Currency and Stock Markets. Daily Insights

stoch

Active Member
#91
What to expect on ADP report today? Medium-term analysis of NZUSD

The NZD rose nearly half a percent against greenback after data released Wednesday showed that New Zealand's unemployment rate returned to the record low level that was before the virus outbreak. The share of unemployed fell from 4.6% to 4.0% in July, well ahead of the modestly positive forecast of 4.4%. Wage growth rate advanced to the highest level in 13 years, which indicates a strong increase in pro-inflationary risks and will likely prompt a hawkish intervention of the Central Bank. The RBNZ is expected to raise the rate at the upcoming meeting, however, the upside potential of the NZD is far from being exhausted, given that there is a risk of a large rate hike by 50 bp at once, as well as the risk that the Central Bank will not rule out the possibility of more rate hikes, which could form sustainable bullish sentiment on the NZD.

From the point of view of technical analysis, the bullish scenario for the NZD can be supported by the following observations. On the weekly NZDUSD chart, we can see a wedge pattern, the formation of which began at the end of last year and continues to this day. The wedge has a negative slope relative to the main bullish trend, therefore it can be considered as a trend continuation formation. On a larger scale, the idea of a trend continuation looks even more plausible because the multi-year peaks are still far away:



In the past few weeks, NZDUSD has been in indecision, which can be concluded from the shape of weekly candlesticks that had long tails and small bottoms - intra-week fluctuations were characterized by both up and down movements with a slight advantage for sellers:



The bounce from the lower bound of the pattern two weeks ago and expectations regarding RBNZ decision which warrant sustainable upside sentiment suggest that bulls may venture a test of the upper bound of the pattern in the area of 0.7150-0.7170 in the coming weeks.

On Wednesday, the dollar is trying to maintain the edge ahead of release of the first batch of labor market data for July - ADP report and ISM report on activity in the services sector. The situation in the manufacturing sector, as shown by a series of data earlier this week (ISM, factory orders, equipment spending) suggests contribution of the sector to the growth of payrolls in July likely beat forecast. However, the share of employed in mfg. sector in the total employment is relatively small, so the ISM report in non-manufacturing sector is much more important in preparing for the NFP. Employment in services sector is now highly subject to fluctuations induced by swings in consumer mobility and social restrictions. Let’s be careful here, since it was in July that the incidence of Covid-19 began to rise in the United States:



Correlation of covid daily cases growth with severity social restrictions is gradually weakening, but this process is slow, so rising incidence in the US in July could still have a drag on creation of jobs due to the pressure on services sector. A negative surprise in ADP and ISM is likely to trigger a wave of dollar sales as it would become more difficult to expect a strong NFP, which is the key report for predicting the Fed's policy move in August.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#92
EURUSD may break 1.17 if the US July CPI indicates persistence in price growth

The dollar started the week on a positive note and on Tuesday continues to consolidate around the resistance at 93 points on DXY. Technically, there is a second retest in three weeks of the upper bound of the medium-term wedge pattern, which began to form about a year ago:



Most likely, this signals that buyers are gradually ramping up pressure ahead of the release of the US CPI in July, the upcoming conference in Jackson Hole, as well as against the background of an increase in the number of defensive deals due to the onset of the delta strain in certain regions. Also yesterday, the Fed representatives Rafael Bostic and Eric Rosengren made positive comments for the dollar. Their rhetoric came at a time when the market is quite certain that the Fed will begin to tighten policy this year, but they added a sense of urgency as they said they would prefer a fast approach. This means that the Fed may begin to wind down QE as early as September, if the employment recovery maintains the pace at about the same rate as in July (~1 million new jobs).

The speculation that the Fed may begin to wind down QE in September will definitely provide strong support to the dollar, since the scenario is far from the main one and yet to be factored in asset prices, including USD rate. Today's comments by Fed spokesman Loretta Mester on inflation risks may further clarify the possibility that the Fed will make a sharp hawkish shift in policy in September.

