News

We haven’t written about the British currency for a while. But of course we continue to follow it. Now is the time to focus our subscribers’ attention on what’s going on. The British currency is in a battle to stay above the SMA 200.

GBPUSD

We have intentionally compressed the chart further to make it clearer to you what is going on in the Pound/Dollar pair. First a bit of history, from our previous newsletters.
You can see on the chart an ascending channel, which has been growing almost at a 45% angle for half a year. You can see the upper break of the channel. As we have noted, more often than not, such a breakout is false. Which is what happened this time.
Then it was a break-down of the channel. And the lower limit of the channel became a resistance line instead of the support line. As we wrote, we struggled for the price to get back to the channel. The re-test of this line took place as many as 5 times. And each time the bears repulsed the attack.
As a result, the pound/dollar pair started to decline. And fell to a simple 200 day moving average. The price broke through it and closed 2 times lower. According to all the rules of classical TA, this is an extremely bearish run-up. In this case, however, the bulls did not agree. In Wednesday’s trading the bulls tried to push the price back above the SMA 200. In doing so, the moving average itself again becomes resistance instead of support.
This chart can be easily published in any book about technical analysis. And you can show it to the skeptics, who claim that technical analysis does not work. The main thing to remember is that technical analysis gives us a better understanding of where price is at the moment. And where other traders are placing stops. But it doesn’t give us the answer to what’s going to happen next.
Enough about charts. Why is the British pound falling? This is the question our subscribers are asking. We think it is quite simple. Despite the lifting of restrictions in the UK, the coronavirus situation is worsening again around the world. Hopes of life becoming what it used to be are postponed indefinitely. Which means a repeat of a year ago, when the British pound was falling against all currencies.
And one more factor that few people think about. The Foggy Albion lost the lead in the number of vaccinated citizens that allowed the pound to rise. The US, many EU countries, Israel etc, have vaccinated just as many of their residents. Which means they can similarly open their borders and remove covid restrictions. There is no longer any leadership in this indicator for Britain.

13.45 ECB interest rate decision
14.30 ECB press conference and monetary policy commentary

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

The euro/dollar pair has not attracted our attention for a long time. It has been trading in a narrow 6 figure wide corridor since the beginning of 2021. Breakout traders have lost a lot of money trying to find a new trend. Is it worth trying something different?

EUR/USD

Above is a daily chart of the Euro/Dollar pair. It shows a descending tapering channel which turns into a triangle. What does the theory of technical analysis tell us?
– Decreasing volatility leads to a tapering triangle. We can see that indeed the swing amplitude of the Euro/Dollar pair has decreased dramatically
– An exit from the triangle is possible in either direction. But it is more likely that the movement will occur in the direction of the triangle. That is downwards.
– After a breakout of the triangle, volatility is more likely to increase. And it means that traders have a great opportunity to enter with a small stop and high profit potential.
But what awaits us in practice? In practice we should pay attention not only to TA figure, but also to its nuances. It is the nuances that can give an additional advantage when entering the trade.
What are we talking about in this case? As you remember, we made a bold prediction at the beginning of the year. Most analysts were expecting strong moves in one direction or the other for the euro/dollar pair in 2021. We suggested that if everyone is expecting the same thing, then the angry market will do the opposite. Namely, it might trade in a narrow range all year. That is exactly what has been happening for almost 7 months now.
So, if our logic is correct, a breakout of the lower boundary of the triangle could be a big trap for the bears. Technically speaking, they would be right. However, the breakout point would be near or even below the low of the 2021 trading range. And that could be the most powerful factor to push the price up, with the first target of 1.20.
But what if it happens the other way round? We can’t predict the future. But we don’t need to. Observance of the money management allows the trader not to worry about any developments. Therefore, let’s keep an eye on this triangle, the borders of which may be broken through as early as this week.

No market-moving news on Monday

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

Even those who do not use technical analysis will like the picture below. It shows a chart of the American dollar/Canadian dollar pair. Let’s take a closer look at it.

USDCAD

We see a perfect example of a ‘cup’ shape. And even “cup and handle”. Indeed, if you show the picture to someone who is not a trader, they can see a cup and a handle on the right side.
Well, those who are deep into trading know this pattern very well. It is formed as follows. There is a strong downward movement. Then it stops and a flat starts. The trading volume decreases and speculators leave the instrument. At some point, an explosive price movement occurs. And it quickly moves to the levels of the previous support, from which it was declining. Then the price corrects a bit, as many traders who have been sitting on the fence have rushed to close their positions. And there is a new growth, which forms a cup’s handle on the chart.
This is the theory. And what the practice can tell us, in relation to this pair? The last review of the American dollar/Canadian dollar pair we did, when the price was right at the bottom of this pattern. More importantly, the price was near the most important round level of 1.20. We mentioned in the review that we were expecting a strong move. Either down or up. No one can know that. What is important is the other. This move will allow you to enter the position with a short stop and great profit taking potential.
Congratulations to those traders who got in on the move by placing a stop below the 1.20 level. It’s not a fact that this set-up should have worked so well. But the high take/stop ratio makes it possible to catch stops much more often and still stay with a good profit on a series of trades.
Our subscribers may ask a legitimate question. Does this pattern work on smaller timeframes. Since its formation takes a long time on the daily charts. Yes, it works on any timeframe up to M5. But, of course, the maximum profit potential is obtained by traders and investors who focus on the daily and even weekly charts.

