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Date: 26th July 2024. The Yen Soars as the Likelihood of a BoJ Rate Hike Rises! The Japanese Yen wins back some lost ground as global Central Banks edge closer to rate cuts. The probability of another interest rate hike by the Bank of Japan increases. July’s best performing currencies are the Japanese Yen (+4.35%), British Pound (+1.41%) and the Swiss Franc (+1.41%). Currencies are taking advantage of the weaker US Dollar, but the worst performing currency remains the New Zealand Dollar. USDJPY – Growing Likelihood of a Second BoJ Rate Hike! The USDJPY increases in value for a third consecutive week and for a fourth consecutive day. Three factors are contributing to the Dollar decline: The Fed’s upcoming interest cut, the Bank of Japan’s interest rate hike and the political uncertainty in the US. The day’s best performing currency is the Japanese Yen which is currently increasing in value against all currencies. Currently, the USDJPY is trading below the trend-line and below the 100-Period SMA which indicates in the medium-term sellers are controlling the price actions. The exchange rate is also below the neutral on all oscillators and forms a clear bearish trend price pattern. Currently the only indications pointing towards a loss of bearish momentum is the diversion formed on the RSI. As a result, even though the trend clearly forms downwards, investors need to be cautious of a potential retracement. If the price trades above 152.96, a larger retracement becomes likely. However, if the price falls below 152.015, momentum will indicate the continuation of the downward trend to 151.674 in the short term and 151.267 thereafter. The likelihood of further monetary policy tightening by the Japanese regulator is growing. Preliminary data for July showed an increase in business activity, indicating a recovery in the national economy. The consumer price index remains above the target level, reaching 2.8% in June, with the core indicator stabilizing around 2.6%. Officials are optimistic about maintaining these high levels, supported by significant wage increases. According to Reuters, Bank of Japan officials will discuss the possibility of raising the interest rate at their meeting on July 31st. Analysts do not expect active measures until after the summer months. However, investors will price in the adjustment before the decision takes place. The US Fed experts may turn to “dovish” rhetoric in September, which puts pressure on the dollar. Currently, inflation is slowing growth, business activity is declining, and the labor market is showing signs of cooling. The US PMI data from yesterday largely triggered an attempted bullish correction but was viewed as mixed. The price action of the US Dollar and the USDJPY will now largely depend on the Gross Domestic Product and Weekly Unemployment Claims. These will be made public at 12:30 GMT. Analysts expect the US economy to grow 2.0%. If the US GDP reading is lower than expectations, the US Dollar potentially can come under pressure. At the same time, weaker earnings data from the US can trigger higher demand for the Japanese Yen. The Yen is known as a safe haven currency alternative to the Dollar. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

AUDUSD sell-offs have ended: investors await inflation data The AUDUSD pair halted its decline. The AUD rate experienced its worst week since November. For a detailed analysis, please refer to our forecast dated 26 July 2024. The AUDUSD pair has stabilised after a massive decline, hovering around 0.6552. The fall has been observed for nine consecutive trading sessions. This week will be the worst for the AUD since November last year, with losses of about 2%. The decline of the Australian dollar was driven by a global sell-off of risky assets, the unwinding of carry trades against the yen, and weak economic data from China, Australia’s major trading partner. Next week, Australia will release Q2 2024 inflation data, which will likely provide investors with more insight into future monetary policy actions of the Reserve Bank of Australia. AUDUSD technical analysis On the AUDUSD H4 chart, a consolidation range has formed around 0.6610. The AUDUSD rate, breaking below the range, reached the wave’s local target of 0.6512. A correction is expected today, 26 July 2024, aiming for 0.6610 (testing from below) and followed by another decline wave towards 0.6468. Once the price reaches this level, the AUDUSD pair is expected to see a new growth structure or a consolidation range, potentially continuing to 0.6420. The AUDUSD pair appears weak following a wave of sell-offs. The indicator-based AUDUSD technical analysis suggests a corrective wave towards 0.6610 and a new decline wave towards the 0.6468 and 0.6420 targets. Read more - AUDUSD Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