The only economic calendar report that deserves attention today is the NFIB Small Business Optimism Index. Therefore, the risk appetite in the market may now be driven by price movements in the commodity markets, which this week turned out to be significantly worried about demand outlooks. Oil began the week with a decline of more than 3% amid negative news from China related to the spread of the coronavirus. Industrial metal prices also reacted negatively to the heightened risks of new restrictions in China that could affect production. Nevertheless, we observe recovery in commodity prices on Tuesday as newsflow gradually improves.

In addition, the release of the ZEW report on Germany is due today. It is unlikely that the positive surprise will be able to stop the downtrend in EURUSD, as investors are focused on the factor of the Fed's policy. The potential test of 1.17 level in EURUSD will coincide with a breakout of medium-term pattern in DXY, which looks logical, but development of this move will depend on whether the DXY price can gain a foothold above the boundary line:



Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#93
July US inflation failed to surprise markets as temporary drivers fade

Inflation in the US rose by 0.5% in July in monthly terms, which was in line with expectations, however, core inflation rose by 0.3%, which was less than the forecast of 0.4%. Annual inflation remained unchanged compared to June and amounted to 5.4%.

The data for the first time in several months indicated a sharp slowdown in the growth of used car prices. This CPI component showed an average growth of 10% MoM for three months in a row, making a significant contribution to the rise in overall inflation. In June, used cars rose in price by only 0.2%. In addition, prices for air tickets interrupted growth, sliding by 0.1% MoM. These two components were the main reason why core inflation fell short of forecasts:



It can also be noted that the coverage of inflation has become broader - the number of categories of goods where the monthly price increase was zero or positive has increased. For example, prices in recreation category rose by 0.6% MoM, in housing services by 0.4% MoM. Price growth of medical services amounted to 0.3% MoM.

Judging by the behavior of the key CPI drivers (cars, air tickets, fuel), the annual inflation has most likely passed its peak and is now going to decline. Nevertheless, return to the comfortable for the Fed inflation range with an average of 2% may be delayed. The main reason is the stimulus-driven boom in the US economy. Demand continues to recover faster than supply and with the scars the pandemic has left on the economy, adjustment will take longer than the policymakers expect. This also applies to the labor market, where the demand for labor also exceeds supply, which is why inflationary pressure on wages persists. The latest US NFIB report indicated that a record high proportion of small businesses have unfilled vacancies. JOLTS data for June showed that the number of posted vacancies was 3.4 million more than the number of people hired. On the side of production, ISM data still point to record low levels of inventories, and delays in the supply of goods and raw materials are also near extreme levels.

All this leads to the fact that price pressures in the economy continue to be high. Thanks to strong stimulus-fueled demand, companies feel that their price power is increasing. According to the same NFIB report, the number of companies that have raised or are about to raise final prices are at their peak for 40 years. Therefore, the prospects for inflation persistence in the United States remain very high, even though its peak may have already passed.



Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#94
Weak US consumer sentiment data hints at weak July Retail Sales print


Risk appetite in equity markets eased on Monday after release of disappointing data on Chinese economy. Industrial production rose 6.4%, missing expectations of 7.8%. Fixed capital investments also grew at a slower pace than expected (10.3% versus 11.3% expected). Manufacturing in China is also one of the key barometers of global recovery, so weaker-than-expected growth could be an early signal that either the global recovery is peaking or expansion of manufacturing continues to be constrained by rising commodity prices, supply disruptions and bottlenecks. By the way, not only China has faced this problem during current phase of the business cycle.

The rise in retail sales in China was also a big negative surprise. In annual terms, it amounted to only 8.5%, which was significantly lower than the forecast of 11.5%. Oil prices weakened after release of the report, as did the AUD and NZD, which are also guided by consumption picture in China. However, the NZD is now being underpinned by expectations that the RBNZ's rate hike this week will also leave room for further policy tightening if price increases or the labor market continue to surprise.

Long positions in the dollar and pound rose, the latest CFTC data showed. Data for the week ending August 10 showed that speculators continued to build up their dollar longs. The aggregate long position on the dollar against the currencies of the G10 countries rose 3% from open interest.

