Good morning,
What a funny old market this really is. Pain to be had everywhere and a lot of punters are wearing it this morning. News and moves from overnight hitting the antipodeans first was the much better GDP data out of Australia which gives the AUD a bid tone but sold off nonetheless later in the session. My beleaguered AUDNZD is showing me some pain as a result but I maintain my resolve and now have a firm stop in place at the 1.3090 level. Elsewhere we had an article outlining the potential disaster that is the Prudential/AIG deal falling over after all has been said and done, on the back of that we see the Cable give back some of its recent losses despite rumors that Prudential had already hedged their FX exposure on the deal. Cable traded back to 1.5075 in a heartbeat cleaning out some weak last minute shorts. I think there is more upside to this Cable and the zone between 1.5050 and 1.5150 is a legitimate area to target. Please understand I’m not advocating being long on the contrary I target that zone to establish fresh shorts but in the interim I think we retrace as clearly people started getting on this trade late in the piece and won’t have the bottle to hold in a market that’s fast cleaning out against them.
The EURUSD caught a very bid tone overnight targeting once again the 1.3680 area of intermediate resistance. The rally only got as far as the 1.3650 area but still keeps a bid tone this morning as the market awaits leaks and headlines out of the Greek meeting where a new austerity package worth a rumored 4.5bn is to be announced including measures such as further pension freezes and higher duties on luxury items etc. Merkel is still vehemently denying offering any help, but I think that’s just to quell the disharmony amongst her constituents. On the day I look for the EURUSD to run higher and I look to fade rallies into 1.3680 and 1.3730. Remember the pivot is now 1.3840 and as long as we stay below that level we maintain the downward bias.
USDCAD maintains its range and I buy on dips into the 1.0280/0330 zone looking for a return into 1.0550 and above.
USDJPY…. Well you all know how I feel about this pair sell rallies into 90.30 and above.
On the data front keep an eye on Euro zone retail sales and further out the US ISM numbers this afternoon.
Best regards,
Ken Veksler.
03 března 2010
02 března 2010
Ken Veksler's Market Commentary
Good morning,
The RBA has gotten off the fence and moved 25bps higher taking the OCR to 4%. The accompanying statement was, just like the decision, “finely balanced” offering the market little more to go on than the fact that they are prepared and are on the road to normalizing and approaching the average rate target. To give an indication the average rate over the course of the last 20 or so years was roughly around 6.25% which gives you an indication of how much room is left. At this stage it’s likely that they don’t move at the April meeting and now sit waiting for the May decision. The AUDUSD was little moved on the news having been better bid after retails sales data released before the decision. On the announcement the AUD traded higher up to 0.9030 with only really a 40 pip move and was quickly sold down to overnight lows of around the 0.8960 mark. Building approvals data came in worse than expected and kept the AUDUSD capped for any further upside.
We come in this morning to see the AUDUSD better bid and having another run at the 0.9030 overnight high. I think the upside is limited for the time being and if 0.9030 were to break then 0.9080 should definitely cap any further upside. My AUDNZD has been higher this morning as a result and I’ve used this opportunity to sell more improving my current average to 1.2903. I remain resolute on this trade and would urge you to think about the fact that the previous (10yrs ago) all time high was 1.3015 so from that take what you will….
Elsewhere the Greek drama’s continue unabated and the EURUSD suffers as a result. Little to add on this front other than 1.3620/30 is a definite sell on the intraday moves higher and some weak stops sit below decent bids at 1.3500. 1.3450 now marks a critical level for this cross and if attacked one more time could see some pain unravel. On the day look for that level to hold though or at least until Merkel gives in and says that she will indeed help her Greek friends.
The other main story of the last 2 days is clearly the Cable and the woes aren’t likely to end anytime soon really. Punished is an understatement and taking the Prudential/AIG deal out of the equation there is still more pain on this thing to be worn for those long of it. On the day and for the week going forward I look for dirty bounces into 1.5050/5100 to be sold and target the next real level of any substance as 1.4740, although that really is a stretch at present.
Otherwise on the day we have the BOC announcement on rates and while they are expected to stay shtum on the move the commentary is likely to be more on the hawkish side of dovish and lend more support to the CAD. I look for 1.0380 to be broken on the day but ultimately 1.0330 to hold. I look to buy the cross on dips into the 1.0280/0330 area for a mean reversion return to 1.0550/0630.
