Aussie steadies after slide, RBA nextThe Australian dollar is steady in the Monday session. In European trade, AUD/USD is trading at 0.7722, up 0.14%.
The US dollar showed some broad strength on Friday, and AUD/USD fell 0.70% and briefly fell below the 0.77 level. The greenback was supported by inflows from international investors who snapped up US Treasuries in month-end rebalancing flows.
Strong US numbers on Friday also gave the US dollar a boost. The Core PCE Price Index, which is considered the Federal Reserve's preferred inflation gauge, rose to 0.4% in March, up from 0.1% beforehand. This is another indication of inflationary pressures, as the US economy continues to sprint at a fast pace. The Fed has stated more than once that any spike in inflation will be temporary, but it's not at all clear that the market has bought into this stance. If inflation numbers continue to rise in the coming months, the Fed may have to acknowledge that higher inflation levels are not a passing event.
On Friday, Fed Governor Robert Kaplan, who is not a voting member, said straight out the Fed needs to be talking about tapering its asset-purchase program. The Fed has insisted that it needs to keep its foot to the pedal as the economy continues to recover, but there's a good chance that other Fed members agree with Kaplan. The US economy has been reeling off impressive numbers, and the April nonfarm payroll report is expected in at 975 thousand. A print above the one million mark is certainly achievable and would provide ammunition to the view that the Fed should review its current policy.
The RBA is facing a similar economic picture to that of the Fed - a rapidly improving economy and strong growth. Like the Fed, the RBA has implemented a highly accommodative policy in order to support the economy's recovery from the Covid pandemic.
The central bank holds its policy meeting on Tuesday (4:30 GMT), and the bank is expected to maintain interest rates at 0.10% and its QE programme of A$100 billion. Unless there is a surprise announcement, I would expect the RBA meeting to be a non-event for the Australian dollar.
On the upside, 0.7787 is the next resistance line. Above, there is resistance at 0.7864. On the downside, there are support levels at 0.7665 and 0.7620
RBA
The Reserve Bank of Australia keeps interest rates on holdThe Reserve Bank of Australia keeps interest rates on hold, at the historically low level of 0.1 percent, it was expected to last until at least 2024.
MM Analysis
1. Monetary Policy
- Keeps interest rates on hold, at 0.1 percent
- The initial $100 billion government bond purchase program is almost complete and the second $100 billion program will commence next week.
2. Economic forecast
- The rollout of vaccines is supporting the recovery of the global economy, although the recovery is uneven.
- The economic recovery in Australia is well under way and is stronger than had been expected.
- CPI inflation is expected to rise temporarily because of the reversal of some COVID-19-related price reductions but inflation is expected to remain below 2 per cent over the next few years.
3. Forward Guidance
- The Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range, it does not expect these conditions to be met until 2024 at the earliest.
4. Conclusion
- The RBA statement meets the market expectation, although employment rate has returned to the pre Covid-19 level, when the salary subsidy policy expires, the employment market is still uncerntain. The Bank of Australia has once again stated that it will not raise interest rates before 2024. In conclusion, this statement maintains dovishness.
AUD - CENTRAL BANK ANALYSISObjective: The RBA's objectives are to contribute to (a) the stability of the currency; (b) themaintenance of full employment; and (c)the economic prosperity and welfare of the people of Australia. Stability is widely acknowledged through the RBA's inflation target of 2-3%.
As of Q4, inflation in Australia stands at 0.9%; while GDP for Q3 printed at -3.8% Y/Y and -3.3% Q/Q. For February, the Unemployment Rate fell to 5.8% from January's 6.4% with Employment Change printing at 88.7K with full-time employment printing at 89.1K.
Situation: At their March meeting, the RBA kept its Cash Rate and 3-year yield target at a record low of 0.10%. However, the central bank reaffirmed its commitment to maintaining highly supportive monetary conditions until its goals are reached and it will not increase the Cash Rate until inflation is sustainable at 2-3% target.
Additionally, the RBA stated it is prepared to make further adjustments to its bond buying program in response to market conditions and it does not expect a tight labour market and high wage growth until 2024 at the earliest.
