September Issue
What's New in FXCM?
The markets are facing headwinds. Elevated interest rates are starting to bite and risk markets have pulled back. However, they are keeping the dollar supported. The oil markets are also interesting with both Saudi Arabia and Russia extending supply cuts to the market until the end of the year. This has seen a sharp rise in oil prices of late.
At FXCM, we’ve rolled out number of web platform improvements, and on the horizon, we have three exciting commodity futures soon to be available to trade through Trading Station accounts. Read on for more information.
Thank you for trading with us and we hope you enjoy reading the September issue!
Top Market Events
It is likely that the Fed holds interest rates steady at its meeting on Wednesday, 20 September. However, the tone is likely to be hawkish with Fed Chair Powell reiterating his Jackson Hole message that inflation is still too high. There is a sense in the market that rates will stay higher-for-longer, with the benchmark yield elevated and above 4.30%.
This is keeping FXCM’s USDOLLAR basket supported and trading above its 200-day EMA. However, it is putting pressure on the stock market. The SPX500, NAS100 and GER30 have closed below their respective 20-day EMAs and are testing their 50-day EMAs. Of concern, is the US2000, which has fallen back below its 200-EMA, suggesting that the higher yields are having a more pronounced effect on smaller companies closer to the economy. Gold is resilient and is above its 200-day EMA but is finding resistance at its short-term 20-day EMA. UKOil and USOil are both bullish and trading above their 200-day EMA as Saudi Arabian and Russian supply cuts support the price of crude.
In the Spotlight
UKOil
A pullback by UKOil to support at its 20-day EMA will relieve an overbought condition, and potentially provide the platform for another leg up, given the oil supply constraints.
EUR/USD
EUR/USD is under pressure, given the strength of the dollar and the dovish 25bps hike by the ECB. A pullback to resistance at its 20-day EMA may potentially set up the next leg lower.
GER30
The GER30 has lost momentum and has effectively moved sideways since the first week of April. If its 20-day EMA crosses below its 50-day EMA, it suggests weakness in the German bourse.
Platform Improvements
- Charts: We’ve added a button to expand the chart on every instrument page. The state of the chart is auto-saved for every individual instrument until you either refresh the page, or log out and back in again.
- News improvements: You can now open individual news articles in a pop-up, and read up-to-date news right within the trading platform.
- Speed and responsiveness: Several bug fixes and performance improvements have been made to make the platform lighter and faster.
As always, we welcome your feedback about our platform.
Progressive Web Application Promotion Ends on 30th September
Last few days to receive $30 cash bonus
Our latest promotion is coming to an end, with only few days left to take advantage if you haven’t done so already.
To participate in this promotion all you need to do is complete 2 standard lots in Forex or 200 contracts in CFDs* before 30th September using our new Trading Station Web 3.0 or Mobile Progressive Web App platforms.
Ready to enjoy the benefits of this offer?
*XAG/USD and JPN225 are not included in this promotion. For further details, please see the Promotion Terms and Conditions.
Coming Soon: 3 New Commodity Futures
You asked for more instruments to trade. We’ve Listened. Later this month, we will expand our line of commodity futures with the addition of 3 new instruments to trade through Trading Station accounts:
- Coffee - New York (Arabica) Futures
- Sugar - New York No. 11 (Raw) Futures
- Carbon Emissions Futures
Keep an eye on your inbox for full details of our new product line to be released in the coming weeks.
Stellar Service
Take a look at the client service response times across the FXCM Group during August.
36 sec
Average time to pick-up your call.
1 sec
Average wait time for live chat support.
Source: FXCM Service data, review period: August 2023.
Top Traded in August
See the top instruments by trading volume during August 2023 across the FXCM Group.
Top 5 across all markets
| SYMBOL |
|---|
| XAU/USD Spot Gold |
| USD/JPY Spot FX |
| EUR/USD Spot FX |
| NAS100 E-Mini Nasdaq 100 Future |
| GBP/USD Spot FX |
Top 5 Stock CFDs
| SYMBOL |
|---|
| TSLA.us Tesla Motors Inc |
| NVDA.us NVIDIA |
| AMD.us Advanced Micro Devices Inc |
| ABNB.us AirBnB |
| AMZN.us Amazon.com |
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