The steady demand of the New Zealand currency, which gained nearly 4% from the lows of late January, contrasts with the S&P500, which lost its rising momentum about a fortnight ago and is again near the lows of the year.
The main reason for that divergence is monetary policy - current and expected. The Reserve Bank of New Zealand has maintained the momentum of tightening for the third time in the last six months and promises further rises later in the year.
New Zealand has also found itself far removed from the worst geopolitical tensions in Europe of recent decades, continuing to benefit from record-breaking commodity prices.
In this environment, it would not be surprising to see the NZDUSD rise as far as 0.7000 by the end of next month, in a break from last year's downward trend.
Although, it would be too naive to expect an easy up ride for the Kiwi, as the US Fed is also signalling a very hawkish stance.
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The main reason for that divergence is monetary policy - current and expected. The Reserve Bank of New Zealand has maintained the momentum of tightening for the third time in the last six months and promises further rises later in the year.
New Zealand has also found itself far removed from the worst geopolitical tensions in Europe of recent decades, continuing to benefit from record-breaking commodity prices.
In this environment, it would not be surprising to see the NZDUSD rise as far as 0.7000 by the end of next month, in a break from last year's downward trend.
Although, it would be too naive to expect an easy up ride for the Kiwi, as the US Fed is also signalling a very hawkish stance.
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Due to increased volatility, we would like to give more trading opportunities to our traders! As a result, as of now, we have made significant improvements to our trading conditions, with spreads on all FX Majors, Indices, Metals & Energies reduced by up to 20%.
This enables our clients to trade with lower costs across hundreds of popular instruments!
In addition, the trading hours for RUB cross pairs has been extended by 6 hours, so you can now trade USDRUB & EURRUB from 8 am – 10 pm (GMT) Monday – Friday.
In another major improvement to our offering, the margin requirements for Energies (Spots & Futures) has been reduced from 1% (1:100) to 0.5% (1:200). This means you can now trade Crude Oil (WTI & BRENT) and Natural Gas with half the amount of margin.* If needed, you can increase your account leverage in FxPro Direct or via our mobile app under your Account settings.
-Major reductions in Spreads across hundreds of CFDs
-Extended trading hours for Ruble FX Pairs
-Energy Margins slashed by half! *
We have made these changes based on feedback from our valued clients and the increased interest in popular assets such as Gold, Oil, Natural Gas and Major FX Pairs. This is just another step in FxPro’s dedication to providing some of the best possible trading conditions in the market.
The new and improved conditions are already in place across all of our trading platforms, so you can now start to take advantage of trading with reduced costs and enhanced trading updates!
If you have any questions, our 24/7 support team are always on hand to assist you.
*Applicable to clients of FxPro Global Markets & Professional clients of FxPro Financial Services/FxPro UK
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The cryptocurrency market has lost 11% in the past 24 hours, and as the situation develops and investors from Europe and America join the trading, the focus of the decline shifts from Bitcoin to altcoins.
Losses of the first cryptocurrency are close to 10%, while ETH, XRP are down 13-14%. Cardano, Avalanche, Dogecoin declining more than 17%.
Right now, the markets have the highest demand for liquid instruments, making Bitcoin slightly less of a risk than altcoins. It is likely that a further deterioration in the financial situation could benefit the first cryptocurrency as a means of capital savings for investors from Ukraine, Russia, and some nearby countries.
When the dust settles, prices may prove attractive for long-term investments, but for now, the risks are excessive.
Losses of the first cryptocurrency are close to 10%, while ETH, XRP are down 13-14%. Cardano, Avalanche, Dogecoin declining more than 17%.
Right now, the markets have the highest demand for liquid instruments, making Bitcoin slightly less of a risk than altcoins. It is likely that a further deterioration in the financial situation could benefit the first cryptocurrency as a means of capital savings for investors from Ukraine, Russia, and some nearby countries.