05.00 Bank of Japan interest rate decision
14.30 US Retail Sales in June
16.00 University of Michigan Consumer Confidence Index for July

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

The first cryptocurrency fell sharply on the night of Tuesday into Wednesday. In the afternoon, it bounced back just as sharply. The movement dynamics are particularly good on the M15 timeframe.

BTCUSD

The overnight fall in bitcoin was linked to a new ban on mining in China. News broke that all cryptocurrency mining farms in Anhui province would be shut down due to problems related to power outages.
It is unclear why the market continues to react to such news, given that some 90-95% of mining companies in mainland China have already shut down. Naturally, buyers have happily set a bear trap and the price has moved back up, renewing the daily highs.
Tellingly, the market is paying less and less attention to this kind of news backdrop. In particular, Elon Musk’s recent tweet about the Shibu token, for the first time ever, did not trigger a move in that asset. Traders have lost a lot of money following the tweet of the world’s number one entrepreneur. And less and less eager to bet their real money on those tweets.
Meanwhile, bitcoin volatility has fallen to its lowest levels since the beginning of this year. The volatility has steadily declined, as has the number of “bitcoin” queries on Google. On the one hand, this indicates that overheating is leaving the exchanges. On the other hand, we should keep in mind the seasonality. Traditionally, July and August are holiday time. Not only in cryptocurrency trading, but also in forex and stock markets, the activity of traders and investors decreases.
But there is no need to relax. If you think back a year ago, it was those months that put the public to sleep, giving time to redistribute bitcoins into strong hands. And then came a massive pullback upwards, which devastated a huge number of bears who were shorting BTC in the hope that the price would continue to be in a channel.
Something hints that the situation could happen again this year.

03.30 Australian unemployment rate for June
04.00 China retail sales for June
04.00 China 2nd Quarter GDP
08.00 UK May Unemployment Rate

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

The latest US inflation data was released on Tuesday evening. The consumer price index rose by 5.4% year-on-year in June. Analysts had expected a much lower reading of 4.9% year-on-year. What reaction should we expect from the markets?

S&P 500

The depreciation of the US dollar is gaining momentum. Companies and individuals have less and less faith in Fed officials who claim that the situation is under control. For half a year now they have been explaining to us the rise in inflation as a temporary factor which will last for a couple of months. Those couple of months are long gone.
It’s time to finally be honest and admit that our money is rapidly losing purchasing power. More and more investors are realising this and are looking to get rid of their cachet.
That’s why the stock markets’ reaction to rising inflation has changed. As recently as 3 months ago the news that the consumer price index had beaten the experts’ forecasts, led to a sharp fall of the stock markets. The reasoning was as follows. Prices are rising, which means that the Fed will soon roll back its quantitative easing programme and raise interest rates.
However, for the second month in a row, the logic becomes different. It no longer matters whether the Fed plans to raise interest rates sooner or later. We need to get rid of the US dollars lying in brokerage accounts anyway.
And, oddly enough, stocks (even overvalued ones) become a great solution to preserve the value of money. The reasoning in this case is this. Companies produce products that are just as likely to rise in value (due to rising inflation). Which means companies will make more revenue and profit (even by selling the same amount of products as before). More profits – even more share price rises.
What is wrong with this logic? Opponents can give many reasons why markets could crash at any time. However, we have been hearing all these reasons for years. And (like the statements by Fed officials) fewer and fewer investors are paying attention to them.
One thing is certain for now. A sharp fall will lead to the liquidation of a lot of leveraged margin positions. But a huge amount of other money will rush into the market on corrections. Why? For the same reason, to get rid of the depreciating US dollar.

04.00 Reserve Bank of New Zealand interest rate decision
08.00 UK Consumer Price Index
16.00 Bank of Canada Interest Rate Decision

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

It’s been a long time since we’ve written anything about this fascinating cross. Why interesting? Trading it allows you not to depend too much on the general risks hanging over the market. Now we are at the beginning of a potential move. Let’s discuss it.