Markets await RBA decisionThe Australian dollar has started the week with slight gains. Currently, the pair is trading at 0.7626, up 0.25% on the day.
Friday's Nonfarm payrolls was expected to be strong, and NFP delivered big, with a read of 916 thousand, up from 379 thousand a month earlier. This figure easily beat the forecast of 652 thousand. With the US recovery gaining traction and the Biden administration pouring trillions of dollars into the economy, we can expect upcoming NFP prints to be above the one million level. That is, if the vaccination rollout continues as planned. The US dollar didn't show much reaction to the blowout release, and AUD/USD was muted on Friday.
Overshadowed by the sparkling NFP report was a drop in the unemployment rate, which dropped from 6.2% to 6.0%, matching the forecast. Unemployment continues to fall and this was the lowest level since April 2020, prior the huge jump in unemployment due to the Covid pandemic.
The RBA holds its monthly policy meeting on Tuesday (4:30 GMT). The meeting is expected to be uneventful, with the central bank widely expected to maintain interest rate and interest rate and yield curve targets at 0.1%. The bank's QE programme of A$100 billion is set to expire but will be immediately renewed for a six-month period.
The RBA has been in dovish mode, stating that it expects to maintain its current stance until 2024, when inflation is projected to reach the bank's target of 2-3%. However, Australia's economy has been recovering rapidly and it's entirely possible that inflation could reach this target well before 2024, in which case we could see rate hikes ahead of the RBA's schedule.
AUD/USD faces resistance at 0.7675. Above, there is resistance at 0.7735 The first line of support is at 0.7543, followed by support at 0.7471.
GBPAUD towards 1,90? Buying dips...Hi,
higher yields are likely to have an impact on commodity currencies at some point.
If so, then in this pair, as long as we are above 1.75, we have a chance for an increase towards 1.90
Scaling the longs around 1.7750 and 1.75
Stop below 1.7440
Target 1.89
Good luck
AUD pauses after mini-rallyThe Australian dollar is showing little movement in the Wednesday session. Currently, the pair is trading at 0.7706, down 0.08% on the day.
Australia's economy has recovered from the Covid-induced downturn more quickly than expected. The country has contained Covid quite well, and global demand for Australian exports is growing. The impressive economic recovery has led to speculation that the RBA could raise interest rates next year or early 2023. The central bank has trimmed rates to a record low of 0.10% and has a QE program of A$200 billion currently in place.
RBA Governor Lowe sought to dampen speculation over a rate hike, saying that there would be no hikes before wage growth lifted inflation to the bank's target of 2-3%. Lowe said that this would require wage growth, currently at 1.4%, to climb above 3 per cent. In order for that to happen, unemployment would need to fall to 4%, down from the current 6.4%. Although the RBA could choose to raise rates even if these targets were not met, his comments served notice to the markets that higher rates remain a long, long way off. Lowe was clear in this message, saying in the bank's assessment, "the cash rate is very likely to remain at its current level until at least 2024.”
Sandwiched in between Lowe's comments were solid economic releases, reiterating that the economy is pointed in the right direction. The NAB Business Confidence index rose from 10 to 16 in February, its highest level since 2010. As well, Westpac Consumer Sentiment rose to 111.8 in March, up from 109.1 beforehand. The index is now just shy of the December read of 112.0, which was a 10 year high.
AUD/USD faces resistance at 0.7805, followed by resistance at 0.7930. On the downside, there is support at 0.7589. If this line fails, the pair could fall sharply, with the next support level at 0.7498
AUD steady as retail sales hit expectationsThe Australian dollar has recorded slight gains in the Thursday session. Currently, the pair is trading at 0.7790, up 0.23% on the day.
Retail sales climbed 0.5% in January, which followed the December gain of 0.6%. These are by no means earth-shattering numbers, but the two consecutive gains are welcome news after back-to-back declines of around 4 per cent. The small gains point to consumer spending stabilizing and with the recovery gaining steam, we can expect better numbers in the coming months.