When the dust settles, prices may prove attractive for long-term investments, but for now, the risks are excessive.
How the situation in Ukraine affects all markets
Oil prices are up more than 7.5% so far today, bringing Brent close to $101 a barrel. Futures for gas, which is traded in the US, add more than 5% on a sharp aggravation of the situation around Ukraine. Putin officially announced the start of a “military operation,” which the Ukrainian authorities called a full-scale invasion.
The price of a troy ounce of gold was approaching $1,975, reaching its highest point since September 2020, on a massive flee into defensive assets.
European indices are under selling pressure, with the DAX 40 and Euro Stoxx 50 losing about 4%, hitting their lows since March 2021. The FTSE100 index is down about 3%, the same amount is lost by the Nasdaq100 futures, while the Dow Jones 30 and S&P500 are down by 2.5%.
Market drivers are no longer macroeconomics but private messages from the military and local residents. Under such conditions, stock and commodity price valuations almost lose their meaning. Ukraine and Russia are major exporters of agricultural products and metals, which also promises to push prices up until the situation becomes more stable, which is unlikely to happen in the coming days.
Even in the event of a suspension of the military operation, one should prepare for prolonged interruptions in the supply of energy, metals and food, which will destabilize the prices of these goods. Right now, extreme volatility in global markets (outside of Russia and Ukraine) cannot yet be stated. Still, the situation is evolving, risking shockwaves in commodity and energy prices in the coming days. The potential of gold as a defensive asset is also far from being discovered.
Oil prices are up more than 7.5% so far today, bringing Brent close to $101 a barrel. Futures for gas, which is traded in the US, add more than 5% on a sharp aggravation of the situation around Ukraine. Putin officially announced the start of a “military operation,” which the Ukrainian authorities called a full-scale invasion.
The price of a troy ounce of gold was approaching $1,975, reaching its highest point since September 2020, on a massive flee into defensive assets.
European indices are under selling pressure, with the DAX 40 and Euro Stoxx 50 losing about 4%, hitting their lows since March 2021. The FTSE100 index is down about 3%, the same amount is lost by the Nasdaq100 futures, while the Dow Jones 30 and S&P500 are down by 2.5%.
Market drivers are no longer macroeconomics but private messages from the military and local residents. Under such conditions, stock and commodity price valuations almost lose their meaning. Ukraine and Russia are major exporters of agricultural products and metals, which also promises to push prices up until the situation becomes more stable, which is unlikely to happen in the coming days.
Even in the event of a suspension of the military operation, one should prepare for prolonged interruptions in the supply of energy, metals and food, which will destabilize the prices of these goods. Right now, extreme volatility in global markets (outside of Russia and Ukraine) cannot yet be stated. Still, the situation is evolving, risking shockwaves in commodity and energy prices in the coming days. The potential of gold as a defensive asset is also far from being discovered.
Russia may legalize crypto to circumvent sanctions
After reaching the lows for the month, the first cryptocurrency received support from buyers, as was the case at the end of January.
Of course, the growth dynamics were relatively modest, which indicates the caution of buyers. It is likely that these are long-term holders rather than short-term speculators, as markets generally remain wary.
Interestingly, buying during the decline has become a key outline of the American session. After more than a 3% fall, US stock indices not only bounced back but also managed to show growth at the end of the day. This stimulated bitcoin to strengthen.
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After reaching the lows for the month, the first cryptocurrency received support from buyers, as was the case at the end of January.
Of course, the growth dynamics were relatively modest, which indicates the caution of buyers. It is likely that these are long-term holders rather than short-term speculators, as markets generally remain wary.
Interestingly, buying during the decline has become a key outline of the American session. After more than a 3% fall, US stock indices not only bounced back but also managed to show growth at the end of the day. This stimulated bitcoin to strengthen.
