The single currency fell against most major currencies after it was reported that most members of the European Central Bank showed support for the decision to reduce rates if the economy will not show signs of recovery. Well as the pressure on the exchange rate had a message about lowering the economic outlook in Germany. A little later, the euro continued to fall, as a report showed that U.S. employers added more jobs than expected last month. Additionally pleasant surprise was that the U.S. unemployment rate has decreased to almost four-year low. But, despite all these positive data for the dollar, the currency could not hold its positions, and began a sharp decline. Note that this situation was caused by the fact that as the index of consumer sentiment registered a sharp decline, reaching a minimum value at the same time in a year. Analysts say that this was a result of the concern among Americans about "fiscal cliff" has increased markedly.
The Canadian dollar rose while still achieving the highest value for the month, as Statistics Canada reported a significant increase in the number of jobs with the fall in unemployment.
Most European stocks advanced, with the Stoxx Europe 600 Index extending an 18-month high, as a better-than-expected jobs report from the U.S. offset a cut in economic growth forecasts for Europe’s largest economy.
Berkeley Group Holdings Plc (BKG) climbed to its highest in more than five years after the homebuilder said first-half profit rose 45 percent. William Demant (WDH) Holding A/S added 2.8 percent after UBS AG said the maker of hearing aids will benefit from a market recovery next year. Alcatel-Lucent (ALU) SA fell 2.9 percent after it was removed from France’s benchmark equity index.
The Stoxx 600 rose 0.1 percent to 279.17 at the close of trading, its highest level since May 31, 2011.
U.S. payrolls rose more than anticipated in November and the jobless rate fell to an almost four-year low, indicating superstorm Sandy had little effect on the labor market.
Employment climbed by 146,000 following a revised 138,000 gain in October that was less than initially estimated, Labor Department figures showed today in Washington. The median estimate of economists called for a gain of 85,000. The unemployment rate fell to 7.7 percent.
The Frankfurt-based Bundesbank reduced its 2013 projection for German economic growth to 0.4 percent from the 1.6 percent predicted in June and said the economy will grow 0.7 percent this year, down from its previous forecast of 1 percent.
National benchmark indexes rose in 12 of the 18 western European (SXXP) markets.
FTSE 100 5,914.4 +12.98 +0.22% CAC 40 3,605.61 +3.96 +0.11% DAX 7,517.8 -16.74 -0.22%
Berkeley Group advanced 4.7 percent to 1,728 pence, its highest price since July 2007, after it said first-half profit rose to 107.5 million pounds ($173 million) from 74 million pounds a year earlier, as it sold more homes at wider margins.
William Demant gained 2.8 percent to 495.10 kroner. UBS said the Nordic region’s largest maker of hearing aids will benefit from a market recovery next year, as it raised the stock to buy from neutral.
Wincor Nixdorf AG (WIN), Europe’s biggest maker of automated teller machines, added 3.6 percent to 34.60 euros. The company expects earnings before interest, taxes and amortization in 2014 to be higher than 2013.
Alcatel-Lucent fell 2.9 percent to 85.8 euro cents. The former industrial giant whose operations once ranged from spaceflight to cutting-edge theoretical physics will be removed from the CAC 40 effective Dec. 24.
Deutsche Telekom AG (DTE) fell 1.9 percent to 8.42 euros. Germany’s biggest phone company said it will pay a dividend of 50 euro cents per share in 2013 and 2014, down from the 70 cents pledged this year.
Norsk Hydro ASA, (NHY) Europe’s third-largest aluminum maker, fell 2.4 percent to 27.04 kroner. Nomura Holdings Inc. downgraded its recommendation on the shares to reduce, the equivalent of sell, from neutral, citing aluminum price uncertainty.
The cost of oil fluctuates as the dollar strengthened earlier to its highest level in two weeks against the euro, which was caused by the publication of data on the U.S., which showed that the unemployment rate fell in November to a four-year low.
Futures showed the growth, the fall after the Labor Department said that the unemployment rate dropped to the level of 7.7%, which is the lowest level since 2008. Note that many economists predicted that the unemployment rate will remain unchanged at a value of 7.9%. The report also showed that employment in the non-agricultural sector increased by 146,000 jobs last month, contrary to expectations of a sharp rebound. Against this background, the dollar rose as much as 0.7% against the euro, while still achieving the highest level since Nov. 23. Recall that a stronger dollar and weaker euro reduces investment in the oil as an alternative investment.