It has been a busy week on the fundamental side, with a host of Australian indicators. The highlights have been the RBA policy meeting and a strong GDP report. The RBA left interest rates at the ultra-low level of 0.10%, but the rate statement was notable for its reference to the Australian dollar. The statement noted that the bank's current monetary policy had contributed "to a lower exchange rate than otherwise. The central bank has watched with apprehension as the Australian dollar has appreciated sharply against the US dollar, with the Aussie punching above the symbolic 80-line just last week. The RBA would like a lower exchange in order to maintain price stability and protect the critical export sector.
GDP showed a strong gain of 3.1% in Q4, down slightly from 3.3% beforehand but well above the estimate of 2.5%. Finance Minister Josh Frydenberg commented that the economy was recovering more quickly than the government had anticipated, noting that the first time in recorded history that Australia has seen two consecutive quarters of economic growth of more than 3%”.
Let's review the weekly support and resistance levels:
AUD/USD faces resistance at 0.7910, followed by resistance at 0.8116. There is weak support at 0.7752, followed closely by support at 0.7728. The pair is trading around the 0.78 line, which is slightly above its multi-month ascending wedge support at 0.7750.
AUDUSD - Long Despite Pullback AUDUSD has pulled back since hitting the 0.8 psychological level as US yields rose significantly last week leading the US dollar to strengthen. We still hold a long view whilst the currency pair is above support at 0.754 as we await the RBA rate decision and AUD GDP growth rate data next week.
Began Buying Yesterday RBASlow and steady buying this daily. Lil dividend cherry on top.
Like what I see and love Ritchie Bros. I drive by and see a yard full of heavy equipment... a week later empty... more.... empty.... MONEY IS BEING MADE!
little to no debt... RBA is positioned very well in the coming years.
As always good health, wealth, and best wishes to all!
Inflation Rate Roundups Trade Safe - Trade Well
Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.
RISK DISCLAIMER
Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
Monetary Policy Meeting: BoE & RBALast week, the Bank of England and the Reserve Bank of Australia held their first monetary policy meeting for this year. In this article, we will look at the takeaway from the meetings.
BoE put to rest speculation on adoption of negative interest rate.
The third national lockdown imposed on England early last month led to the speculation that the Bank of England (BoE) is likely going to take interest rate to the negative level to cushion the negative impact on the UK economy. However, the speculation has been put to rest by the central bank during its monetary policy meeting last week. In the monetary policy minutes, the BoE stated that it “did not wish to send any signal that it intended to set a negative Bank Rate at some point in the future”. Furthermore, the central bank highlighted that the implementation of negative interest rate will require preparatory work to be carried out six months before its implementation. In an effort to control the situation, BoE Governor Andrew Bailey advised the public not to speculate any future actions that the central bank may take.
On the economic recovery side of things, the BoE expects the UK economy to contract by 4% during the first quarter of 2021. However, the central bank is optimistic that the economy will recover fast this year with UK’s speedy vaccination programme, expecting the economy to return to the pre-pandemic level by the first quarter of 2022. As a result, the BoE revised down its economic growth forecast for 2021 from 7.25% to 5% but revised up its forecast for 2022 from 6.25% to 7.25%. Finally, the central bank kept its interest rate and monetary policy unchanged.
RBA carries out more monetary policy easing.
Unlike the Bank of England, its Australian counterpart took a more aggressive approach towards monetary easing. During the monetary policy meeting last week, the Reserve Bank of Australia (RBA) decided to purchase additional $100 billion of government bonds once the current bond purchase program ends in mid-April. The main reason for the central bank to carry out more easing was due to subdued wage and price pressures. The RBA highlighted that the latest annual inflation rate of 0.9% is still far from the central bank’s targeted level of 2-3% while wages are increasing at the slowest rate ever. The central bank expects both inflation and wages to pick up gradually but will still remain below 2 per cent over the next two years.
