We are delighted to inform our clients on the accessibility of trading stock CFDs starting April 10, 2018, Tuesday. This exclusive asset class is our latest additional offering among others that will soon be available on our MT5 platform.
Exclusive Change Capital, as an Investment Firm incorporated under the laws of Cyprus with registration number: HE 337858, proudly announces the acquisition of its license number CIF 330/17.
Our company proudly announces the acquisition of its Portfolio Management licence as of April 16, 2018. This licence endeavours our ongoing attempts in the provision of quality and high-ended services in a wider spectrum.
Exclusive Capital is delighted to announce that Marshall Gittler, Chief Investment Strategist for ACLS Global, will be consulting with our portfolio investment team and contributing his FX commentary to our website. Mr. Gittler is well known as a strategist, investment specialist, and economist, with decades of experience working for the major investment banks in Europe and Asia.
Exclusive Change Capital Ltd. is pleased to announce that it has received the International Quality Certification ELOT EN ISO 9001:2015. This certification is addressed to organizations that wish to ensure their ability to provide products and services that meet customer requirements and comply with the legal framework.
We would like to congratulate the young Cypriot athlete Petros Englezoudis on having a great athletic year and becoming a Youth Champion in Skeet Shooting 2019.
As the latest situation in the Middle East has become one of the most recently discussed topics, our Head of Investment Research Vrasidas Neofytou will analyse the geopolitical developments on RIK1 TV program «Απο Μερα σε Μερα» on Wednesday, September 18th at 12:20 pm.
Since 2012 the Finance Magnates’ London Summit has been the leading event for professionals within the financial industry.It is a superb meeting place for finance-oriented individuals, entities, and organizations, such as liquidity providers, marketing specialists, brokers, and banks for educational and networking purposes.
It was our pleasure to be a part of three magical evenings in Episkopi Village, Limassol supporting the charity Christmas Village activities which took place from the 20th till 22nd of December, 2019.
Following a great effort from Exclusive Capital's management team to reduce smoking among employees during 2019, the company`s directors have decided to grant additional 5 days paid annual leave as a reward to those employees who make an effort not to smoke or to quit smoking.
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The US dollar has picked up from its recent 27-month low but the move lacks conviction and may fade lower due to increased political uncertainty. The latest US Jobs Report showed the economy adding 1.7 million jobs, with wages rising and the unemployment rate falling. All numbers beat expectations, but US unemployment is still over 10%, compared to 3.5% in February this year.
The second coronavirus relief bill is still being debated in Congress with both sides refusing to budge so far. Finding a solution is becoming more urgent as the clock ticks after the $600 a week unemployment relief package expired at the end of July. If the new package is passed, and it is eventually expected and potentially putting back downward pressure on the greenback.
Finally, the Top US and Chinese officials are due to hold a videoconference on Saturday to assess the Six-month implementation of the Phase 1 trade agreement.
U.S. producer prices rebounded more than expected increasing 0.6% in July after falling 0.2% in June. The overall trend in producer inflation however remained subdued amid signs the economy’s recovery from the COVID-19 recession was faltering.
Market moves for the dollar continue to rely on talks around the US fiscal stimulus package. While the market awaits a breakthrough in negotiations, recent news that President Trump is considering a capital gains tax cut to revive the jobs market may keep investor sentiment more upbeat.
The German ZEW survey was yesterday’s main event for the Eurozone showing an improvement in economic sentiment for August, improving from 59.3 last month to 71.5. The Euro however still closed slightly negative yesterday against the dollar amongst renewed optimism for US economic growth despite the coronavirus pandemic continuing to limit economic activity. Today the pair awaits EU Industrial Production data for June, and US CPI figures for July.
On Tuesday, Crude oil: WTI extended its rally and touched a daily high of $42.91 but struggled to preserve its bullish momentum. WTI price remained virtually unchanged on the day, near $42 even after President Vladimir Putin announced that they have developed a coronavirus vaccine and that the US Energy Information Administration raised its forecast for 2020 world oil demand growth by 40,000 barrels per day. Today’s API data could well determine any short to midterm price moves.
And finally, Gold plunged, with spot down to $1,909.90 per troy ounce, shedding roughly $120.00 in the day. However, Gold could potentially surge again if Democrats and Republicans agree and proceed with a fiscal stimulus package. Ultimately the yellow metal needs more funds – either from a monetary stimulus or fiscal stimulus deal.
The greenback appreciated against most major rivals, with the EUR, AUD, and GOLD being its weakest rivals. In contrast, The Pound remained resilient, posting a modest intraday advance against its American rival. Dollar’s strength could be attributed to weekend news indicating that US President Donald Trump signed four executive orders on fiscal aid.
US benchmarks were mixed on Monday as the Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower. Value stocks were bid up as investors took a step down from heavyweight tech-related names as there was still no progress on a US fiscal support bill.
Yi Gang, the governor of the People’s Bank of China confirmed that China will continue implementing the phase-one economic and trade agreement with the US while measures announced to open up China’s financial sector will also continue.