📣Trade responsibly at fxpro.com
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Food prices are breaking multi-year highs, and the CBs are helpless
Wheat futures on the CBOE are up 16% since the start of the week, the biggest rally since the poor harvest in 2012. At one point yesterday, the weekly rise was close to 20%. The price level was the highest since April 2008, as traders anxiously assessed the impact of the conflict between two of the world’s biggest exporters of wheat, corn, and other agricultural products.
The FAO’s Food Price Index in January was near its 2011 peak (in nominal terms) and one step below its 1974 peak - a time of stagflation and the aftermath of the oil crisis. And the latest spike in grains prices suggests that these highs will already be surpassed in February.
It means that people will spend more on food and less on durable goods and services, worsening living standards.
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Wheat futures on the CBOE are up 16% since the start of the week, the biggest rally since the poor harvest in 2012. At one point yesterday, the weekly rise was close to 20%. The price level was the highest since April 2008, as traders anxiously assessed the impact of the conflict between two of the world’s biggest exporters of wheat, corn, and other agricultural products.
The FAO’s Food Price Index in January was near its 2011 peak (in nominal terms) and one step below its 1974 peak - a time of stagflation and the aftermath of the oil crisis. And the latest spike in grains prices suggests that these highs will already be surpassed in February.
It means that people will spend more on food and less on durable goods and services, worsening living standards.
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FxPro is pleased to announce that due to increased volatility & interest in popular trading instruments as of today:
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#WaveAnalysis
#Nikkei225 reversed from support area
• Likely to rise to resistance level 26875.00
Nikkei 225 index recently reversed up from the support area located between the key support level 26000.00 (which stopped the previous impulse wave (i) in January) and the lower daily Bollinger Band.
The upward reversal from this support area created the daily Hammer, which stopped the previous short-term impulse wave (iii).
Given the strength of the aforementioned support area – Nikkei 225 index can be expected to rise further toward the next resistance level 26875.00 (target price for the completion of the active correction (ii)).
#Nikkei225 reversed from support area
• Likely to rise to resistance level 26875.00
Nikkei 225 index recently reversed up from the support area located between the key support level 26000.00 (which stopped the previous impulse wave (i) in January) and the lower daily Bollinger Band.
The upward reversal from this support area created the daily Hammer, which stopped the previous short-term impulse wave (iii).
Given the strength of the aforementioned support area – Nikkei 225 index can be expected to rise further toward the next resistance level 26875.00 (target price for the completion of the active correction (ii)).
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#WaveAnalysis
#AUDNZD reversed from support area
• Likely to rise to resistance level 1.0750
AUDNZD currency pair recently reversed up from the support area located between the pivotal support level 1.0670 (which has been reversing the price from January) and the lower daily Bollinger Band.
This support area was further strengthened by the 50% Fibonacci correction of the sharp upward impulse wave (i) from the middle of January.
Given the strength of the aforementioned support area – AUDNZD currency pair can be expected to rise further toward the next resistance level 1.0750.
#AUDNZD reversed from support area
• Likely to rise to resistance level 1.0750
AUDNZD currency pair recently reversed up from the support area located between the pivotal support level 1.0670 (which has been reversing the price from January) and the lower daily Bollinger Band.
This support area was further strengthened by the 50% Fibonacci correction of the sharp upward impulse wave (i) from the middle of January.
Given the strength of the aforementioned support area – AUDNZD currency pair can be expected to rise further toward the next resistance level 1.0750.
#WaveAnalysis #AAPL
• Apple reversed from support area
• Likely to rise to resistance level 165.00
Apple recently reversed up from the support area located between the key support level 155.00 (former low of wave A from January), standing well below the lower daily Bollinger Band.
This support area was further strengthened by the 61.8% Fibonacci correction of the extended upward impulse wave C from the end of September.
Given the strength of the aforementioned support area – Apple can be expected to rise further toward the next resistance level 165.00 (former support from the middle of February).
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• Apple reversed from support area
• Likely to rise to resistance level 165.00
Apple recently reversed up from the support area located between the key support level 155.00 (former low of wave A from January), standing well below the lower daily Bollinger Band.