Despite the subdued wage and price pressures, the RBA also acknowledged that economic recovery in Australia has exceeded their expectation. The jobs market has been performing well, indicating strong employment growth and continued decline in unemployment rate. Consumer spending has also been strong while an increase in the number of deferred loan repayments have been made. Thus, the central bank is now expecting the country’s economic growth to return to the end-2019 level by mid-2021 as opposed to the previous expectation of end-2021. Lastly, the RBA also expect interest rate to remain at the current level of 0.10% until wages growth is higher than the current level and its inflation target range of 2-3% has been met, which the central bank foresees it to happen only in 2024 at the earliest.
ridethepig | NZD for FED📌 ridethepig | NZD Market Commentary 27.01.2021
What is in play here?
Buyers depriving shorts of their rewards and not allowing the breakdown ahead of Fed. Strategically speaking, this looks and smells a lot like a slingshot. The strong rejection points towards the Kiwi inflows after RBNZ let slip that rate cuts are unlikely. On the Fed side, dollar devaluation is still the name of the game and a dovish Powell is already widely expected. Not expecting much positivity on the recovery front, positioning is the main factor in play here and a sweep of the highs would be healthy as is the case for EURUSD.
Thanks as usual for keeping the feedback coming 👍 or 👎
AUDUSD - Potential Bull FlagHello Traders,
The AUDUSD is currently trading on a key trendline support and a typical bull flag formation.
The recent rally in the USD looks corrective in nature, therefore we are expecting further selling pressure coming into play against the USD in the near future.
Any thoughts or comments are welcome below.
ridethepig | AUDNZD Market Commentary 20.01.2021📌 ridethepig | AUDNZD Market Commentary 20.01.2021
This chart illustrates the remaining crumbs in AUDNZD which is worth further study. The position from the previous diagrams continues and we are set for taking the next main target at 1.089x/1.090x.
Now, buyers have overcome their difficulties in development, the base is optimally protected from AUD inflows via the commodity side. Happy to continue holding AUD against the bird, and is a nice way to express a dovish view on NZD.
Thanks as usual for keeping the feedback coming 👍 or 👎
AUDUSD is trending in a pennant flag pattern - more upside?AUDUSD is trending to the upside today ahead of US elections. A break above the resistance trendline could signal for buyers to drive price higher, likewise a rejection of the resistance line could signal further selling. We are bullish AUDUSD today as traders may look to reduce USD exposure approaching the elections. It is worth taking into account the RBA's rate cute today, from 0.25% to record lows of 0.1%. This would typically be bearish for the AUD.
ridethepig | Aussie for the Yearly Close📌 AUD for the Yearly Close
It seems a good choice of the moment to also progress with the Commodity Currencies next, the characteristic of the next macro themes are going to be coming from shortages on supply side and we can dissect how to configure that into currencies and in accordance with the previous diagrams.
AUD has freed some space above for the coming months and quarters, the 0.813x initial target is interesting to note how the opportunity for capitulation of sellers arises, the breach will unlock the 'inverse' of a waterfall concept that we are now discussing in USD;
With enormous complications for commodities coming, after a few more mistakes from politicians, AUD will be one of the main winners in the moves. In the next flows, 0.950x and 1.097x are clear extensions but until we can crack through the 0.813x soft resistance are only considered skeletons in the closet for now.
Thanks as usual for keeping the feedback coming 👍or 👎
ridethepig | AUDNZD Market Commentary 09.12.2020📌 Buyers attacking and maintaining the pressure!
Since the initial weakness we spotted at the lows, we have seen the birth of an impulsive leg higher:
Of course this is very promising, buyers have much rather played the breakup and we got our momentum gambit! Well, for those wondering what rendered the base as valid, I would point you in the direction of the NZ10Y chart which was calling for the end of NZD strength as soon as we approach the 1.00% target.
We must be clear that in AUDNZD 1.055x contains a lot of interest, the ambitious dream of forcing a straight leg towards 1.075x and forcing our opponent into complete capitulation is far from fiction. We can now attack the breakout and force the aggression. The continuation might be 1.055x -> 1.062x -> 1.075x which keeps NZD under pressure.
Thanks as usual for keeping the feedback coming 👍 or 👎
ridethepig | AUDNZD Market Commentary 02.12.2020There was apparently no motivation for sellers to continue the advance lower and neither does it seem pragmatic. AUD buyers are showing up once more and this looks like the prelude to an exciting momentum gambit.
