“As leaders, this is a critical time for us to reflect, listen, learn and most importantly empower change to enable a better, safer, more inclusive country that embraces diversity for our people,” the letter reads.
“Unfortunately, racism and discrimination are still a part of daily life for many New Zealanders. We have a responsibility as leaders to ensure this ceases – not just for ourselves, but for our children, families, friends, colleagues, communities and future generations. Now is the time to act with strength and to use aroha and respect to forge a pathway forward.”

The letter, published at www.nzstandtogether.co.nz and on the LinkedIn page ‘NZ Leaders Stand Together’ was initiated by a group of emerging leaders graduating from the Darden Executive Programme as the events in Christchurch unfolded on 15 March.

Executives across New Zealand are being encouraged to become signatories to the open letter and join the dedicated LinkedIn group which has been set up for leaders to chat and share resources that support organisations to undertake the actions laid out in the letter.

Organisations that sign the letter are pledging to create a culture where people are empowered to speak up when they observe casual or systemic discrimination in the workplace. The organisations are also promising to provide the training, tools and techniques to support inclusive behaviour, to regularly review internal processes, and to celebrate and acknowledge the value of diversity in the workplace.

Spokesperson for the group, Sharon Davies, CEO of Talent Propeller and a 2019 Darden alumni member, said two of the key threads in the programme were inclusive growth and leadership that embraced diversity.

“While many might argue New Zealand is already a progressive and inclusive country, the mosque attacks highlighted that we still have a long way to go before we can say racism and discrimination aren’t problems here,” said Ms Davies.
“So, as emerging leaders within a range of New Zealand organisations, we recognised that we could leverage our own networks and drive real change within New Zealand workplaces to build a better future for all New Zealanders.”

Reserve Bank Governor Adrian Orr and EY NZ Managing Partner Simon O’Connor said they were committed to ensuring a positive and inclusive environment for their organisation’s employees today and in the future, and called on others to show their support for the initiative too.

Adrian Orr
“Being a signatory to the open letter is a public way of sharing our commitment to developing and promoting inclusive, diverse and safe workplaces. Some organisations are further along in this journey than others, yet collectively we will work together to empower change. We hope more organisations will join us,” Mr Orr said.
“The events in Christchurch have been a wake-up call for many New Zealanders. Now is the time to make real change that fosters a safer, better future for all of our people and we are pleased to be making that commitment today along with many other New Zealand organisations. We hope more will join us today,” Mr O’Connor said.

Organisations already signed up to the commitment laid out in the letter include Aeroqual, Auckland Transport, Ernst & Young, Grounded Packaging, Heartland Bank, LMAC New Zealand Limited, Plant and Food Research, Porirua City Council, Propellerhead, Reserve Bank of New Zealand, Refining NZ, Synlait Milk Limited, Tainui Group Holdings, Talent Propeller, Te Korowai Hauora o Hauraki, The Babysitter’s Club, and Waikato-Tainui College for Research & Development.

The Chief Commissioner of the Human Rights Commission, Paul Hunt, supports the initiative.

“It’s up to all of us to stand up to racism, including in the workplace. I applaud the business leaders who have signed the open letter for speaking out today,” Mr Hunt said.
“I encourage organisations to leverage the resources available on the Human Rights Commission’s Give Nothing to Racism website to support their pursuit of more diverse and inclusive workplaces,” he said.

The initiative is also supported by Hon Lianne Dalziel, Mayor of Christchurch, who is also an alumnus of the Darden Executive Programme.

“We will not be defined by what happened on the 15th of March 2019, we are defined by what followed – the unity, the love, the compassion and the kindness,” Ms Dalziel said.

Organisations can join this commitment and become a signatory to this letter by emailing signup@nzstandtogether.co.nz or joining up at www.nzstandtogether.co.nz.

ABOUT NZ LEADERS STAND TOGETHER

How did this initiative come about?

This Open Letter is an initiative led by a group of the 2019 cohort of the New Zealand-based Darden Executive Programme (which is offered by the University of Virginia Darden School of Business in the US). This cohort graduated from the programme on 15 March – the day of the Christchurch mosque attacks.

A large part of the Darden Executive Programme is focused on diversity and inclusion and the continuing need for leaders across business, Government and the non-profit sector to lead the way in acknowledging, understanding and engaging difference.

These discussions and learnings have inspired the cohort to commit and contribute to influencing positive societal change in our country.

What are you hoping to achieve with it?