This support area was further strengthened by the 61.8% Fibonacci correction of the extended upward impulse wave C from the end of September.
Given the strength of the aforementioned support area – Apple can be expected to rise further toward the next resistance level 165.00 (former support from the middle of February).
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Temporary interruption to Crypto CFD trading
Please be aware of upcoming scheduled maintenance from our Crypto Liquidity Providers.
Due to the above which is beyond our control, trading for all crypto CFDs will be halted for two hours from 17:00 until 19:00 (server time UTC+2), on Saturday 26/02/2022.
You will be unable to open new positions or close existing positions during these 2 hours.
If you have any questions at all, please feel free to reach out to our customer support team via Live Chat, phone or at support@fxpro.com.
Please be aware of upcoming scheduled maintenance from our Crypto Liquidity Providers.
Due to the above which is beyond our control, trading for all crypto CFDs will be halted for two hours from 17:00 until 19:00 (server time UTC+2), on Saturday 26/02/2022.
You will be unable to open new positions or close existing positions during these 2 hours.
If you have any questions at all, please feel free to reach out to our customer support team via Live Chat, phone or at support@fxpro.com.
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Exchanges begin to block crypto accounts of Russians
In the middle of the week, bitcoin was testing monthly lows around $34,300 against the backdrop of the start of Russia's military operation in Ukraine. During the week and over the weekend, the price of Bitcoin rose to $39,700, on demand for Bitcoin as a safe haven for capital in the face of unusually heavy sanctions.
Pressure on all risky assets is exerted by the situation around Ukraine, where hostilities continue. The reaction of the market suggests that investors do not yet consider the first cryptocurrency as a protective asset in times of crisis.
In terms of technical analysis, BTC has failed to overcome the 50-day moving average, which raises the risks of further declines.
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In the middle of the week, bitcoin was testing monthly lows around $34,300 against the backdrop of the start of Russia's military operation in Ukraine. During the week and over the weekend, the price of Bitcoin rose to $39,700, on demand for Bitcoin as a safe haven for capital in the face of unusually heavy sanctions.
Pressure on all risky assets is exerted by the situation around Ukraine, where hostilities continue. The reaction of the market suggests that investors do not yet consider the first cryptocurrency as a protective asset in times of crisis.
In terms of technical analysis, BTC has failed to overcome the 50-day moving average, which raises the risks of further declines.
📣Trade responsibly at fxpro.com
Russia off from SWIFT will have a positive impact on crypto
Bitcoin made a powerful leap up after assurances from the owners of the largest crypto exchanges, Binance, Kraken, KuCoin and AAX, that they do not intend to block the funds of individual Russians. However, the head of Kraken warned that they would abide by the regulator's decision if it comes.
Overnight, the United States noted that they would stop attempts to use cryptocurrencies to circumvent personal sanctions. So, retail clients of large crypto exchanges are not yet afraid for their funds. This probably explains the latest growth momentum.
Technically, Bitcoin broke through the upper limit of the four-month descending channel at the close of the month. Moderate optimism of Asian and US indices is also on the side of buyers.
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Bitcoin made a powerful leap up after assurances from the owners of the largest crypto exchanges, Binance, Kraken, KuCoin and AAX, that they do not intend to block the funds of individual Russians. However, the head of Kraken warned that they would abide by the regulator's decision if it comes.
Overnight, the United States noted that they would stop attempts to use cryptocurrencies to circumvent personal sanctions. So, retail clients of large crypto exchanges are not yet afraid for their funds. This probably explains the latest growth momentum.
Technically, Bitcoin broke through the upper limit of the four-month descending channel at the close of the month. Moderate optimism of Asian and US indices is also on the side of buyers.
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#WaveAnalysis
#Dax reversed from resistance zone
• Likely to fall to support level 3.000
Dax index recently reversed down from the resistance zone lying between the key resistance level 3220.0 (former strong support from last year) and the 38.2% Fibonacci correction of the earlier downward impulse from last month.