Note also that many market participants are waiting for a meeting of OPEC, to be held next week (December 12), and the purpose of which is to discuss oil production.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 86.10 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent fell $ 0.22 to 106.86 dollars a barrel on the London Stock Exchange ICE Futures Europe.
In today's trading price of gold is back above $ 1700 per ounce, which was one month after falling to a minimum, and was caused by the release of better-than-expected data on U.S. employment. Note that this boosted the dollar and speculation over the future conduct of monetary easing. The report showed employment in the non-agricultural sector increased by 146,000 jobs last month, contrary to expectations, the sharp rebound.
Against this background, the spot price of gold fell 0.2% to $ 1,683.79, but later managed to recover, updating the maximum session.
Analysts noted that the strategic level of resistance is now $ 1715, to which gold could head to next week, but only if you complete the session above the $ 1,690 mark. "
Note that many are now awaiting the Federal Reserve meeting, which will take place next week, and which is forecast to be announced a new round of Treasury bond purchases to support a weak U.S. economy. Economists expect the U.S. central bank will announce monthly bond purchases of $ 45 billion after its meeting on December 11-12.
Note that the data released today do not eliminate the need to promote, but they can persuade the Fed to opt for less than the size of the program.
Also today, it was reported that gold imports from Hong Kong to China fell to 47.478 tons in October, registering with the lowest value for the ten months.
December futures price of gold on the COMEX is now 1703.40 an ounce.
The British pound fell to $ 1.6000 in early U.S. session and retreated to around $ 1.6010. Immediate support is at $ 1.5985 (Nov 30 low).
Euro updated intraday low of $ 1.2876 after data on the U.S. labor market and retreated to $ 1.2910 area.
U.S. stock futures advanced after government data showed employers added more jobs than forecast and the unemployment rate unexpectedly declined.
Global Stocks:
Nikkei 9,527.39 -17.77 -0.19%
Hang Seng 22,191.17 -58.64 -0.26%
Shanghai Composite 2,061.79 +32.55 +1.60%
FTSE 5,921.1 +19.68 +0.33%
CAC 3,614.86 +13.21 +0.37%
DAX 7,540.01 +5.47 +0.07%
Crude oil $86.52 +0.31%
Gold $1698.40 -0.20%
The dramatic improvement in the economic situation in the euro zone is unlikely
The meeting was dominated by negative news ECB
Pair USD / CAD lost over 50 pips and fell into the 0.9876 area, after a report showed that the employment in Canada in November increased by 59.3 thousand compared to October (forecast 9.3 thousand), and the unemployment rate 7.2% compared to 7.4% in October.
JPMorgan (JPM) Chase initiated with a Buy at Sun Trust Rbsn Humphrey
Bank of America (BAC) initiated with a Neutral at Sun Trust Rbsn Humphrey
Goldman Sachs (GS) initiated with a Neutral at Sun Trust Rbsn Humphrey
McDonald's (MCD) removed from short-term buy list at Deutsche Bank
EUR/USD $1.2900, $1.2975, $1.3000, $1.3010, $1.3080
USD/JPY Y81.50, Y82.00, Y82.25, Y82.30, Y82.50, Y82.65, Y83.00
EUR/JPY Y107.00
GBP/USD $1.6100
AUD/USD $1.0400, $1.0420, $1.0450, $1.0500, $1.0520
USD/CAD C$0.9920
Currently, the USD / JPY was trading at 82.80
08:00 Switzerland Foreign Currency Reserves November 426.8 422.0 424.8
09:30 United Kingdom Industrial Production (MoM) October -1.7% +0.9% -0.8%
09:30 United Kingdom Industrial Production (YoY) October -2.6% -0.5% -3.0%
09:30 United Kingdom Manufacturing Production (MoM) October +0.1% -0.2% -1.3%
09:30 United Kingdom Manufacturing Production (YoY) October -1.0% -0.2% -2.1%
09:30 United Kingdom Consumer Inflation Expectations IV quarter +3.2% +3.5%
10:00 Eurozone ECB President Mario Draghi Speaks -
11:00 Germany Industrial Production s.a. (MoM) October -1.3% -0.4% -2.6%
11:00 Germany Industrial Production (YoY) October -1.2% -1.5% -3.7%
The euro declined against most of its 16 major peers after the Bundesbank lowered its 2013 forecast for economic expansion in Germany, following the European Central Bank’s euro-area downgrade.