EURUSD: investors await inflation data The EURUSD rate is slightly rising after rebounding from the 1.0830 support level. Will the US dollar strengthen? Find out in our analysis dated 26 July 2024. EURUSD trading key points US GDP rose by 2.8% year-over-year in Q2 Germany’s Ifo Business Climate Index fell to 87 points Traders focus on US inflation data EURUSD forecast for 26 July 2024: 1.0874, 1.0818, and 1.0777 Fundamental analysis The forecast for 26 July 2024 shows that the US economy continues to grow in Q2 2024, albeit at a slowing pace. According to preliminary data from the US Department of Commerce, GDP increased by 2.8% year-over-year, slightly exceeding analysts’ expectations. However, this is the lowest reading in the past several quarters, indicating US economic slowdown amid tightening monetary policy. Markets continue to price in a 100% chance of a Federal Reserve cut in September, with expectations for at least one more cut by the end of the year. Meanwhile, Germany’s Ifo Business Climate Index continues to decline, reaching 87 points in July, the lowest reading since February 2024. This reflects rising concerns of German businesses about the country’s economic outlook and exerts pressure on the euro rate. Today, traders focus on the PCE price index report, a key inflation gauge for the Federal Reserve. Previous data showed that inflation eased in Q2 but remained elevated. The overall PCE index rose by 2.6%, while the core index, which reflects steady inflation trends, increased by 2.9%. This data indicates persisting inflationary pressure in the economy and confirms traders’ expectations of a Federal Reserve interest rate cut in September. Market analysis for other instruments can be found in the section "Market analysis" on our website. Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

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USDCAD rises following Bank of Canada interest rate cut The USDCAD pair continues to rise following a reduction in Canadian interest rates. Positive US data may cause the Canadian dollar to lose ground further. Find out more in our analysis dated 25 July 2024. The Canadian dollar is losing ground against the US dollar for the second consecutive week. The Bank of Canada lowered the interest rate by 0.25% to 4.5%. Consequently, the USDCAD rate has risen further, approaching April’s highs. This week’s forecast of economic indicators is not favourable for the Canadian dollar. Average weekly earnings are expected to decline further, following decreases in the previous two reports. The decline in earnings could be attributed to rising unemployment, a negative economic factor. Previous data show a decrease in manufacturing sales to 0.4%. Growth is unlikely in the current period, with a decline appearing more probable. US initial jobless claims are projected to reach 237,000, lower than the previous figure. This suggests a decrease in unemployment, which could positively impact the US dollar and drive the USDCAD rate higher. USDCAD technical analysis The forecast for 25 July 2024 shows that the USDCAD pair has completed a decline wave, reaching 1.3740. The market has formed a consolidation range around this level. With an upward breakout, the wave could extend to the local target of 1.3825. Once the price reaches this target, a correction is possible, aiming for 1.3740 (testing from above). Subsequently, a new growth wave could start, targeting 1.3892. The interest rate cut in Canada and technical analysis for today’s USDCAD forecast suggest a potential uptrend towards 1.3825, which could extend to 1.3892. Read more - USDCAD Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

EURUSD declines: the market favours the US dollar The EURUSD pair continues to decline. Investors are awaiting the Federal Reserve’s decision on monetary policy easing. For a detailed analysis, please refer to our forecast dated 25 July 2024. EURUSD trading key points The EURUSD pair is falling due to the strength of the US dollar The Federal Reserve is expected to provide clarity on its intentions for September EURUSD forecast for 25 July 2024: 1.0822 and 1.0777 Fundamental analysis Yesterday’s US PMI data was mixed. Markit’s preliminary services PMI for July increased to 56.0 points from 55.3, while the manufacturing PMI decreased to 49.5 points from 51.6. Key news this week for EURUSD includes the upcoming release of the US Q2 2024 GDP estimate this evening. The core Personal Consumption Expenditures (PCE) price index will also be published on Friday. This is one of the most crucial reports for the Federal Reserve, based on which the regulator assesses the inflationary environment. The US economy is expected to have expanded by 2.0% in April-June compared to only 1.4% in Q1. The anticipated Federal Reserve meeting is scheduled for next week. Few expect the Fed to make significant decisions at this meeting; all predictions are for September. However, the Federal Reserve’s remarks regarding its September plans could be more detailed in this case. Market analysis for other instruments can be found in the section "Market analysis" on our website. Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