The downward reversal from this resistance zone stopped the earlier short-term correction (ii).
Given the strength of the aforementioned resistance zone – Dax index can be expected to fall further toward the next round support level 3.000 (which stopped the previous short-term impulse wave (i)).
#Dax reversed from resistance zone
• Likely to fall to support level 3.000
Dax index recently reversed down from the resistance zone lying between the key resistance level 3220.0 (former strong support from last year) and the 38.2% Fibonacci correction of the earlier downward impulse from last month.
The downward reversal from this resistance zone stopped the earlier short-term correction (ii).
Given the strength of the aforementioned resistance zone – Dax index can be expected to fall further toward the next round support level 3.000 (which stopped the previous short-term impulse wave (i)).
What to do with your free capital in Russia
The main question that ruble traders ask themselves is whether the Central Bank managed to prevent a collapse in the exchange rate? At the moment, the euro is officially worth 104.4, and the dollar is 93.5.
According to a leading analyst at FxPro, the ruble is recovering from the second shock wave that hit on Monday, when the Central Bank was unable to use foreign exchange reserves to stabilize the exchange rate. The dollar and the euro declined somewhat, but these levels still can hardly be called sustainable. An increase in the interest rate has a relatively long-term effect, while a liquidity crisis affects quotes "here and now".
A steady reversal to growth in the Russian currency should be expected no earlier than when we receive reliable signals from the EU and the US.
📣Trade responsibly at fxpro.com
The main question that ruble traders ask themselves is whether the Central Bank managed to prevent a collapse in the exchange rate? At the moment, the euro is officially worth 104.4, and the dollar is 93.5.
According to a leading analyst at FxPro, the ruble is recovering from the second shock wave that hit on Monday, when the Central Bank was unable to use foreign exchange reserves to stabilize the exchange rate. The dollar and the euro declined somewhat, but these levels still can hardly be called sustainable. An increase in the interest rate has a relatively long-term effect, while a liquidity crisis affects quotes "here and now".
A steady reversal to growth in the Russian currency should be expected no earlier than when we receive reliable signals from the EU and the US.
📣Trade responsibly at fxpro.com
#WaveAnalysis
#EURCHF broke key support level 1.0300
• Likely to fall to support level 1.0200
EURCHF currency pair under the bearish pressure after the earlier breakout of the key support level 1.030 (which has been reversing the pair from the end of January).
The breakout of the support level 1.030 accelerated the active impulse waves 3 and (3).
Given the clear daily downtrend – EURCHF currency pair can be expected to fall further toward the next support level 1.0200 (target for the completion of the active impulse wave (3)).
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#EURCHF broke key support level 1.0300
• Likely to fall to support level 1.0200
EURCHF currency pair under the bearish pressure after the earlier breakout of the key support level 1.030 (which has been reversing the pair from the end of January).
The breakout of the support level 1.030 accelerated the active impulse waves 3 and (3).
Given the clear daily downtrend – EURCHF currency pair can be expected to fall further toward the next support level 1.0200 (target for the completion of the active impulse wave (3)).
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Crypto Whales Are Aggressively Buying Bitcoin
In the middle of Tuesday, the first cryptocurrency was approaching $45K, but then fell slightly during the American session along with stock indices. BTC showed resilience despite the decline in other risky assets and the growth of the dollar. World markets were declining following the banking sector, which felt the severity of Russia's partial disconnection from Swift (by 80%). However, this situation does little harm to the demand for cryptocurrencies.
On the Binance exchange, the volume of trading in ruble pairs with BTC and USDT has increased significantly.
Crypto funds recorded $36 million in net asset inflows during the week, up from $239 million over the past five weeks, according to CoinShares. Institutions are also looking for alternative vehicles amid mounting military tensions and government capital controls.