The trigger comes from a leap above the latent highs, it will move us forward full of energy as shorts start covering and the youthful arrogance of those reluctant to close get margin called. I choose to answer the lows with a gentle position, no more than one or two in the start, and the quietness of a worthwhile virtue.
The whole business of markets is about the advance for our momentum, because the traps have already been set, sellers still think they have won, but only when we zoom out on the macro charts can we truly demonstrate the underlying AUD strength.
So I would tend to describe the above floor as cheap and open. With clearing month end flows and markets trying to get their 2021 trades on early with commodity shortages entering into the picture already, we should emphasise exposure in AUD. Of course, Australian and China relationships are not working perfectly, although I expect this will be the story to track in 2021 rather than December 2020.
Thanks as usual for keeping the feedback coming 👍 or 👎
ridethepig | AUD Market Commentary 2020.10.21🔸 AUDUSD - Market Commentary 2020.10.21
The following play is aiming for a test of 70c; after a very dovish RBA earlier in the week opening the window for negative rates, we have some more downside to play. Wellll done all those selling AUDCAD , AUDUSD and AUDCNH . Volatility is going to continue to expand as we enter into the elections which will weigh heavily on AUD and NZD to a lesser extent.
The play towards 70c can be opened by a fresh zig-zag from sellers. Such a move should never be played without being aware where we are wrong and measuring with certain effectiveness the bang for our buck. The downside is made possible via USD finding a temporary bid for ultimate safe-haven flows. We must recognise the dollar as the reserve currency and give it credit where credit is due. For the technical flows, looking for an eventual test of 0.700x/0.699x while invalidation above comes with a closing basis through 0.711x.
Thanks as usual for keeping the feedback coming 👍 or 👎
'Giant Panda' surrender of the AUD bid📌 Surrendering of the AUD bid
The following play is an example of how easily a premature surrender of the ladder can lead to a correction.
In light of that, for the news flow we have a two course dinner:
1️⃣ A dovish RBA on deck notably showing signs of distress with Australian 10Y Yield and opening the door for more QE. This is going to keep the downward pressure on AUD in the immediate term while CB's and governments around the globe prepare to tap into the overdraft one more time.
2️⃣ Regular readers will know we have been tracking PBOC for some time. The "Giant Panda" has been spotted (more than once on the AUD bid and quite practicably so. The importance here comes from them effectively pressing the release valve via banning Australian coal.
3️⃣ Any last minute USD outflows ahead of election event risk will be positive CAD in the immediate term. A Trump victory would then likely unwind those, while a Biden sweep I suspect accelerates the flows from US to Canada.
📌 The following swing that we are tracking is a combinatory complication .
From a flows perspective, sellers can resign after testing the previous resistance turned support, with the threat of penetration towards the previous centre in the orderblock. The floor will depend on risk passing, for now let's keep working shorts and use CAD to park as a defensive move to ride the pig on any last minute U.S election outflows; 0.930x -> 0.900x looks within reach.
Thanks as usual for keeping the feedback coming 👍 or 👎
FX Update: Market hopeful on US stimulus and Brexit breakthrougSummary: The US dollar continues to meander back and forth on the rise and fall in stimulus hopes, with a new timeline early this week for the prospects of a deal after a House Speaker Pelosi ultimatum. Our focus this week elsewhere is on AUD after the sell-off last week on indications that the RBA is readying a proper QE programme, and on GBP as the market continues to lean in favour of a breakthrough in Brexit talks.
Trading focus:
US stimulus go/no-go deadline shaping up for tomorrow?
The US stimulus question may finally be nearing a near-term resolution as the weekend saw US House Speaker Nancy Pelosi issuing a 48-hour deadline (apparently Tuesday night) for a stimulus deal if anyone expects something to pass before the election. With some Republicans apparently willing to burn bridges to Trump due to the Democrats’ commanding lead in the polls and at odds with the president on whether a large stimulus package is advisable. The headlines suggest that stimulus prospects are still strong, and even when they appeared less strong recently, the narrative seemed to be that the rising odds of a Democratic clean sweep of Congress and the presidency at the election will mean a far larger package will be coming by spring either way. The market feels somewhat complacent here and tactically there is room for a mishap on the stimulus front that sees another modest leg higher in the US dollar, but confidence in reading the market here is quite low.