The only other piece of data of note today is the Euro Zone flash CPI estimate which if anything should prove heavy for the cross.
Best regards,
Ken Veksler.
The RBA has gotten off the fence and moved 25bps higher taking the OCR to 4%. The accompanying statement was, just like the decision, “finely balanced” offering the market little more to go on than the fact that they are prepared and are on the road to normalizing and approaching the average rate target. To give an indication the average rate over the course of the last 20 or so years was roughly around 6.25% which gives you an indication of how much room is left. At this stage it’s likely that they don’t move at the April meeting and now sit waiting for the May decision. The AUDUSD was little moved on the news having been better bid after retails sales data released before the decision. On the announcement the AUD traded higher up to 0.9030 with only really a 40 pip move and was quickly sold down to overnight lows of around the 0.8960 mark. Building approvals data came in worse than expected and kept the AUDUSD capped for any further upside.
We come in this morning to see the AUDUSD better bid and having another run at the 0.9030 overnight high. I think the upside is limited for the time being and if 0.9030 were to break then 0.9080 should definitely cap any further upside. My AUDNZD has been higher this morning as a result and I’ve used this opportunity to sell more improving my current average to 1.2903. I remain resolute on this trade and would urge you to think about the fact that the previous (10yrs ago) all time high was 1.3015 so from that take what you will….
Elsewhere the Greek drama’s continue unabated and the EURUSD suffers as a result. Little to add on this front other than 1.3620/30 is a definite sell on the intraday moves higher and some weak stops sit below decent bids at 1.3500. 1.3450 now marks a critical level for this cross and if attacked one more time could see some pain unravel. On the day look for that level to hold though or at least until Merkel gives in and says that she will indeed help her Greek friends.
The other main story of the last 2 days is clearly the Cable and the woes aren’t likely to end anytime soon really. Punished is an understatement and taking the Prudential/AIG deal out of the equation there is still more pain on this thing to be worn for those long of it. On the day and for the week going forward I look for dirty bounces into 1.5050/5100 to be sold and target the next real level of any substance as 1.4740, although that really is a stretch at present.
Otherwise on the day we have the BOC announcement on rates and while they are expected to stay shtum on the move the commentary is likely to be more on the hawkish side of dovish and lend more support to the CAD. I look for 1.0380 to be broken on the day but ultimately 1.0330 to hold. I look to buy the cross on dips into the 1.0280/0330 area for a mean reversion return to 1.0550/0630.
The only other piece of data of note today is the Euro Zone flash CPI estimate which if anything should prove heavy for the cross.
Best regards,
Ken Veksler.
25 února 2010
Ken Veksler's Market Commentary
Good morning,
Where there’s smoke there’s fire and where there’s fire there’s DAMAGE!
Every European newspaper has got their front page plastered with news of the Greek tragedy and quite frankly the Greek’s haven’t helped themselves one little bit with the Greek finance minister calling the Germans everything but “Nazi’s”, although I think he might well have muttered that under his breath also. Biting the hand that feeds you much?
Any way you look at it spells bad news for the Euro zone and clearly the currency as a result. Adding further woes was another article nominating Spain as the next battle ground for growing debt and potential bail out problems…. It just isn’t getting any better for them right now. What all this means of course is that the DXY is now approaching previous highs and doesn’t look anything like abating that growth in the near future. It’s practically a case of no matter what Bernanke and his mates have to say, this greenback is going higher. Save another disaster of 9/11 proportions chances are you need to be holding the big dollar right now. The only other currency that might hold a challenge to the USD as safe haven flow destination is the JPY, which in large part thanks to the EURJPY hitting significant new lows is looking remarkably strong at the moment. Cross JPY is the place to be right now and if you’re prepared to wear some volatility then EURJPY is definitely the place. I say buy some options… Go on put your hand in your pocket and buy an option…. See what it feels like to make some money for a change in an unforgiving market.
The Cable is also being punished at present trading (at print) to new 9 month lows having taken out the 1.5380 level and printing as low as 1.5310 this morning. Rallies need to be sold and sold heavily.
On the EURUSD I like a move to 1.3530/50 to begin selling on the day and continue in that vein all the way up to 1.3630/50 should you see it that high (good luck).
Elsewhere overnight data out of both Australia and New Zealand was seen to be positive for the respective currencies but in the end only adds further credence to my short AUDNZD position which at present is developing nicely. Having printed a high of 1.2923 overnight we’ve seen a good retracement lower and I am all but filled for the entire size of the position.
