What's New in FXCM?
Are you watching USD? What’s next for gold and silver? With FOMC around the corner, there are plenty of big trading opportunities ahead. Make sure you’ve got the insights to trade the market. As an FXCM client, you have access to Economic Insights (more below) and many other tools at your disposal. Take the time to ensure your setups are ready for any market volatility ahead.
Speaking of things ahead, take our survey and let us know about the information you’re getting from us every month. We’re always looking for ways to improve. Happy trading!
Top Market Events
The failure of Silicon Valley Bank rattled the financial markets. This was accompanied by declining inflation in February. The CPI rose 6% on an annual basis which was down from the previous 6.4%.
March’s non-farm payroll also showed some moderation. 311K jobs were created in February and last month’s number was revised down by 13K. Importantly average hourly earnings slowed to 0.2% from 0.3%.
The moderation in data, with the SVB credit event, means that the Fed is more likely to be measured with their rate hike. The CME FedWatch Tool has priced in an 86% probability of a 25bps hike on 22 March. The US banking confidence crisis is reflected in FXCM’s US.BANKS basket, which has stopped trending up. Nevertheless, the GER30, NAS100 and SPX500’s uptrends remain intact.
In the Spotlight
Gold has pulled back over the last several weeks and starts the month at a strong support level. Its momentum remains positive, and it may respond if the Fed looks to hike less aggressively.
Access Exclusive Economic Insights
Anticipating and acting on market movements is one of the keys to successful trading. With Trading Central’s Economic Insights – free with FXCM Plus – you access real-time data, powerful impact and volatility analysis tools, and interactive charting to identify and assess how events are impacting FX pairs.
You get actionable analytics, with easy-to-use profit and stop loss settings. You also get access to tangible historical data, all through a modern, responsive user interface.
Log in to FXCM Plus to access Economic Insights
Stellar Service Delivered
Take a look at the client service response times across the FXCM Group in the month of February.
Source: FXCM Service data, review period: February 2023.
Average wait time for live chat support.
Top Traded in February
See the top instruments by trading volume during February 2023 across the FXCM Group.
Top 5 Stocks
Tesla Motors Inc.
Meta Platforms Inc.