The Aussie is still digesting the RBA’s dovish tilt last week
Feels like the Aussie being pulled in two directions simultaneously here. On the negative side is the dovish RBA Governor Lowe speech last week that appears to be a setup for a full QE programme announcement at the November 3rd meeting. On the more supportive side as this week gets underway is the solid bounce-back in risk sentiment and the strong Chinese data overnight, with the weak Q3 GDP numbers off-set by strong September Industrial Production and Retail Sales data. As well, the Chinese yuan is trading back toward the cycle highs despite the recent apparent attempt to slow its rise. A move lower in AUDUSD here below 0.7000 and AUDJPY below 74.00 may be more up to US stimulus prospects and risk sentiment supporting safe havens rather than any isolated AUD weakness.
Chart: AUDUSD
The next two weeks and a day will be pivotal for AUDUSD, as the RBA meets and may announce its first real QE programme at the November 3rd RBA meeting – in the Asian session on the day when the US goes to the polls for Election Day. Huge technical interest here in the pivotal 0.7000 level if the AUD suffers another bout of weakness, which could lead to a further slide to 0.6800. On the flipside, to dig itself out of range, the pair needs to pull back above the 0.7200-50 area. If yield spreads mean anything any longer, the pressure is to the downside.
Sterling – market continues to lean in favour of a breakthrough.
The market continues to look through UK Prime Minister Boris Johnson’s exhortations for the UK to prepare for a no deal Brexit, and has bid sterling up close to the range highs against the euro and GBPUSD is poking back above 1.3000 as of this writing. Boris Johnson is said to be likely to roll back some of the controversial portions of the Internal Market Bill that would have overridden portions of the Withdrawal Agreement in a bid to get a deal. That bill might not have cleared the House of Lords anyway. In any case to support the current sterling price, we need a headline touting a real breakthrough soon – more below on thoughts for how to trade either directional outcome for GBP.
The G-10 rundown
USD – the US dollar’s fate tactically linked to risk sentiment and stimulus prospects, with no stimulus deal a possible supporter, but still looking for USD weakness for the long term.
EUR – the new Covid-19 lockdowns and case counts across Europe making the bullish story for the Euro a tough sell – does the EU risk a double dip recession?
JPY – safe haven yields are creeping back higher again, eroding some of the support for the JPY here – but only a story if US yields from 10 years and longer pop to a new highs.
GBP – as noted above, the market continues to lean in favour of a breakthrough and we’re likely to see a considerable leap higher in sterling (2%?) on a clear agreement-in-principle headline as early as this week or next. GBP calls for expiry in less than four weeks one way to position for a breakthrough, with GBP puts beyond December 31 are more appropriate for a “No Deal” scenario
CHF – no real growth in sight deposits this and if safe haven yields rise further, fundamental support for CHF weakens, but having a hard time paying attention to CHF as long as we remain in 1.06.
AUD – the negative reaction to the RBA halted after a single day and needs to get on the move lower again soon if it is meant to sell off further as last week’s negative momentum is already fading. The latest RBA meeting minutes and an RBA speaker are up tonight.
CAD – USDCAD consolidated to the 1.3250 resistance area. CAD seems likely to coil passively with overall USD direction awaiting the US election outcome.
NZD – NZD firms after the strongest result ever for NZ’s Labour party in the election, giving it an outright majority. The AUDNZD is looking below last support levels ahead of the 200-day moving average near 1.0620. The pair is big-picture cheap at 1.0500.
SEK – EURSEK gapped higher overnight but is back where it came from and seems ready to work towards the range lows of the summer as long as risk sentiment stays stable despite growing concern of a double dip slow-down in the EU on the Covid-19 resurgence.
NOK – we like long-term EURNOK downside, but will have to steer clear of near term double-dip concerns in Europe and any new crude oil sell-off on the ongoing supply overhang. Local resistance in the 11.00 area here.
John Hardy
Head of FX Strategy
Disclaimer
The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.