On the day we have data out in Euro zone in the form of Consumer and Business confidence and further out in the US we have Durable goods orders, Jobless claims numbers and the House price index all later this afternoon. I see this data as nothing other than USD supportive for now and choose to play accordingly.
For those that didn’t get my rather thinly veiled attempt at pushing options, here it is again in terms everyone should understand;
BUY OPTIONS!!!!!!!!!!!!!!!!!!!!!!!
Best regards,
Ken Veksler.
Where there’s smoke there’s fire and where there’s fire there’s DAMAGE!
Every European newspaper has got their front page plastered with news of the Greek tragedy and quite frankly the Greek’s haven’t helped themselves one little bit with the Greek finance minister calling the Germans everything but “Nazi’s”, although I think he might well have muttered that under his breath also. Biting the hand that feeds you much?
Any way you look at it spells bad news for the Euro zone and clearly the currency as a result. Adding further woes was another article nominating Spain as the next battle ground for growing debt and potential bail out problems…. It just isn’t getting any better for them right now. What all this means of course is that the DXY is now approaching previous highs and doesn’t look anything like abating that growth in the near future. It’s practically a case of no matter what Bernanke and his mates have to say, this greenback is going higher. Save another disaster of 9/11 proportions chances are you need to be holding the big dollar right now. The only other currency that might hold a challenge to the USD as safe haven flow destination is the JPY, which in large part thanks to the EURJPY hitting significant new lows is looking remarkably strong at the moment. Cross JPY is the place to be right now and if you’re prepared to wear some volatility then EURJPY is definitely the place. I say buy some options… Go on put your hand in your pocket and buy an option…. See what it feels like to make some money for a change in an unforgiving market.
The Cable is also being punished at present trading (at print) to new 9 month lows having taken out the 1.5380 level and printing as low as 1.5310 this morning. Rallies need to be sold and sold heavily.
On the EURUSD I like a move to 1.3530/50 to begin selling on the day and continue in that vein all the way up to 1.3630/50 should you see it that high (good luck).
Elsewhere overnight data out of both Australia and New Zealand was seen to be positive for the respective currencies but in the end only adds further credence to my short AUDNZD position which at present is developing nicely. Having printed a high of 1.2923 overnight we’ve seen a good retracement lower and I am all but filled for the entire size of the position.
On the day we have data out in Euro zone in the form of Consumer and Business confidence and further out in the US we have Durable goods orders, Jobless claims numbers and the House price index all later this afternoon. I see this data as nothing other than USD supportive for now and choose to play accordingly.
For those that didn’t get my rather thinly veiled attempt at pushing options, here it is again in terms everyone should understand;
BUY OPTIONS!!!!!!!!!!!!!!!!!!!!!!!
Best regards,
Ken Veksler.
23 února 2010
Ken Veksler's Market Commentary
Good morning,
Little by way of earth shattering news overnight, other than some interesting comments regarding the AUD and the current rate cycle. BIS Shrapnel were out commenting that the RBA has at least another 2% left in this move…. Not really news to anyone I don’t think especially given the fact that this cycle could indeed last another 2 years or so. Nonetheless the AUDUSD was moved higher on the back of this but even so gains were a little more limited given rumors doing the rounds overnight regarding the potential for Yuan devaluation (gradual or otherwise). No one is disputing the mining boom that the Australians are currently experiencing but many I feel have forgotten and very quickly for that matter the fact that there was a new miners tax introduced only weeks ago…. I still hold the view that 0.9170 should cap this initial rally higher in the cross and then we settle down for some more sideways consolidation before we in all likelihood continue higher, this will take a while though. And in the interim I prefer to play this move on the cross via the AUDNZD as per yesterdays strategy.
Elsewhere SNB jawboning overnight saw the EURCHF move a little higher only to be back where it started…. They are starting to lose face in my eyes and becoming more like the BOJ with each passing day. While on the topic of the EUR I see a short squeeze here this morning having taken out stops ahead of 1.3650 and now making a firm push for the 1.3730 area ahead of the German IFO data this morning. I would think that we could see a knee jerk reaction on the back of the data and take out some weaker stops above 1.3730 taking us up to around the 1.3750/60 zone highs for the day. From there I once again look to sell keeping in mind the 1.3840 major pivot level highlighted yesterday. Also this morning hearing of short term stops gathering just below 1.3640 for those getting long the intraday rally.