Date: 25th July 2024. Market News – AI mania over? Stocks, Gold & oil dip; Yen Surges. Economic Indicators & Central Banks: Wall Street plunged and Treasuries bear steepened in an anxious trade. News that ex-Fed president Dudley was now calling for the FOMC to cut rates next week amid recession fears added to investor angst. European stock markets continued to decline alongside Asian equity futures, intensifying a global downturn in technology shares following US session, as investors are pulling back on the artificial-intelligence frenzy that has powered the bull market this year. Traders moved away from megacaps to underperforming segments of the market, driven by expectations of Fed rate cuts and doubts about AI’s immediate payoff. Nasdaq experienced its largest single-day drop since 2022, while S&P 500 breaks Its longest run without a 2% drop since 2007. The Canadian Dollar dropped as the Bank of Canada cut rates, emphasizing “downside risks are taking on increased weight in our monetary policy deliberations.” The Japanese Yen reached its highest level since May as carry trades unwound. Key events today: Germany IFO business climate, US GDP, initial jobless claims, durable goods. Asian & European Open: Tech led the slump with the NASDAQ dropping -3.64%, the biggest 1-day selloff since March 2020. The S&P500 fell -2.31%. The Dow dropped -1.25%. Disappointing news from Alphabet and Tesla after the bell Tuesday got the bears going and rising concerns over the staying power of AI trades exacerbated declines through the day. In Japan, Nikkei entered a technical correction while the broad Topix index, which had reached a record high earlier this month, plunged over 2.5%, erasing its July gains and hitting a five-week low. Earning: Apple, Microsoft, Amazon, and Meta are set to report results next week. Financial Markets Performance: The USDIndex tumbled to 104.12 in morning action, down from Tuesday’s 104.45, but rallied back slightly to close at 104.37. The Yen holds strong thanks to expectations for a BoJ rate hike next Wednesday, with USDJPY breaching 200-day EMA. The USD firmed versus CAD after the BoC’s dovish cut. The USDCAD reached April’s peak at 1.3827. Oil prices declined, but are once again trying to stabilize, following API data showing that US crude inventories declined by 3.9 million barrels last week. Inventories have declined for four straight weeks now. However, weak growth in top importer China and renewed optimism of a ceasefire in the Middle East have kept supply expectations underpinned. WTI is currently trading at USD 77.38 per barrel, Brent at USD 81.49 as markets wait for the official U.S. inventory report. Gold is down to $2370 to a two-week low. The downfall could be attributed to some technical selling, though it is expected to be limited, considering the fundamentals, such as Fed’s cut and the risk-off mood which could support Gold ahead of the US data. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

GBPUSD may weaken by year-end amid the BoE policy The GBPUSD is falling for the second consecutive session. Read in the analysis for 24 July 2024 how the upcoming Bank of England’s decision may affect the pound. UK retail sales unexpectedly decreased by 1.2% in June, significantly exceeding the projected 0.4% decline. Combined with slowing wage growth and inflation reaching the Bank of England’s 2.0% target, this drop increases the likelihood of an interest rate cut in August. Expectations of such action already exert pressure on the GBPUSD rate as an interest rate cut typically weakens the national currency. Unexpectedly robust service inflation data have supported the sterling pound rate for some time, forcing the Bank of England to postpone an interest rate cut, making UK bonds more appealing to investors. However, Chris Turner, global head of markets at ING, believes the pound could weaken by year-end since the BoE will likely lower the rate. Analysts predict that the Bank of England may have three interest rate cuts this year, but only if the UK’s economic situation is favourable. The first decision is expected to be announced at a Monetary Policy Committee meeting on 1 August 2024. According to traders, easing the monetary policy will push down the pound sterling. GBPUSD technical analysis Analysis for 24 July 2024 shows that the GBPUSD pair is forming a consolidation range around 1.2911, which is expected to extend down to 1.2879 today. Subsequently, the price could rise to 1.2911 (testing from below) before the decline wave likely continues to 1.2777, representing the first target. Today’s GBPUSD forecast shows that the likelihood of a decline in the British pound persists due to the Bank of England’s potential monetary policy easing measures. Technical indicators suggest a fall in the GBPUSD rate to the 1.2879, 1.2850, and 1.2777 targets. Read more - GBPUSD Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