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In the middle of Tuesday, the first cryptocurrency was approaching $45K, but then fell slightly during the American session along with stock indices. BTC showed resilience despite the decline in other risky assets and the growth of the dollar. World markets were declining following the banking sector, which felt the severity of Russia's partial disconnection from Swift (by 80%). However, this situation does little harm to the demand for cryptocurrencies.
On the Binance exchange, the volume of trading in ruble pairs with BTC and USDT has increased significantly.
Crypto funds recorded $36 million in net asset inflows during the week, up from $239 million over the past five weeks, according to CoinShares. Institutions are also looking for alternative vehicles amid mounting military tensions and government capital controls.
📣Trade responsibly at fxpro.com
Market worry of Russia energy embargo
Brent crude prices have jumped 13% since the start of the week, trading above $110 a barrel at the time of writing. These are the highest levels since July 2014. Meanwhile, the ruble continues to retreat against the dollar and euro.
USDRUB is now trading at 106.40 (+5.5%) on the Moscow Exchange, and EURRUB is above 118 (+5%). In both cases, rates are approaching the highs set at the start of trading on Monday. As would be expected, the announced support measures from the Central Bank are softening the fall but not reversing it. The one-way movement in oil prices is since buyers in Europe are increasingly refusing to buy Russian oil, trying to find a replacement for it.
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Brent crude prices have jumped 13% since the start of the week, trading above $110 a barrel at the time of writing. These are the highest levels since July 2014. Meanwhile, the ruble continues to retreat against the dollar and euro.
USDRUB is now trading at 106.40 (+5.5%) on the Moscow Exchange, and EURRUB is above 118 (+5%). In both cases, rates are approaching the highs set at the start of trading on Monday. As would be expected, the announced support measures from the Central Bank are softening the fall but not reversing it. The one-way movement in oil prices is since buyers in Europe are increasingly refusing to buy Russian oil, trying to find a replacement for it.
📣Trade responsibly at fxpro.com
#WaveAnalysis
#USDCAD reversed from key resistance level 1.2800
• Likely to fall to support level 1.2645
USDCAD currency pair recently reversed down from the key resistance level 1.2800 (which has been reversing the pair from the start of January).
The resistance zone near the resistance level 1.2800 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous ABC correction (2) from last December.
Given the strongly bullish CAD sentiment (on oil gains) – USDCAD currency pair can be expected to fall further toward the next support level 1.2645 (which has been reversing the price from the start of February).
#USDCAD reversed from key resistance level 1.2800
• Likely to fall to support level 1.2645
USDCAD currency pair recently reversed down from the key resistance level 1.2800 (which has been reversing the pair from the start of January).
The resistance zone near the resistance level 1.2800 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous ABC correction (2) from last December.
Given the strongly bullish CAD sentiment (on oil gains) – USDCAD currency pair can be expected to fall further toward the next support level 1.2645 (which has been reversing the price from the start of February).
#WaveAnalysis
#WTI broke resistance zone
• Likely to rise to resistance level 110.00
WTI crude oil recently broke the resistance zone lying between the powerful round resistance level 100.00 and the resistance trendline of of the daily up channel from the middle of December.
The breakout of this resistance zone accelerated the active short-term impulse wave 5 of the higher order impulse wave (3) from last year.
Given the overriding daily uptrend – WTI crude oil can be expected to rise further toward the next resistance level 110.00.
📣Trade responsibly at fxpro.com
#WTI broke resistance zone
• Likely to rise to resistance level 110.00
WTI crude oil recently broke the resistance zone lying between the powerful round resistance level 100.00 and the resistance trendline of of the daily up channel from the middle of December.
The breakout of this resistance zone accelerated the active short-term impulse wave 5 of the higher order impulse wave (3) from last year.
Given the overriding daily uptrend – WTI crude oil can be expected to rise further toward the next resistance level 110.00.
📣Trade responsibly at fxpro.com
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