The shared currency remained lower against the dollar after posting the biggest drop in a month yesterday when the ECB reduced growth forecasts, leaving the door open for interest- rate cuts.
The Frankfurt-based Bundesbank cut its growth projection for 2013 to 0.4 percent from the 1.6 percent predicted in June and said the economy, Europe’s largest, will expand 0.7 percent this year, down from its previous forecast of 1 percent. The economy will contract in the fourth quarter and stagnate in the first, the Bundesbank said. It will grow 1.9 percent in 2014, it said.
German industrial production unexpectedly dropped in October as a recession in the euro area and weaker global growth damped demand.
Production fell 2.6 percent from September, when it declined 1.3 percent, the Economy Ministry in Berlin said today. Economists forecast output would remain unchanged, according to the median of 42 estimates.
The European Union’s statistics office said yesterday that gross domestic product in the euro area fell 0.1 percent in the third quarter from the previous three months, when it dropped 0.2 percent. That confirmed an initial estimate last month.
The yen climbed against most major peers after a magnitude 7.3 earthquake struck Japan, mirroring movements in the currency after a record temblor in March 2011. Japan’s currency surged to a record level in the days following the quake and the tsunami that led to meltdowns at a nuclear plant in Fukushima. A tsunami alert was issued for northeast Japan after the quake shook buildings in Tokyo today.
Pound drops against the dollar after the October industrial production in Britain fell more than expected, due to decline in the category of food and alcoholic beverages. Today's data showed the weakness of the economy at the beginning of the fourth quarter. Compared to September, production in the manufacturing sector decreased by 1.3%, the biggest drop in the past four months, according to the national statistics office today in London.
EUR / USD: during the European session, the pair fell to a new intraday low of $ 1.2898
GBP / USD: during the European session the pair fell to the low of $ 1.6003
USD / JPY: during the European session the pair fell to Y82.17
At 13:30 GMT, Canada will release data on unemployment and employment in November, the change in labor productivity for the 3rd quarter. At 13:30 GMT the U.S. will the unemployment rate, changes in the number of people employed in non-agricultural sector, changes in the number of employees in the private sector of the economy, changes in the number of employees in the manufacturing sector of the economy, changes in the average hourly wage. At 14:55 GMT the U.S. will release consumer sentiment index from the University of Michigan in December. At 15:00 GMT the UK there are data on the change in GDP from NIESR for November.
EUR/USD
Offers $1.3060, $1.3000-30, $1.2990/95, $1.2975, $1.2950
Bids $1.2915, $1.2900, $1.2885/80, $1.2850
GBP/USD
Offers $1.6175/80, $1.6130-60, $1.6120, $1.6100, $1.6075/85
Bids $1.6025/15, $1.6000, $1.5980, $1.5965/55
AUD/USD
Offers $1.0550, $1.0525, $1.0500
Bids $1.0455/50, $1.0435/30, $1.0410/00
USD/JPY
Offers Y83.00, Y82.60/65, Y82.45/50
Bids Y82.15/10, Y82.00, Y81.80
EUR/JPY
Offers Y108.00, Y107.50, Y107.00, Y106.80/85
Bids Y106.00, Y105.80, Y105.50, Y105.00
European stocks were little changed before a payrolls report in the world’s largest economy.
The Bundesbank slashed its forecast for economic expansion in Germany next year after the sovereign debt crisis pushed the euro area into recession and global growth slowed.
The Frankfurt-based Bundesbank cut its 2013 projection to 0.4 percent from the 1.6 percent predicted in June and said Europe’s largest economy will grow 0.7 percent this year, down from its previous forecast of 1 percent. The economy will contract in the fourth quarter and stagnate in the first, the Bundesbank said. It will expand 1.9 percent in 2014, according to the new forecasts.
Berkeley Group gained 4.2 percent to 1,719 pence after it said first-half profit rose to 107.5 million pounds ($173 million) from 74 million pounds a year earlier, as it sold more homes at wider margins.