We hope New Zealand leaders and their organisations will get behind this campaign to support a more tolerant, inclusive and safer New Zealand.

We’d like to see real change made within New Zealand workplaces and society so prejudice and discrimination, whether intentional or casual, are no longer accepted.

We want to establish this initiative as an ongoing discussion so that the commitment organisations make as specified in our open letter remains a priority and isn’t forgotten over time.

We’re proud to have the support of the Human Rights Commission to align ‘NZ Leaders Stand Together’ with their ‘Give Nothing to Racism’ campaign. Our goals are aligned, and we are committed to working with the Commission to make positive change. More information is available at https://givenothing.co.nz.

What are your expectations of organisations who sign up to support this initiative?

We hope that organisations:

Commit to leading and ensuring implementation of the changes and behaviours as listed in the Open Letter.
Develop, if they haven’t already, diversity and inclusion policies that reflect this commitment.
Act as champions for a better, safer, more inclusive New Zealand to support positive change and ensure it remains a priority for New Zealand leaders and their organisations.

We will utilise our Linkedin page to foster and encourage discussion and information sharing about the progress being made to eradicate prejudice and discrimination.

The Human Rights Commission has tools and resources that are available to organisations to use to work towards these outcomes. Those can be found at https://www.hrc.co.nz/resources/ and https://givenothing.co.nz/download.

What are some examples of procedures that organisations already have in place?

The signatories to the letter come from a diverse range of organisations, and accordingly their journeys to embrace diversity and inclusiveness are at different stages. As signatories they are actively and openly committing to undertaking the actions set out in the letter, which will help to enable all these organisations to continue this journey to influence positive societal change in New Zealand.

We encourage signatories to share their experiences, case studies and resources with each other via our LinkedIn page to ensure that we all learn from good practices and outcomes.

How many graduated from the Darden programme?

Forty-three emerging leaders from a diverse range of New Zealand business, public sector, non-profit and iwi organisations successfully completed and graduated from the two-week Darden programme, which was held in Taupo from 3-15 March 2019.

When did the Darden programme begin? What is the history? What is involved in the programme?

The Darden Executive Programme is designed to challenge participants to push their limits in leadership and strategy. It is currently in its 26th year of delivery in New Zealand and alumni now number more than 1,400. Who are the individuals behind this initiative? What are their roles/level of seniority?

Members of the working group are:

Aaron Kenny, Strategic Finance Manager, Synlait Milk Limited
Ben Grant, Founder and Director, Grounded Packaging
Bridget Jolly, Associate Director, Ernst & Young Limited
Darryn Grant, Manager City Growth & Strategic Property, Porirua City
Jane Small, Group Manager Property & Planning, Auckland Transport
Ruth Russell, Associate Director, Ernst & Young Limited
Sharon Davies, Founder and Director, Talent Propeller
Sonya Haggie, Communications Advisor, Tainui Group Holdings
Vanessa Rayner, Manager Industry Insights & Thematics, Reserve Bank of New Zealand

ECB and FED on Spotlight Today

April 10, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: AUD/USD, Bitcoin, Brexit, brokerage, Cryptocurrencies, ECB, ECB Interest Rate, economy, EUR-USD, FED, FOMC, Iran sanctions, monetary policy, Sino-U.S. trade talks, trading platform

Asian stocks finished on a negative ground, as investors turned cautious after IMF cut its GDP prediction for the third time in the last six months to the lowest since 2009, and Brexit developments. US President Donald Trump also threatened to impose tariffs on $11 billion of European Union (EU) imports as retaliation on what he claims to be unfair subsidies to Airbus.

In Japan, the Nikkei225 main index added 0,53 percent lower to 21,687, the Hang Seng benchmark in Hong Kong finished 0.31 percent lower at 30,060. The Shanghai Composite was 0.20 percent higher at 3,246 and in Singapore, the FTSE Straits Times index finished 0.04 percent lower at 3,320. Australian equities recovered from morning’s lows to finish flat on Wednesday for the second session. The ASX 200 was down as much as 0.36 percent this morning; however, gains from the big banks and gold miners helped offset the losses.