Brent declined to 80.00, with the market focusing on EIA data today Brent crude oil prices are declining for the fifth consecutive trading session. Read about it in the analysis for 24 July 2024. Brent trading key points The market awaits EIA data: inventories are expected to have increased by 0.70 million barrels Brent forecast for 24 July 2024: 82.80 and 76/80 Fundamental analysis Brent continues to fall as part of a downward correction, reaching 80.00. Today, market participants await the release of US oil stock data from the Energy Information Administration (EIA) during the American session. Inventories are projected to have risen by 0.70 million barrels. A significant divergence between the actual data and the forecast may drive further movement of Brent quotes. US oil stock data from the American Petroleum Institute (API) was released yesterday. According to the statistics, US hydrocarbon reserves decreased by 3.90 million barrels last week, while the forecast suggested a decline of only 2.47 million. As a result, Brent prices received support and, halting their decline, stabilised around 80.00-81.00. Market analysis for other instruments can be found in the section "Market analysis" on our website. Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

Date: 24th July 2024. Market News – Stocks dip as earnings disappoint; Yen strengthens further. Economic Indicators & Central Banks: The market faces pressure entering a seasonally weak period, with potential increased volatility due to the upcoming US presidential election. Asian stocks and US stock futures also fell, impacted by earnings reports from large American firms like Tesla Inc. and Alphabet Inc., which were seen as insufficient to sustain the recent global equity rally. European stock futures declined as investors evaluated the disappointing initial results from the “Magnificent Seven” megacap tech companies. The Yen strengthened for the third consecutive day ahead of next week’s Bank of Japan meeting. Asian & European Open: The S&P500 and Dow slipped -0.16% and -0.14%, respectively, and the NASDAQ slid -0.06%. The VIX was down -1.74% to 14.65 and has eased from the 16.52 level on Friday, the highest since April amid rising political risks and anxieties. Taiwan’s stock market was closed due to Typhoon Gaemi, meaning shares of Taiwan Semiconductor Manufacturing Co. did not trade. Alphabet shares fell after the company indicated that it would take time to see tangible results from its AI investments. Tesla shares dropped as much as 7% following a profit miss and a delay in its Robotaxi event to October. Many of Tesla’s suppliers and electric vehicle peers in Asia also saw declines. Deutsche Bank AG reported its first quarterly loss in 4 years due to a slowdown in trading and a charge related to a legacy issue at its Postbank retail unit. BNP Paribas SA’s profit increased in the second quarter, driven by a surge in equities trading revenue. United Parcel Service Inc. experienced its worst drop ever following a profit miss. Financial Markets Performance: The USDIndex had found its footing, firming to 104.25 versus 103.90 on Monday. The Yen appreciated beyond 155 for the first time since early June as traders anticipated a potential interest rate hike from the BOJ in the coming months, if not at next week’s meeting. According to a Bloomberg survey, around 30% of BOJ watchers expect a rate hike on July 31, but over 90% believe there is a risk of such a move. The NZDUSD dropped at 0.5900 to its lowest level in nearly 3 months as lower bond yields discouraged carry trade investors. Oil fell -1.45% to $77.26, though managed to edge up from the $76.40 session low. It is a 4th straight decline from $82.85 Wednesday and the weakest since mid-June. Most of week’s selling was on technicals after penetrating 50- and 100-day MA. Gold is up to $2418 per ounce. It was at an all-time closing peak of $2469.08 on July 16 amid expectations for Fed rate cuts, US political risks, and the drop in the US Dollar. Of note, India lowered its import duty on gold to 6% from 15% which should support jewelry manufacturing. India is next only to China in terms of consumer demand. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

@MrAdmin my prize receipt! Thank you so much Indo-Investasi & Walbi. I hope all of you will be success!