Outside of the IFO data today we also have the US Consumer Confidence which might give the Greenback some added vigor in recent moves. Looking at the DXY I personally still see some more room for USD weakness/consolidation into 79.50/60 from where we most likely resume our bullish USD bias. On the USDJPY the retracement we had to have is still in play and I now look for 90.75 to hold on the day and am I buyer into that area, bearing in mind that I wouldn’t be against the idea of averaging into 90.50 and 90.30.
The Cable is still moving in tandem with the EURUSD and general USD sentiment and the levels highlighted yesterday still hold true for me. 1.5580 should be tested on the day and I sell all the way into 1.5650 should get the opportunity. All of this should be considered with a backdrop of the EURGBP which at this stage looks like its gearing up for an upside breakout.
Best regards,
Ken Veksler.
Little by way of earth shattering news overnight, other than some interesting comments regarding the AUD and the current rate cycle. BIS Shrapnel were out commenting that the RBA has at least another 2% left in this move…. Not really news to anyone I don’t think especially given the fact that this cycle could indeed last another 2 years or so. Nonetheless the AUDUSD was moved higher on the back of this but even so gains were a little more limited given rumors doing the rounds overnight regarding the potential for Yuan devaluation (gradual or otherwise). No one is disputing the mining boom that the Australians are currently experiencing but many I feel have forgotten and very quickly for that matter the fact that there was a new miners tax introduced only weeks ago…. I still hold the view that 0.9170 should cap this initial rally higher in the cross and then we settle down for some more sideways consolidation before we in all likelihood continue higher, this will take a while though. And in the interim I prefer to play this move on the cross via the AUDNZD as per yesterdays strategy.
Elsewhere SNB jawboning overnight saw the EURCHF move a little higher only to be back where it started…. They are starting to lose face in my eyes and becoming more like the BOJ with each passing day. While on the topic of the EUR I see a short squeeze here this morning having taken out stops ahead of 1.3650 and now making a firm push for the 1.3730 area ahead of the German IFO data this morning. I would think that we could see a knee jerk reaction on the back of the data and take out some weaker stops above 1.3730 taking us up to around the 1.3750/60 zone highs for the day. From there I once again look to sell keeping in mind the 1.3840 major pivot level highlighted yesterday. Also this morning hearing of short term stops gathering just below 1.3640 for those getting long the intraday rally.
Outside of the IFO data today we also have the US Consumer Confidence which might give the Greenback some added vigor in recent moves. Looking at the DXY I personally still see some more room for USD weakness/consolidation into 79.50/60 from where we most likely resume our bullish USD bias. On the USDJPY the retracement we had to have is still in play and I now look for 90.75 to hold on the day and am I buyer into that area, bearing in mind that I wouldn’t be against the idea of averaging into 90.50 and 90.30.
The Cable is still moving in tandem with the EURUSD and general USD sentiment and the levels highlighted yesterday still hold true for me. 1.5580 should be tested on the day and I sell all the way into 1.5650 should get the opportunity. All of this should be considered with a backdrop of the EURGBP which at this stage looks like its gearing up for an upside breakout.
Best regards,
Ken Veksler.
22 února 2010
Ken Veksler's Market Commentary
Good morning,
I’m back! And this time I’m feeling better than I have done in over a week (many thanks to illness and general bad luck).
I start off with fresh eyes today as I feel that I haven’t really seen the market in over a week and now will most likely need the better part of today to get reacquainted with it all.
No news to anyone that the EURUSD still sits languishing in its own Greek tragedy, nor is it in any way enlightening to learn that the Fed has moved the discount rate higher by 25bps late last week.
Interestingly though spec positions in the IMM stakes are now at record shorts for the EUR and of course record longs for the USD across the board. Where does that leave us? In simple terms we’re open to ugly squeezes and cleanouts in the coming days. In the absence of any hard data in the next day or two moves are likely to be pretty ugly if and when they finally start moving and as a result I look for relative value trades and firmly on the radar is the AUDNZD once more.
Further afield in the remaining majors the Greenback continues to rule the path of least resistance and as such we’re seeing the USDJPY pushing into first (and when there most likely overdone) resistance at 92.50/80, with intermediate support now resting at 91.30 and lower into 90.80. I buy tentatively into support as mentioned and look for a push into 92.00. Once we’re conclusively on the topside though I will be a strong seller in the next week or 10 days.