XAUUSD Daily Chart

In commodities markets, Crude Oil rally is intact at a five-month high and holds recent gains above 64, supported by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. The near-term upside target is the 65.00 figure, but I expect some profit taking to prevail as the black gold has reached overbought levels. Brent oil started the week with a gap up and trades today at $70.80/barrel some cents away from the recent highs. Gold rebounded yesterday above $1300 at two weeks high, supported by escalating geopolitical tensions concerning Tripoli, the Libyan capital. XAUUSD technical picture is positive, and now immediate support stands at 50-hour moving average at $1300, which if broken can accelerate the downward move to 1293 and the 200-hour moving average. Strong resistance now stands at the $1307, the 50-day moving average, expect the bears to defend $1307 with full force.

European session started in easy tones as the Brexit deadline for leaving the European Union is getting closer and investors are awaiting Mario Draghi’s comments on Eurozone growth prospects. DAX30 is 0.18 percent higher to 11,869, CAC40 is 0.12 percent higher at 5,442 while FTSE100 in London is 0.15 percent lower at 7,414 and the FTSE MIB in Milan is trading 0.08 percent higher at 21,694.

In cryptocurrencies, bitcoin (BTCUSD) consolidates above the 5,000 mark, and the key 200-day moving average resistance is at $5,225, making the daily high at 5,271. Bitcoin will find support at 50-hour moving average at 4,514. The rally in BTC triggered bids across the industry with Ethereum (ETHUSD) outperforming today, trading now at 181 and Litecoin (LTCUSD) gains 2 dollars to 88.95.

On the Lookout: In its 2019 World Economic Outlook, the International Monetary Fund slashed its prediction for the rate of growth in global GDP in 2019 by 0.4 percentage points to 3.3% and that for 2020 by 0.1 percentage points to 3.6%.

EU leaders for one more time are set to meet to discuss and decide on whether to grant the UK another Brexit extension and, and in that case, for how long. The US inflation figures, FOMC minutes and the ECB meeting are key events later that will keep investors busy.

Key upcoming events:

10/04/2019 ECB Interest Rate Decision

10/04/2019 Emergency EU Council Meeting

29/03/2019 (12/04/2019) UK leaves the European Union

18/04/2019 Dissolvement of current EU Parliament

Trading Perspective: In Forex markets today most majors are sticking to tight trading ranges, AUDUSD is trading 0.35 percent higher at 0.7148 near a two-week high, supported by positive comments from RBA Deputy Governor Debelle on economic growth and domestic labor market, while Kiwi is also higher at 0.67.53 tracking AUD and strong commodity prices led by oil. The US dollar index ranges in mid 96 awaiting FOMC meeting for clues about the US interest rate outlook.

AUDUSD Hourly (H1) Chart

GBPUSD consolidates between the 50 and 200-day moving average. Today the pair is trading flat at 1.3072 (low at 1.3038, high at 1.3079) as investors follow the Brexit news. On the downside, major support will be found at 1.2977 at the 200-day moving average while solid protection can be found at a 100-day moving average around 1.2929. On the flipside, immediate resistance stands at 1.3195 the high from previous week session, and from there, major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets, open interest traders added more than 1K contracts to their open interest positions on Tuesday, while volume extended the choppy performance, rising by around 41.2K contracts.

EURUSD yesterday managed to break into the three-month trading range for one more time. The pair is flat today 1.1266 just shy of yesterday high. The pair needs to break above 1.13 to give bulls a breath and then approach the 50-day moving average at 1.1329 to establish short term bullish momentum. Immediate support can be found at the 100-hour moving average around 1.1215. Comments from ECB and FOMC today will provide the cues for the next short-term trend for the pair.

In Euro futures markets, open interest shrunk by more than 1.7K contracts on Tuesday, according to preliminary figures from CME Group. In the same line, volume reversed two consecutive builds and decreased by around 14.2K contracts.

USDJPY: The Bank of Japan on Monday cut its assessment for three of the country’s nine regions, the biggest number of downgrades in six years, suggesting that the hit to exports and factory output from slowing overseas demand is broadening, The pair is flat today at 111,16 having hit the low at 111.05 and the high at 111.24. Major support for the pair stands at 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.06, the March 2019 high.

Open interest in JPY futures markets shrunk by around 3.8K contracts on Tuesday from Monday’s final 169,698 contracts, the first drop after four consecutive builds. On the other hand, volume increased by nearly 22K contracts.

USDCAD consolidates just above 1.33 having lost almost 70 pips earlier this week, erasing the gains of the previous week. It printed a fresh weekly low at 1.3292, and it is holding near the bottom, with the bearish tone intact. The pair will find support at 1.3285, and the 50-day moving average which if breached will drive prices down to 200-day moving average key support. On the upside, immediate resistance stands at the 100-hour moving average at 1.3346 while more supply for the USD will be met at the 200-hour moving average around 1.3360.