Deutsche Telekom will step up investments in the U.S. and Germany for faster networks to tap demand for new data services, the company said after the market closed yesterday.
FTSE 100 5,896.1 -5.32 -0.09%
CAC 40 3,596.53 -5.12 -0.14%
DAX 7,522.52 -12.02 -0.16%
Some waves as high as 1 meter reached the Pacific coast of Miyagi and other prefectures that were devastated by the March 2011 disaster.
--External & fiscal imbalances are starting to be unwound
--Efforts to regain competitivity are bearing early fruit
--Deleveraging is generally proceeding in an orderly way
--Despite the progress, 'much still needs to be done'
--Credit flows to real economy suffering in parts of emu
--Need other strong european institutions besides ecb
--Joining EMU should imply greater sharing of sovereignty
--German 2012 inflation 2.1% (2.1%), 2013 1.5% (1.6%)
--German 2012 unempl rate 6.8% (6.7%), 2013 7.2% (6.5%)
--Drop in germany economic activity possible in 4q 2012,1q 2013
--See German 2014 GDP +1.9%, infl +1.6%, unemployment 7.0%
The USD / JPY fell from 82.40 to 82.17, as investors reacted to the Japanese earthquake of magnitude 7.4, the epicenter of which was in the coast of Miyagi prefecture north of Tokyo. For Miyagi prefecture issued an official warning about the threat of a tsunami. Traders have compared to the earthquake in March 2011, after which investors thought that the yen will be sold on the market, but in reality it was bought, and learned the lesson.
EUR/USD $1.2900, $1.2975, $1.3000, $1.3010, $1.3080
USD/JPY Y81.50, Y82.00, Y82.25, Y82.30, Y82.50, Y82.65, Y83.00
EUR/JPY Y107.00
GBP/USD $1.6100
AUD/USD $1.0400, $1.0420, $1.0450, $1.0500, $1.0520
USD/CAD C$0.9920
Asian stocks climbed, with the regional benchmark index heading for its longest streak of weekly gains in three months, as fewer Americans filed for unemployment benefits and Australia’s building industry shrank at a slower pace.
Nikkei 225 9,527.39 -17.77 -0.19%
S&P/ASX 200 4,551.76 +42.41 +0.94%
Shanghai Composite 2,061.79 +32.55 +1.60%
James Hardie Industries SE, a building materials supplier that gets about 67 percent of sales from the U.S., climbed 2.8 percent in Sydney.
People’s Insurance Company of China Ltd., Hong Kong’s biggest initial public offering in two years, jumped 7.5 percent in its trading debut.
Tokyo Electric Power Co., the owner of the power plant at the heart of Japan’s nuclear disaster last year, surged 13 percent on a report reactors may restart next summer.
Yesterday rate of the euro fell sharply against the dollar after European Central Bank President Mario Draghi said that the economic weakness to continue in the next year, and therefore, the central bank may resort to lower interest rates.
Also, data released showed that the gross domestic product in the euro zone fell 0.1% in the third quarter, compared with a fall of 0.2% in the previous three months. When it fell by 0.2 percent.
The single currency fell from nearly seven-month high against the yen after the European Central Bank has lowered its growth forecasts and said it sees "risks" for the region. Draghi said that the ECB predicts economy will shrink by 0.5% this year, slightly more than the 0.4% reduction which was originally reported in September. Meanwhile, the ECB cut its outlook for 2013, stating that the economy could shrink by 0.3% (initially show an increase of 0.5%), while in 2014 the growth of 1%. In addition, the ECB also lowered its inflation forecast for next year to 1.6% from 1.9%.
British pound during the first half of the day was growing against the dollar amid data showing that Britain's trade deficit widened more than expected, driven by a sharp fall in exports to countries outside the EU, and also due to the increase of imports from USA. The data showed that the deficit rose to Stg9.539 billion from - Stg8.439 billion the previous month, while economists had expected that figure will-Stg8.6 billion Also, the Bank of England decided to leave interest rates unchanged at 0 , 5% and the amount of the program of asset purchases at around 375 billion pounds.
But, despite this, the currency could not hold its positions, and dramatically collapsed, which was due to lower growth forecast by the ECB.