Crude oil climbed nearly 1.50% in a bid to test the $42 mark on Monday, in the wake of the upbeat outlook painted by Saudi Aramco’s CEO Nasser and expectations that Iraq will cut output in August.
Finally, Bitcoin tested the $12,000 level again and had another flash crash, dropping $500 within seconds triggering bots to sell and longs to liquidate before quickly recovering and head again towards $12,000.
As we have said in the past, a lower dollar is supportive for markets and the world economy. Currently the Euro has had one of the greatest runs against the dollar on record. And while one can debate the future value of the Euro vs the dollar, what is probably not debatable is the fact that nothing goes up or down in a straight line without corrections along the way.
And since equity markets have also had one of the best runs on record, one has to be very cautious on a forward basis, because a correction might also be greater that most of us can imagine.
So I would be looking for a correction in the Euro to see if equity markets will give way also. Both have gone up in tandem and chances are that both will correct in tandem.
The bottom line is that I would keep an close eye on the EURUSD pair, both for an opportunity of a correction in the pair, and also as a clue for what equities might do.
Two devastating explosions have heavily damaged the Lebanese capital of Beirut on Tuesday afternoon local time, killing more than 100 people, injuring nearly 4,000, and leaving homeless more than 300,000 residents.
The explosion was caused by an estimated 2.750 tons of ammonium nitrate (a highly explosive material) stored unsecured and without preventive measures for six years in a warehouse next to the main port of the capital. The explosion created a mushroom-shaped cloud, destroying buildings in surrounding areas next to the port and shattering windows in the rest of the city, trapping people underneath rubbles.
The Lebanese Red Cross said that hundreds of people have been rushed to hospitals, asking for blood donations at its transfusion centers across the country. Beirut’s hospitals have been overwhelmed, with local reporters tweeting images of medical staff treating patients in a parking lot
Political conflict in Lebanon:
According to Reuters, the explosion happened few days before a long-awaited U.N. tribunal decision regarding the assassination of the former Lebanese Prime Minister Rafik Hariri, the father of Saad Hariri, who was killed by a truck bomb in 2005. The four suspects in the trial are all members of Hezbollah, the Iran-backed Shia paramilitary and political group widely seen as the most powerful political party in Lebanon. The suspects deny any role in Hariri’s death. Hezbollah is designated a terrorist organization by the US government.
Economic meltdown in Lebanon:
Lebanon has been in a deep economic recession before yesterday’s catastrophic explosions and well before the pandemic of the coronavirus. The country has been suffering from the worst economic and banking crisis in its history, being even in the worst condition than it was during the civil war between 1975-1990.
Numerous demonstrations and anti-government protests have occurred during the last years, triggered from high unemployment, years of political and state corruption, enormous sovereign, banking, and retail debt which led the local currency to devaluate against the US dollar.
Gold continues to shine as it exceeded the $2.000/oz level on Wednesday morning for the first time in history, gaining support from the blasts in Beirut combined with the hopes for more US fiscal stimulus, the zero interest rates, the falling nominal yields and the weakness in the US dollar.
Coronavirus Update:
Global cases: More than 18.4 million Global deaths: At least 699,575
Top five countries: United States (over 4.7 million), Brazil (more than 2.8 million), India (over 1.8 million), Russia (at least 859,762), South Africa (at least 521,318).
Precious Metals:
The price of Gold broke above the psychological resistance level of $2.000/oz yesterday, after the report for a massive explosion in Beirut port area, the capital of Lebanon, killing more than 100 people and destroying a big part of the city.
In addition, Gold prices continued their upward momentum on Wednesday morning, climbing near $2.040/oz, hitting fresh record highs
Fig.01, Gold price, 2-hour chart
Silver prices climbed near $27/oz, gaining support from its safe-haven status (like Gold) together with robust industrial demand from China and improved manufacturing activity in the US.
Fig.02: Silver price, Daily chart
Falling Bond Yields and US dollar:
The resurgence of COVID-19 infection cases in the US and around the world has undermined hopes for a quick global economic recovery, sending the 10-year US Treasury yields to a record low of 0.50% while the German 10-year Bund yields fell to -0.55%. Those record-low nominal yields reduce the opportunity cost of holding the non-yielding gold and silver, making them attractive for the holders.
Furthermore, the DXY-dollar’s index against major currencies has fallen near the 93 levels, hitting two-year lows, on concerns that the rising virus infections in the US could lead to rollbacks of reopening plans, damaging the economic growth. As a result, the falling greenback makes precious metals cheaper for holders of other currencies.
Furthermore, the White House and Democratic leaders in the US Congress were very close to reaching an agreement over a new coronavirus fiscal rescue package, to support the local economy from the pandemic fallout. The new fiscal plan increases the risk for inflation and currency devaluation, boosting the demand for gold as a hedge asset in the investment portfolios.
Economic Calendar for August 05, 2020 (GMT+ 3:00):
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