DGCX’s Spot Gold Contract Receives Further Shari’ah Certification

April 10, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: Certification, DGCX, Dubai, economy, financial economy, gold, Islamic financial economy, Matar Al Zahrani, Spot GOLD, Spot Gold Contract, trading platform

Minhaj Advisory issues Shari’ah Pronouncement (Fatwa) determining that contract is in line with Islamic rules and principles

The Dubai Gold & Commodities Exchange (DGCX) has received a new Shari’ah certification for its Shari’ah Compliant Spot Gold contract (DGSG). The Shari’ah Pronouncement (Fatwa) was issued by Minhaj Advisory, a leading Dubai-based Islamic advisory firm, and determined that DGSG meets all the necessary Shari’ah requirements in line with Islamic rules and principles.

The DGCX, with the support of Ayedh Bin Dejem Group, one of the largest oil transportation and storage platforms in the region, launched the GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract in March last year. Amanie Advisors LLC, another leading global Islamic Finance advisory firm, was involved with advising DGCX on the product structure and issued a Fatwa affirming that it is Shari’ah compliant in December 2017.

Les Male, Chief Executive Officer of the Dubai Gold & Commodities Exchange (DGCX)
Les Male, CEO of DGCX, said: “We are delighted to receive further Shari’ah certification for our Spot Gold Contract and help shape the progressive role Dubai is playing in developing the Islamic finance sector. We are confident that this Fatwa will encourage new participants to trade and invest in the world’s only exchange-traded Shari’ah compliant gold product while giving additional confidence to existing Islamic investors. These types of financial instruments are significantly increasing in popularity, and greatly reflect the growing potential of Islamic finance across the UAE and wider GCC region.”
Professor Yousef Abdullah Al Shubaily, Shari’ah Advisor, Minhaj Advisory, said: “Our vision is to lead and excel in meeting the needs of financial institutions in accordance with the rules and principles of Shari’ah. With this unique product, the DGCX has demonstrated its commitment to meeting the standards put forward by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), while underpinning Dubai’s vision to become the global capital of Islamic finance.”
Matar Al Zahrani, CEO, Ayedh Bin Dejem Group, added: “Islamic finance is extending its influence across the globe with more and more institutions embracing Shari’ah compliant instruments. DGCX’s Shari’ah Compliant Spot Gold Contract is a terrific example of this, and its success shows the growing appetite for Islamic financial products and services.”
Last year, the DGCX partnered with the Dubai Islamic Economy Development Centre (DIEDC) to strengthen Dubai’s Islamic finance economy, agreeing to share knowledge, promote Shari’ah compliant finance, and put a framework in place to help introduce other successful Islamic products on the DGCX trading platform with the aim of ensuring that as a hub, Dubai remains at the forefront of theIslamic financial

Gold Breaks Above 1300, EURUSD at Two Weeks High

April 9, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, Bitcoin, Brexit, Brexit developments, Cryptocurrencies, ECB, economy, EU Parliamentary elections, EUR-USD, FED, monetary policy, Sino-U.S. trade talks, trading platform

Asian stocks finished slightly positive, as investors follow recent positive signs of the China-US trade deal, first-quarter earnings which kick off on Friday with the US banks reporting, and Brexit developments. In Japan, the Nikkei225 main index added 0,19 percent to 21,802, the Hang Seng benchmark in Hong Kong finished 0.21 percent higher at 30,140. The Shanghai Composite was 0.15 percent lower at 3,239, and in Singapore, the FTSE Straits Times index finished 0.11 percent lower at 3,319. Australian equities struggled for direction on Tuesday with the ASX 200 swinging between gains and losses throughout the day. The index ended the session flat at 6221.8.

In commodities markets, Crude Oil rally is intact at five-month high and continues higher at 64.50, supported by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. The near-term upside target is at 65.00. Brent oil started the week with a gap up and trades today at $71.03/barrel. Gold is getting bids and trades at two weeks high at $1298 supported by escalating geopolitical tensions concerning Tripoli, the Libyan capital. XAUUSD technical picture is neutral, and now immediate support stands at the 100-day moving average at $1277, which can accelerate the downward move down to new YTD lows at the 200-day moving average at $1247. Strong resistance now stands at the $1300 round figure and then at the 50-day moving average, expect the bears to defend $1307 with full force.