Nevertheless, there was a pretty strong dollar sell-off on Friday. The index slipped from 93 to 92.5 points on Friday, amid very weak data from U. Michigan. According to the organization's report, consumer confidence in August fell from 81.2 to 70.2 points:



Weak data suggests that consumer momentum may have started to fade in July, which is likely to affect retail sales due tomorrow. The benchmark is expected to slow down by 0.2% on a monthly basis, a stronger negative surprise could lead to additional dollar sales, as in this case, the chances of the Fed's hawkish rhetoric should be noticeably reduced. This week the risks for the US dollar are shifted towards further easing:




Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#95
Downbeat Retail Sales surprise could amplify negative impact of the Fed QT news, extending equity correction


Global equities are down for the second day in a row while USD stands firm ahead of release of the US retail sales report. Consumer optimism in the US dropped quite sharply in August, showed data from U. of Michigan on Friday laying the groundwork for downbeat surprises in US consumption while the latest Bank of America’s estimate of retail sales in July calls for a closer look at the possibility of further correction of risk assets. With market consensus of -0.2% MoM, the US bank did not skimp on pessimism, estimating that the monthly decline in retail sales could be as much as 2.3%:





At the same time, core retail sales, which more accurately reflect consumer optimism, may decline even more - by 2.7%. This is in line with the deterioration in consumer data from U. of Michigan.

One of the main reasons for a weak headline print may be decline in car sales. Inflation data for July showed that price growth for used cars fell from 10% to 0.2% MoM, so the decline in sales in this sector is already largely priced in. However, markets will likely react on surprising reading in core sales, i.e., retail sales which doesn’t include cars and fuel.

The risk of emerging slack of the key driver of economic pickup in the US - consumer boom, overlays expectations that the Fed this week and next will start to provide details on curtailment of monetary stimulus, in particular monthly bond purchases. Obviously, this will not be the right moment for this news as investors may start to price in a policy error from the Fed. In this case, we may observe an increased demand for long-term Treasuries, i.e., falling yields. So far, moderate sales of risk assets may be just an expression of these concerns.

Tomorrow, the minutes of the July Fed meeting are due, which will likely reveal some technical details on how the Fed can conduct QT and how long this process can take. Obviously, if these details appear in the data, it will be a hawkish signal for the markets, while weak economic statistics today are likely amplifying the negative market reaction to the Fed policy report tomorrow. The risk for equities especially US stocks are skewed towards further losses in the coming days as the data may reveal that the Fed picked wrong time for announcements regarding withdrawing monetary stimulus.



Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#96
Dollars surges on equity correction, markets fear Fed tightening



July Fed Minutes released on Wednesday hit risk appetite despite lack of clear hawkish shift in the tone of wordings. Markets saw renewed selling pressure albeit with more vigor thanks to synergy of selling catalysts – lackluster July US retail sales, growing hawkish bias of the Fed, growing dollar’s appeal as ultimate safe heaven, as well as seasonal weakness. Amid a surge of risk-off, greenback index soared to a 10-month high (93.50 level in DXY).

Small-cap and value stocks led declines with Russell 2000 futures falling 1.7% at the time of writing and European equity indices, populated mostly by value stocks, erasing 2% on average. SPX futures tanked 1% today, extending 1% loss of S&P 500 during NY session on Wednesday. There is a clear market bias to short stocks which upside is positively correlated with expectations of economic recovery suggesting a repricing of economic growth prospects is underway. This bodes ill for potential depth of the current decline which may be the first serious market pullback after series of short-term dips earlier in the year whose depth was less than 5%.

Minutes of the July FOMC meeting showed that officials did discuss QE, but their opinions were divided over when to start phasing out stimulus. Some officials proposed to start this fall, others - at the beginning of next year. Nevertheless, the very fact that QE end is in sight and higher prospective interest rates on bonds will induce major equity-bond rotation dampened the mood in equities. After a brief upside bounce on the release of the Minutes, S&P 500 turned into decline:





But what’s really disturbing is that the Fed’s tapering story unfolds around the same time as US data started to show signs of fading growth momentum. Weak retail sales in July and consumer sentiment in August put a major dent on recovery hopes. There may be growing concern among investors that August data will extend the streak of downbeat US data surprises, which greatly adds to risk-off and makes current valuations fragile.