The yen strengthened against most major currencies as investors sought safer assets. The New Zealand dollar rose to a two-month high against the dollar after the Reserve Bank of the country said that the growth is likely to accelerate. Also, the RBNZ left the interest rate unchanged at 2.5%.
Asian stocks rose, with the regional benchmark index headed for its highest close in eight months, after data on U.S. services and factory orders beat estimates.
Nikkei 225 9,545.16 +76.32 +0.81%
S&P/ASX 200 4,509.35 -11.05 -0.24%
Shanghai Composite 2,029.24 -2.67 -0.13%
Honda Motor Co., the Japanese carmaker that counts North America as its biggest market, gained 1.6 percent in Tokyo.
Largan Precision Co., a supplier of camera lenses for Apple Inc.’s iPhone, jumped 7 percent in Taipei after reporting sales more than doubled last month.
SC Global Developments Ltd. surged 49 percent in Singapore after its Chief Executive Officer Simon Cheong offered to buy the rest of the property developer.
European (SXXP) stocks advanced to an 18- month high amid optimism U.S. lawmakers will agree on a new budget and avoid the so-called fiscal cliff.
European Aeronautic, Defence & Space Co. jumped 8 percent after announcing a new shareholder structure and saying it will buy back shares. Daimler AG (DAI) rose 1.2 percent after selling half its remaining holding in EADS. (EAD) GDF Suez SA slid to its lowest ever after saying earnings will decline next year.
The Stoxx Europe 600 Index added 0.7 percent to 278.82 at the close of trading, its highest since May 31, 2011.
ECB President Mario Draghi said he expects weak economic growth for the euro-area to continue into the next year.
At a press conference in Frankfurt, he said the ECB now forecasts that the economy will shrink 0.5 percent this year, more than the 0.4 percent contraction it predicted in September. The ECB cut its 2013 forecast to a contraction of 0.3 percent from 0.5 percent growth, he said.
The ECB kept its benchmark interest rate unchanged at a record low of 0.75 percent. The Bank of England also left its interest rate unchanged today.
National benchmark indexes rose in 15 of the 18 western European markets.
FTSE 100 5,901.42 +9.34 +0.16% CAC 40 3,601.65 +11.15 +0.31% DAX 7,534.54 +79.99 +1.07%
EADS jumped 8 percent to 29.40 euros after the company changed its ownership structure to allow Germany and France to each hold a 12 percent stake. EADS also said it will buy back as much as 15 percent of outstanding shares.
Daimler advanced 1.2 percent to 38.65 euros after selling a 7.5 percent-stake in EADS, valued at 1.66 billion euros ($2.17 billion). The automaker will sell more of its remaining 7.5 percent holding after a lock-up period of 180 days from the end of the sale of the first tranche.
Imagination Technologies Plc (IMG) climbed 6.4 percent to 426.5 pence after JPMorgan Chase & Co. analysts led by Sandeep Deshpande said that the company’s first-half results next week will meet or beat analyst expectations. The stock has “considerable upside” in the medium term, they wrote.
Zumtobel AG (ZAG) advanced 5.9 percent to 9 euros after JPMorgan wrote that the Austrian lighting company’s profit margins will improve, raising its recommendation on the shares to overweight, the equivalent of buy, from neutral.
GDF Suez (GSZ) tumbled 11 percent to 15.29 euros, the lowest price since its initial public offering in July 2005. Europe’s largest utility by market value said late yesterday that recurring net income will be 3.1 billion euros to 3.5 billion euros next year, compared with an expected 3.7 billion euros to 4.2 billion euros in 2012. Bank of America lowered its recommendation on the shares to neutral, the equivalent of hold, from buy.
Saipem SpA (SPM), Europe’s largest oil contractor by market value, plunged 6.7 percent to 30.49 euros. The company said late yesterday that Chief Executive Officer Pietro Franco Tali and Alessandro Bernini, chief financial officer at its biggest shareholder, Eni SpA, resigned amid an Italian investigation into contracts in Algeria.
00:30 Australia Trade Balance October -1.46 -2.15 -2.08
05:00 Japan Leading Economic Index October 91.6 92.0 92.5
05:00 Japan Coincident Index October 91.5 91.0 90.6
Japan’s currency retreated versus the dollar before data which may confirm the economy shrank, adding weight to stimulus calls from the front-runner to become the next prime minister at elections this month. A final reading on Japan’s third-quarter gross domestic product will probably confirm a 0.9 percent contraction from the previous three-month period, according to the median estimate of economists surveyed by Bloomberg News before the data due on Dec. 10. A separate poll shows economists expect GDP will shrink in the current quarter. The BOJ sets policy on Dec. 19-20.