European session started mixed today as the Brexit deadline for leaving the European Union is getting closer, DAX30 is 0.13 percent lower to 11,947, CAC40 is 0.10 percent higher at 5,477 while FTSE100 in London is 0.05 percent lower at 7,448 and the FTSE MIB in Milan trading 0.23 percent higher at 21,822.

In cryptocurrencies, Bitcoin (BTCUSD) holds above the 5,000 mark and the key 200-day moving average resistance at $5,225 and now trades at 5,219 making the daily high at 5,305. Bitcoin will find support at 50-hour moving average at 4,514. The rally in BTC triggered bids across the industry with Ethereum (ETHUSD) trading now at 176 and Litecoin (LTCUSD) jumping to 86.65.

On the Lookout: Australia’s housing finance approvals posted a modest gain in Feb, as the total number of owner-occupier loans ex refi rose 0.8%mth, slightly better than the consensus forecasts of a 0.5% gain. In Brexit front, PM Theresa May visits German Chancellor Merkel and France President Macron ahead of the EU summit tomorrow. The US releases its NFIB Small Business Index as well as JOLTS Job Openings. Job Openings, which exclude the farming industry, are forecast to fall to 7.54 million from 7.58 million.

Central banks will be in focus as both the Fed releases its minutes from its last meeting and the ECB meet tomorrow.

Key upcoming events:

10/04/2019 ECB Interest Rate Decision

10/04/2019 Emergency EU Council Meeting

29/03/2019 (12/04/2019) UK leaves the European Union

18/04/2019 Dissolvement of current EU Parliament

Trading Perspective: Forex markets in Asia started strong, AUDUSD is trading 0.25 percent higher at 0.7149 near a two-week high, supported by upbeat Australian housing finance data while Kiwi is also higher at 0.67.53 due to an increase in commodity prices led by oil and USD weakness. US dollar index lost the 70 mark and currently trades at 96.60.

GBPUSD Daily Chart

GBPUSD consolidates between the 50 and 200-day moving average. Today the pair trading flat at 1.3061 as investors follow the Brexit news. On the downside, major support will be found at 1.2977 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2929. On the flipside, immediate resistance stands at 1.3195, the high from previous week session, and from there major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets open interest shrunk by around 3.2K contracts on Monday. The volume dropped by nearly 27K contracts, extending the choppy performance seen in past sessions.

EURUSD yesterday managed to break in the three-month trading range for one more time. The pair is flat today 1.1265 at yesterday high. The pair needs to break above 1.13 to give bulls a breath and then approach the 50-day moving average at 1.1329 to establish short term bullish momentum. Immediate support can be found at the 100-hour moving average around 1.1215.

EURO remains in negative mood following recent poor figures in the Eurozone. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected.

In Euro futures markets, traders added just 63 contracts to their open interest positions at the beginning of the week from Friday’s 498,110 contracts. In the same line, volume rose for the second session in a row, this time by around 10.3K contracts.

USDJPY: The Bank of Japan on Monday cut its assessment for three of the country’s nine regions, the biggest number of downgrades in six years, suggesting that the hit to exports and factory output from slowing overseas demand is broadening, The pair is down 0.19 percent to 111,27 having hit the low at 111.23. Major support for the pair stands at the 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.06, the March 2019 high.

Open interest in JPY futures markets rose for one more session, this time by almost 1.3K contracts. Volume, instead, decreased by around 8.2K contracts, offsetting the previous build.

USDCAD consolidates around 1.33 after yesterday lost almost 70 pips, erasing the gains of the previous week. It printed a fresh 4-day low at 1.3292 during the Asian session, and it is holding near the bottom, with the bearish tone intact. The pair will find support at 1.3285, and the 50-day moving average which if breached will drive prices down to 200-day moving average key support. On the upside, immediate resistance stands at the 100-hour moving average at 1.3346 while more supply for the USD will be met at the 200 hours moving average around 1.3360.

USDCAD Hourly (H1) Chart

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The Central Review Group is referred to as FINRA’s Point Guard

ECB and FED Without Surprises, Major Pairs Flat After Brexit Extension

New Zealand Leaders Stand Together

ABOUT NZ LEADERS STAND TOGETHER

ECB and FED on Spotlight Today

DGCX’s Spot Gold Contract Receives Further Shari’ah Certification

Minhaj Advisory issues Shari’ah Pronouncement (Fatwa) determining that contract is in line with Islamic rules and principles

Gold Breaks Above 1300, EURUSD at Two Weeks High

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