September Issue

What's New in FXCM?

In our September newsletter, we’re featuring an interview with our Sales Executive Diego Valdenegro. Catch up on other news as well, including recent price action and current state of the market.

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Thank you for trading with us and we hope you enjoy reading the September edition of our newsletter!

Market Updates

Last month markets saw something of a relief rally. The moderation in inflation numbers largely prompted this. However, this did result in looser monetary conditions than the Fed currently prefers. As such, Fed Chair Powell was short and to the point in his delivery at Jackson Hole on 26 August. Effectively, he pushed back with a very hawkish delivery.

The Fed Chair reiterated this message at the Cato Institute's Annual Monetary Conference, which suggests a 75bps hike on 21 September is probable. He commented, "we need to act now, forthrightly, strongly as we have been doing, and we have to keep at it until the job is done". The robust US jobs market and firm services sector support this scenario.

The ECB also hiked by 75bps on 8 September. Whilst a strong signal of intention, it is not clear that monetary policy will be able to do much against the primarily driven supply side inflation in the Euro Area. In our view, the higher rates add probability to the EU recessionary scenario. We also note the announcement by the UK's PM Truss to cap energy bills for two years at £2,500. Given the commitment to cut taxes to the tune of £38bn per annum, we worry that the increased deficit spending may create headwinds for pound sterling.

In the Spotlight

EUR/USD

The recessionary scenario is at the back of market participants’ minds. Keep an eye on the Flash PMIs on Tuesday, 20 September – signs of a slowdown may bolster this. We also note the Italian Parliamentary Election on Sunday, 25 September. The prospect for drama here is elevated, and we could see a repeat of the turmoil of 2018. Sovereign yield volatility is expected, which may drive capital from the Euro.

SPX500

Higher yields exert pressure on stocks. However, keep an eye on the core PCE Friday, 30 September. Moderation here will be welcomed for the second month. Whilst the index has sold off heavily in recent weeks, it may be charting a higher trough. Our cycle indicator, whilst still to turn up, does show signs of value. If the rate hikes have filtered through the transmission mechanism, the SPX500 may surprise as portfolio managers look for bargains.

GOLD

The 1,700 level acts as a support for the precious metal. If data points suggest rate hikes, this will likely weigh on XAUUSD. A drop below this support may accelerate the decline as capital seeks out other havens such as the USDOLLAR. Again, the PCE release on Friday, 30 September, will play a part here. Signs of moderation may support 1,700. However, any upside surprise will likely weaken the gold bulls’ resolve at the 1,700 level.

Trade Dutch Shares on MetaTrader 4

We are happy to announce that we have now added Dutch Shares on our MetaTrader 4 platform, previously only available for clients with FXCM Trading Station accounts.

The Amsterdam Stock Exchange is the main hub for Dutch companies and is currently one of the top 5 exchanges in Europe.

The new offering include worldwide recognized brands Heineken, Philips and Universal Music, the banking sector majors ING, ABN Amro and NN Group and a technology firm Adyen NV, among others. Click here for a full list of all Single Share CFDs offered at FXCM.

Have a stock you would like added? Let us know here.

Why eFXplus? An Interview with our Sales Executive Diego Valdenegro

We sat down with our Sales Executive Diego to find out more about his career at FXCM and what is one tool offered at FXCM that every client should know about. Here’s what he had to say:

Question: Can you tell us a bit more about yourself and what are your key responsibilities at FXCM?

I started working for FXCM back in 2013 at our Chile office and have been involved in many different projects since then. Currently, I am a Senior Sales Executive, where I look after our select group of Active Trader clients. I also lead the educational and market analysis program for the Spanish region and work on several projects related to improving the company’s global growth.

Question: We offer quite a few trading tools and resources to clients. In your opinion, what is one tool offered at FXCM that is powerful but not as widely known?

eFXplus is a very powerful tool as a derivative data service for advanced FX traders. It helps them gain an edge in the markets from leading analytical perspectives and particular standpoint targets. It is an innovative FinTech application that simulates live forex strategies, trading position dynamics, quantitative models, and also provides trading/market forecasts and sell-side research insights from leading world banks.

Question: How do you think eFXplus can help our clients?

eFXplus helps traders of all levels in their daily trading agenda. The search functions are handy and it is a great support package for the trading decision makers. It is similar to having a constant peer review, as the voice of many analysts ensures that key information is not lost. eFXplus is an extremely valuable premium tool as part of the many resources FXCM offers to Active Traders. It helps clients see the market from various perspectives having the full research arm in a single place which ultimately helps facilitate the trading processes for our clients.

If you are interested in registering your account for access to eFXplus or to learn more about this tool, click here

Top Traded in August

Find out top traded instruments by trading volume during August 2022 across the FXCM Group.

Top 5 across all markets

SYMBOL
1 USD/JPY
Spot FX
2 EUR/USD
Spot FX
3 GBP/USD
Spot FX
4 US30
E-Mini Dow Futures
5 XAU/USD
Spot Gold

Top 5 Stocks

SYMBOL
1 TSLA.us
Tesla Motors Inc.
2 AAPL.us
Apple
3 NIO.us
Nio Inc.
4 BABA.us
Alibaba (US listing)
5 BILI.us
Bilibili

FXCM Group Awards

BEST ZERO COMMISSION BROKER
2022

ADVFN

BROKER OF THE YEAR
2022

Ultimate Fintech Awards

BEST FX PLATFORM
2021

Personal Wealth

BEST CUSTOMER SERVICE
2021

Ultimate Fintech Awards

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Past Performance: Past Performance is not an indicator of future results.

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.