Today there will be data on applications for unemployment benefits, which can somewhat ease bearish pressure if it shows that positive labor market trend remains intact. In addition, markets will watch on the Philadelphia Fed Business Outlook to see if US businesses are starting to feel any weakness of the economy.

Considering DXY positioning, it can be seen that price made decisive breach of the upper line of the pattern:





The previous idea of a false breakout appears to be defied by the latest price action as DXY has been given powerful boost by flagging support in equity which induced safe-haven flows. The prospects of further decline also imply additional upside potential of the US currency with EURUSD’s next closest target at 1.16 level.



Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#97
The rebound of EURUSD may be short-lived as Fed Powell speech is ahead



Oil prices escape the grip of sellers and stage rebound on Monday after spending almost entire last week in correction. Equity markets rebounded as well which drove sell-off in USD as risk-off flows ebbed. Long-dated bond demand eased in top economies as risk appetite appears to be on the mend.

Last Friday, Fed representative Robert Kaplan said he may reconsider his call to wind down QE early, as the delta variant has shifted the trajectory of the economic recovery to a less favorable one.

There is slight but growing risk that the Fed may disappoint market hawks this week signaling about prolonged QE. The RBNZ was unable to raise rates last week, citing a slowdown in the economy due to the new lockdown. Weak economic data for July, in particular inflation and retail sales, thwarted the Bank of England's plans to tighten policy. Other central banks have also softened their rhetoric somewhat in recent times.

Strong Korean data and Thailand's covid data have drawn investors into Asian equities. In addition, Chinese stocks have also gone up, which has not happened often lately. The Central Bank of China continues to set the USDCNY reference rate below 6.50, which indirectly supports other EM currencies.

The news that Yellen supported Powell's candidacy as head of the Fed for the next term could also have a positive impact on the markets. Given how Powell is smoothing out the position of fellow hawks in the shop, the extension of his term will definitely positively affect the chances of a longer withdrawal of the Fed from soft credit conditions.

Eurozone business activity has remained strong this month, although it has declined from its 20-year high in July. The data released on Monday came slightly worse than expected, which, however, did not prevent the euro from strengthening against the dollar. Markit noted that the economy maintained impressive momentum in the third quarter, with supply chain delays continuing to curb expansion. It also suggests that firms have not yet finished raising prices in response to rising costs, which bodes well for short-term inflation outlook.

The euro was encouraged by the dynamics of the employment sub-index, which remains at a record level for the second month in a row (56.1 points in August).

The main source of volatility this week should be Powell's speech at the Jackson Hole conference in Wyoming, USA. It is unlikely that equities will be able to develop today's rebound closer to the meeting, as the uncertainty about Powell's remarks is very high. The positions of other Central Banks also add contradictions. Dollar buyers are likely to be found with the dollar index (DXY) at 93.20 while EURUSD should face stiff resistance near 1.1750 this week as the pair develops rebound from a downtrend line as breach of April support level failed to sustain:





Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#98
Swift oil recovery could be a trap for bulls


Oil prices posted one of the strongest daily gains on Monday since March, with Brent benchmark closing 5.5% higher. Part of the rally reflected a surge in demand for risk assets, as doubts that the Fed will rush with hawkish QE announcements mount. These doubts put a dent on brisk USD recovery, which in turn also underpinned commodity prices, which are nominated in USD. The news that China apparently won the battle against the virus announcing zero cases first time since the start of latest outbreak also propped up sentiment in oil market. This improved outlook for reopening of some key parts of the global supply chain, in particular, large seaports in China, which partial closure during the outbreak contributed to supply chain frictions.

Last week, the market was stormy and the weekly decline in prices was the strongest since last October. A technical rebound this week was also one of the ideas to buy oil.

Despite strong gains on Monday, futures spreads fluctuated in a narrow range. The difference between December and the nearest Brent contract even decreased slightly yesterday:





A fire on a platform in the Gulf of Mexico forced shutdown of 125 oil rigs, which together reduced production by 421K b/d. This is about one fourth of Mexico's production. The operator plans to restore production in the near future, however a delay in the recovery of production will likely to provide additional moderate support for heavy oil grades.

The US Department of Energy announced a sale of 20 million barrels of strategic reserves between October 1 and December 15 this year. While it was assumed that the decision to sell was made due to good market demand and overall tightness, it is actually based on the recently passed US oil reserves phase-out bill.