In the AUDUSD, surprisingly I am bullish in the very near term and still look for 0.9170 to be test in the coming days as the risk euphoria slowly returns to the market. From there however, like with the USDJPY above I will be a firm seller or better still look to express the view via the AUDNZD (which I’ll be sending an additional strategy piece in the next day or so).
The Cable is also now USD driven and I look for 1.5580/90 to hold the upside for the time being and provide small opportunities for being sold into.
I will keep you posted and myself desperately look forward to getting a better eye on this market.
Best regards,
Ken Veksler.
I’m back! And this time I’m feeling better than I have done in over a week (many thanks to illness and general bad luck).
I start off with fresh eyes today as I feel that I haven’t really seen the market in over a week and now will most likely need the better part of today to get reacquainted with it all.
No news to anyone that the EURUSD still sits languishing in its own Greek tragedy, nor is it in any way enlightening to learn that the Fed has moved the discount rate higher by 25bps late last week.
Interestingly though spec positions in the IMM stakes are now at record shorts for the EUR and of course record longs for the USD across the board. Where does that leave us? In simple terms we’re open to ugly squeezes and cleanouts in the coming days. In the absence of any hard data in the next day or two moves are likely to be pretty ugly if and when they finally start moving and as a result I look for relative value trades and firmly on the radar is the AUDNZD once more.
Further afield in the remaining majors the Greenback continues to rule the path of least resistance and as such we’re seeing the USDJPY pushing into first (and when there most likely overdone) resistance at 92.50/80, with intermediate support now resting at 91.30 and lower into 90.80. I buy tentatively into support as mentioned and look for a push into 92.00. Once we’re conclusively on the topside though I will be a strong seller in the next week or 10 days.
In the AUDUSD, surprisingly I am bullish in the very near term and still look for 0.9170 to be test in the coming days as the risk euphoria slowly returns to the market. From there however, like with the USDJPY above I will be a firm seller or better still look to express the view via the AUDNZD (which I’ll be sending an additional strategy piece in the next day or so).
The Cable is also now USD driven and I look for 1.5580/90 to hold the upside for the time being and provide small opportunities for being sold into.
I will keep you posted and myself desperately look forward to getting a better eye on this market.
Best regards,
Ken Veksler.
17 února 2010
17/2 Tension between US & China
Mads Kofoed, Market Strategist, Saxo Bank
Relations between the US and China have undergone some tension lately, mainly due to the US warship in Hong Kong and the forthcoming meeting between Obama and Dalai Lama. What impact could these events have on capital markets? Is China going to do anything against the US that could potentially harm the US economy?
We don’t believe that China is going to do anything harmful to the US. The two countries simply benefit too much from each other to throw that overboard. However, we can understand that people ask these questions. Yesterday we found out that China had sold off some of its US debt and that Japan therefore had overtaken China as the largest holder of US debt. Taking these numbers at full value – which you shouldn’t necessarily do since China is known for buying debt through other channels – if sure does look like China is diversifying its portfolio slightly, but they are still a large holder of US debt.
While China could potentially wreck havoc with a large selloff in US debt, we as stated do not believe that will do such a thing since it would also hurt their own economy if the US lands in new economic troubles. Remember, that the US is a large buyer of Chinese produce, and China experienced a rapid and severe drop in exports when the recession set in globally.
So no, at present we don’t believe China will do anything to harm the US economy. China is still as dependent on the US economy as the US economy is on China‘s.
Relations between the US and China have undergone some tension lately, mainly due to the US warship in Hong Kong and the forthcoming meeting between Obama and Dalai Lama. What impact could these events have on capital markets? Is China going to do anything against the US that could potentially harm the US economy?
We don’t believe that China is going to do anything harmful to the US. The two countries simply benefit too much from each other to throw that overboard. However, we can understand that people ask these questions. Yesterday we found out that China had sold off some of its US debt and that Japan therefore had overtaken China as the largest holder of US debt. Taking these numbers at full value – which you shouldn’t necessarily do since China is known for buying debt through other channels – if sure does look like China is diversifying its portfolio slightly, but they are still a large holder of US debt.
While China could potentially wreck havoc with a large selloff in US debt, we as stated do not believe that will do such a thing since it would also hurt their own economy if the US lands in new economic troubles. Remember, that the US is a large buyer of Chinese produce, and China experienced a rapid and severe drop in exports when the recession set in globally.