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Gold (XAUUSD) is correcting after reaching a new all-time high Gold prices are declining after reaching an all-time high of 2,483 USD per troy ounce. Gold failed to hold near the all-time high of 2,483 USD reached last week. Buyers appear to have decided to lock in profits, causing XAUUSD quotes to reverse direction and fall below the 2,400 level. The decline in gold prices is driven by the current strengthening of the US dollar against major currencies. An escalation of geopolitical tensions in the Middle East may provide support for gold. XAUUSD technical analysis The XAUUSD H4 chart shows an ongoing downward correction from the historical maximum of 2,483 USD. The quotes are currently hovering around 2,388, which coincides with the 50.0% Fibonacci retracement level from the previous upward movement. If bears gain a foothold below 2,388, XAUUSD quotes can be expected to fall further to the 2,368 support level, which coincides with the 61.8% Fibonacci retracement level. At this level, bulls might attempt a counterattack to reverse the trend upward. Gold is declining in a downward correction after reaching the historical high of 2,483 last week. Bulls may attempt to reverse the price trend upward at 2,368-2,388 support levels. Read more - XAUUSD Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

Positive expectations for the eurozone economy support EURUSD The EURUSD rate slightly rose on Tuesday, 23 July 2024, trading above the key support level of 1.0875. EURUSD trading key points The ECB’s decision to keep interest rates unchanged and Lagarde’s remarks about a “wide open” September meeting continue to support the euro Eurozone, Germany, and France PMIs are expected to improve, and consumer confidence in the eurozone is projected to peak EURUSD price targets: 1.0870, 1.0820, and 1.0777 Fundamental analysis The European Central Bank’s decision to maintain the current monetary policy and Christine Lagarde’s statement that the upcoming verdict on 12 September remains open, continue to bolster the euro. Eurozone, Germany, and France PMI data are expected to show a more substantial decline in manufacturing and further growth in the services sector. Additionally, the consumer confidence level in the eurozone is projected to reach its highest level since February 2022. The GfK consumer climate and Ifo business climate indicators are also expected to improve in Germany. Investors believe that the Federal Reserve will lower interest rates in September and may do so twice by the end of the year amid slowing US inflation. US key economic indicators such as PMI, GDP, and the PCE price index are due this week and may heighten pressure on the US dollar if they are worse than forecasted. Market analysis for other instruments can be found in the section "Market analysis" on our website. Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. Sincerely, The RoboForex Team

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Date: 23rd July 2024. Market News – Asia stocks up; Yen Strengthens. Economic Indicators & Central Banks: Markets paused after recent volatility and a tech selloff driven by high valuations and sector rotation. US election developments continue to dominate, with Kamala Harris securing enough pledged delegates for the Democratic presidential nomination, providing some political clarity. Asian stocks climbed, driven by gains in chipmakers following a Wall Street rebound ahead of major tech earnings reports. Treasury yields fell ahead of economic data releases and the Federal Reserve’s preferred inflation measure. Throughout July, speculation about a September rate cut boosted shorter-term bonds, narrowing their yield gap with longer-term securities. Asian & European Open: US equity futures dipped, and Euro Stoxx 50 contracts rose in anticipation of earnings from Tesla Inc. and Alphabet Inc. later today. Nasdaq and S&P500 were both up more than 1%, reversing some of last week’s painful decline. The “Magnificent Seven” stocks rose over 2% on Monday, led by Tesla and Nvidia Corp. Toyota Motor Corp. plans to repurchase shares from major Japanese banks and insurers as part of a ¥1 trillion buyback plan. Financial Markets Performance: The USDIndex remains in a ranging market, between 103.90-104.15. The Yen appreciated against the US Dollar, as traders adjusted their carry positions during the summer holiday season, with USDJPY breaching 156.20. Some Bank of Japan officials are open to raising rates at the July meeting, though weak consumer spending complicates the decision. Oil prices remained steady near a 6-week low as traders awaited new data on market balances and US stockpile forecasts. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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