Markit report on activity in manufacturing and services sectors in the US in July released on Monday indicated that US expansion could slow in August. The index of activity in services sector eased from 59.9 to 55.2 (forecast 59.5), in the manufacturing sector - from 63.4 to 61.2. This is another argument in favor that the Fed may not rush to change the pace of asset-purchases. Also, this could be a wake-up call for the oil market, as PMIs of other top economies - Germany and the UK - also indicated that rebound of activity both in manufacturing and non-manufacturing sectors eased, which together with US PMI data could worsen outlook for oil demand.

From a technical point of view, oil is in a downtrend and its rise this week should be seen as a rebound from the May support ($62 WTI level). The price recovery may run out of steam near the upper border of the current channel - this is the level of $68 - $68.5 in WTI, after which prices may again poke into intermediate support at $65 mark:




Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
#99
Demand for risk seems to hit ceiling before Powell's speech

The wave of risk-on that swept markets in the first two days of the week apparently ebbs. Dollar rebounded, commodities struggle to extend the bounce, bond yields ticked higher while equity markets stay range-bound after the biggest short squeeze in several months. Despite apparent persistence of “buy-the-dip” mood things could go sour quickly if Powell hints in Jackson Hole that the Fed inches closer to tapering as early in the week, we saw markets working hard to price in dovish bias in the Powell speech.

Richmond Fed report released yesterday showed that expansion in US manufacturing activity slowed in August. The index fell from 27 to 9 points missing the forecast of 25 points. The poll showed that firms increased hiring and wages in August as the pay index hit fresh record:



Firms reported that difficulties in finding workers persist and expect this to continue over the next six months.
The report basically shows that labor market shortages remained high in August and wage inflation is set to increase further, boosting hawkish outlook for August Non-Farm Payrolls report.

The US House of Representatives approved a $ 3.5 trillion budget resolution which should help to push through the $ 550 billion infrastructure spending package. This is good news for US growth prospects. The news also triggered a 4bp increase in 10-year risk-free rate to 1.294% as bond traders priced in increasing pace of borrowing from the US Treasury.

Markets mood remains positive albeit vulnerable to sharp shifts. Earlier this week, investors were pricing in a dovish bias in Powell Jackson Hole speech, i.e., little information on the timing of policy tightening or rebuttal of market suggestions that transition to policy normalization will begin in September. This was primarily caused by the slack in soft US PMI data as well as deterioration in consumer figures - retail sales and consumer sentiment index from U. Michigan. By the way, the consumer survey also showed that high prices deter consumers from purchasing cars and houses - the index of those who do not plan to buy a car and real estate in the next 12 months because of excessive price growth reached a record level:






The risk of decline in demand for long-term consumer goods and real estate in the United States suggests that a price correction is looming, so this can be one of the reasons why the Fed has less incentive to taper QE fast.


Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

stoch

Active Member
ECB Minutes triggered minor Euro sell-off as the central bank’s dovish bias increased

The ECB didn’t address QE tapering at its July meeting, showed the Minutes released on Thursday. Instead, the policymakers worked to clarify forward guidance on path of the interest rates - how inflation should develop so that market participants can expect changes in the ECB policy. In fact, the Minutes indicated that policy divergence between the ECB and the Fed is set to widen further which should have implications for sovereign debt markets of the two countries and may negatively affect the EURUSD rate.

The publication of the Minutes triggered minor Euro sell-off - EURUSD halted rise towards a two-week high of 1.18 with the intraday rally fizzling out near 1.1775 mark:



In addition, it can be seen that the pair met resistance near the upper border of the downward channel, in which the pair has been trading for about two months.

There is a growing risk of further Euro weakness especially if Powell speech in Jackson Hole turns out to be informative. If Powell speaks on the substance, then most likely he will drop some hints on reduction of monetary stimulus. In this case, the gap between the ECB and the Fed will widen even more, i.e., the differential of interest rates offered by bonds of both countries will potentially increase, and EURUSD may come under pressure due to the movement of investors into the instruments which offer higher yields i.e., Treasuries.


Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

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