So no, at present we don’t believe China will do anything to harm the US economy. China is still as dependent on the US economy as the US economy is on China‘s.
Ken Veksler's Market Commentary
Good morning,
Allowing for an extended absence due to travelling on business as well as an unfortunate bout of food poisoning I’m back albeit in less than stellar form.
Given all of the above I am hard pressed to have a clean view on this market other than to say that we are in the midst of seeing some extreme price action which is likely to continue into the end of this week. By extreme I mean the fact that we’ll be jumping from one end of the scale to the other rather than anything particularly volatile. In fact if anything we’re seeing very quiet price action at the moment, it’s been deathly quiet the last day or two.
In reality all that’s happening is the selling out of an overdone long USD position across the board and this will likely swing back in the coming days. What does that mean for the majors? EURUSD should sit below 1.3830/50 with a decisive break above opening 1.4030, I however remain a cautious seller into 1.3850 with tight stops looking for a move back into 1.3650 and/or 1.3580.
Elsewhere it’s a similar story in that the USD will come back and it’s just a matter of getting your timing right.
Data wise we have UK unemployment as well as FOMC minutes later today. I’m not sure that either will necessarily be market moving in the broader scheme of things.
Clearly I’m still not feeling 100% and the above reflects that, so apologies…
I will be once again travelling over the next couple of days (no rest for the wicked) and should be back in the office next Monday.
Best regards,
Ken Veksler
С Уважением | Yours Sincerely | Med venlig hilsen
Ken Veksler - Senior Manager | Trading and Advisory
Saxo Bank A/S | Philip Heymans Alle 15 | DK-2900 Hellerup
Phone: +45 39 77 40 00 | EE group number: +45 39 77 65 32 | Direct phone: +45 39 77 40 54
Please visit our website at: www.saxobank.com
Disclaimer
None of the information contained herein constitute an offer to purchase or sell a financial instrument, or to make any investments. Saxo Bank A/S does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability to the accuracy or completeness of the information nor for any loss arising from any investment based on a recommendation, forecast or other information supplied from any employee of Saxo Bank A/S, third party, or otherwise. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Saxo Bank A/S.
Please refer to Saxo Bank A/S's full General Disclaimer http://www.saxobank.com/?id=193
Allowing for an extended absence due to travelling on business as well as an unfortunate bout of food poisoning I’m back albeit in less than stellar form.
Given all of the above I am hard pressed to have a clean view on this market other than to say that we are in the midst of seeing some extreme price action which is likely to continue into the end of this week. By extreme I mean the fact that we’ll be jumping from one end of the scale to the other rather than anything particularly volatile. In fact if anything we’re seeing very quiet price action at the moment, it’s been deathly quiet the last day or two.
In reality all that’s happening is the selling out of an overdone long USD position across the board and this will likely swing back in the coming days. What does that mean for the majors? EURUSD should sit below 1.3830/50 with a decisive break above opening 1.4030, I however remain a cautious seller into 1.3850 with tight stops looking for a move back into 1.3650 and/or 1.3580.
Elsewhere it’s a similar story in that the USD will come back and it’s just a matter of getting your timing right.
Data wise we have UK unemployment as well as FOMC minutes later today. I’m not sure that either will necessarily be market moving in the broader scheme of things.
Clearly I’m still not feeling 100% and the above reflects that, so apologies…
I will be once again travelling over the next couple of days (no rest for the wicked) and should be back in the office next Monday.
Best regards,
Ken Veksler
С Уважением | Yours Sincerely | Med venlig hilsen
Ken Veksler - Senior Manager | Trading and Advisory
Saxo Bank A/S | Philip Heymans Alle 15 | DK-2900 Hellerup
Phone: +45 39 77 40 00 | EE group number: +45 39 77 65 32 | Direct phone: +45 39 77 40 54
Please visit our website at: www.saxobank.com
Disclaimer
None of the information contained herein constitute an offer to purchase or sell a financial instrument, or to make any investments. Saxo Bank A/S does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability to the accuracy or completeness of the information nor for any loss arising from any investment based on a recommendation, forecast or other information supplied from any employee of Saxo Bank A/S, third party, or otherwise. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Saxo Bank A/S.
Please refer to Saxo Bank A/S's full General Disclaimer http://www.saxobank.com/?id=193
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