Demand for the euro was limited before a report which may add to signs of slowdown in Europe’s economy. German industrial production probably stagnated in October from the previous month, when it declined 1.8 percent, according to the median estimate of economists estimate before the data today.
The European Union’s statistics office said yesterday that GDP in the euro area fell 0.1 percent in the third quarter from the previous three months, when it dropped 0.2 percent. That confirmed an initial estimate last month.
ECB President Mario Draghi said yesterday the euro-area economy is forecast to shrink 0.5 percent this year, more than the 0.4 percent contraction the central bank predicted in September.
The Australian dollar was set for a five-day advance before Chinese data next week that may show growth picking up at the South Pacific nation’s biggest trading partner. China’s industrial production probably rose 9.8 percent in November from a year earlier, the fastest pace since March, a Bloomberg survey of economists showed. Retail sales are forecast to have increased 14.6 percent last month, compared with a 14.5 percent gain in October. The National Bureau of Statistics is due to release the figures on Dec. 9.
EUR/USD: during the Asian session, the pair traded in the range of $ 1.2955-75.
GBP/USD: during the Asian session, the pair traded in the range of $ 1.6035-55.
USD/JPY: during the Asian session, the pair traded in the range of Y82.35-55.
Change % Change Last
Oil $86.34 +0.08 +0.09%
Gold $1,700.60 -1.20 -0.07%
Change % Change Last
Nikkei 225 9,545.16 +76.32 +0.81%
S&P/ASX 200 4,509.35 -11.05 -0.24%
Shanghai Composite 2,029.24 -2.67 -0.13%
FTSE 100 5,901.42 +9.34 +0.16%
CAC 40 3,601.65 +11.15 +0.31%
DAX 7,534.54 +79.99 +1.07%
Dow +39.55 13,074.04 +0.30%
Nasdaq +15.57 2,989.27 +0.52%
S&P +4.64 1,413.92 +0.33%
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2970 -0,75%
GBP/USD $1,6049 -0,27%
USD/CHF Chf0,9323 +0,64%
USD/JPY Y82,39 -0,08%
EUR/JPY Y106,84 -0,86%
GBP/JPY Y132,22 -0,36%
AUD/USD $1,0484 +0,28%
NZD/USD $0,8327 +0,49%
USD/CAD C$0,9910 -0,08%
00:30 Australia Trade Balance October -1.46 -2.15 -2.08
05:00 Japan Leading Economic Index October 91.6 92.0 92.5
05:00 Japan Coincident Index October 91.5 91.0
08:00 Switzerland Foreign Currency Reserves November 424.4 422.0
09:30 United Kingdom Industrial Production (MoM) October -1.7% +0.9%
09:30 United Kingdom Industrial Production (YoY) October -2.6% -0.5%
09:30 United Kingdom Manufacturing Production (MoM) October +0.1% -0.2%
09:30 United Kingdom Manufacturing Production (YoY) October -1.0% -0.2%
09:30 United Kingdom Consumer Inflation Expectations IV quarter +3.2%
10:00 Eurozone ECB President Mario Draghi Speaks -
11:00 Germany Industrial Production s.a. (MoM) October -1.8% -0.4%
11:00 Germany Industrial Production (YoY) October -1.2% -1.5%
13:30 Canada Unemployment rate November 7.4% 7.4%
13:30 Canada Employment November 1.8 9.3
13:30 U.S. Unemployment Rate November 7.9% 7.9%
13:30 U.S. Nonfarm Payrolls November 171 91
13:30 U.S. Average hourly earnings November 0.0% +0.2%
13:30 U.S. Average workweek November 34.4 34.4
14:55 U.S. Reuters/Michigan Consumer Sentiment Index December 82.7 82.1
15:00 Eurozone ECB's Jens Weidmann Speaks -
15:00 United Kingdom NIESR GDP Estimate November +0.5%
20:00 U.S. Consumer Credit October 11.4 10.0© 2000-2025. All rights reserved.
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