AUD/CAD

What can be said by looking at the daily chart of the pair? You can see that since April 21 the Canadian dollar has been rising steadily against the Australian dollar. Our attentive subscribers, even if they don’t follow this cross, will immediately tell why this was happening.
It’s all about rising oil prices, on which the Canadian dollar is highly dependent. And it’s not just the fact that the budget and Canadian oil producers get more money from the oil they sell. It is the investment climate in the industry that matters. If the price of oil goes up, so does investment in new wells, infrastructure, etc. Investments may come from the US, the EU, Japan etc. But the important thing is that any flows of EUR, dollars or yen need to be exchanged for Canadian dollars. And that is what further pushes the Maple Leaf country’s currency up.
However, in the last couple of months the appreciation of the Canadian dollar against the Australian dollar has stopped. The pair is now in a corridor. The Australian is supported by rising prices of both food and iron ore (which is Australia’s main export). It is a dynamic equilibrium situation.
However, things could get out of hand rather quickly. The reason is the problems that have arisen within OPEC+. We talked about this recently. There has been a correction in the oil market, but it does not look big yet. And it has had almost no effect on the aud/cad pair. But what will happen if the correction in the black gold market continues? Most likely, the cross will break out of its corridor upwards. It will try to reach the parity level again, with the nearest targets at 0.95 and 0.97. The first signal is a break-down of the 50-day moving average (red SMA). The price has been testing it for 4 trading sessions already. But so far all the attempts of the bulls were repulsed.
Will this scenario hold true? Perhaps we will find out as early as this week.

11.00 Address by ECB Vice-President de Guindos
15.30 FOMC member Williams speech

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

All financial markets were waiting for the publication of the minutes of the US Federal Reserve meeting. They were expected to be something interesting which would shed light on further plans for a possible QE rollback, but unfortunately all expectations were not fulfilled.

S&P500

In the minutes, Fed officials made it clear that a reduction in quantitative stimulus would begin when there are more favourable economic indicators and a sufficiently high percentage of coronavirus vaccinated citizens. These conditions have not yet been reached as things currently stand, so we will have to wait.
Next, the inflation announcement. The Fed is confident that inflation will remain under control in the longer term. The rise in inflation above expectations is a temporary factor. The Fed expects inflation to fall to 2% in the longer term.
Overall, we have not heard anything new or interesting. As we predicted before, the Fed will not make any major moves for the summer so as not to spook the holiday season. The next meeting is planned for July 27-28, which may bring some more news, and on September 21-22, when everybody will be out of holiday, the markets will be ready for the Fed’s actions.
Usually the volatility in the markets is always higher during the minutes. Everybody starts to scrutinize every line in the minutes and draw conclusions. Because of this the volatility increases. The volatility usually dies down after a few days, until the markets digest all the information and re-form their holdings.
Regarding the current situation. On Thursday investors got a little bit scared and started to sell off assets, switching to dollar, but close to the evening the market started to gain, and S&P500 index could not break through the 4300 level and bounced up.
So far, nothing much happened and most likely, the S&P500 index will continue its upward movement, though for many people such levels are already out-of-limits, and the companies, included in the index, have bloated in capitalization.

03.30 China consumer price index for June
08.00 UK May GDP
14.30 Canadian unemployment rate for June

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

It looks like some of our oil forecasts are starting to come true, although WTI crude was still making new highs a few trading sessions ago. Everyone was looking forward to the OPEC+ meeting, which was supposed to develop a production strategy for the next six months, but again it did not work out.

OIL. WTI

The main event of the week was the failure of the OPEC+ negotiations. Once again, the group cannot agree on quotas. It is unclear what will happen next. While the June agreement is still in force, production levels could now easily be breached due to disagreements within OPEC+.
Saudi Arabia has started to act and has raised prices on almost all raw materials. Biden urges OPEC to finally reach an agreement because he wants lower gasoline prices, which affect all commodity prices. High commodity prices are unacceptable to the Fed. They hamper economic development and affect inflation.
Iran and the Kingdom of Saudi Arabia have declared normalisation of relations. The US is negotiating closely on Middle Eastern affairs and the situation is likely to stabilise and sanctions on Iran may be lifted. This too is bound to have an impact on the oil price.
Perhaps the new strain of coronavirus, which is starting to spread around the world, will play a role. If the epidemic increases, of course the new lockdowns will cause demand for oil to fall and black gold itself should go down in price.
Summing up, it is worth saying that in the current situation, it is very difficult to judge in which direction the price will go. A lot of factors are still pointing in the up direction, but there are also almost all conditions for a fall, given that new exporters may enter the market and many in the OPEC+ group are likely to break the current agreement.

08.00 German trade balance for May
14.30 US initial jobless claims
15.00 Address by ECB head C. Lagarde

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

Now it is impossible to say for sure whether bitcoin was a government project or not, but all the evidence now indicates that the government is planning to use cryptocurrencies in earnest for its own purposes.

BTCUSD

Even if bitcoin was invented by some mysterious cool mathematical programmer after all, the authorities decided to take the concept and come up with an interesting thing such as a public official cryptocurrency.
By now, such a term no longer shocks anyone. After all, enough time has passed for everyone to get used to the concept of cryptocurrency. Almost everyone has heard about it in the news, and many have used it for their personal purposes. Therefore, the notion of state-owned cryptocurrency is not surprising, and even maintains interest somewhere.
It was reported in May that the Fed chief met with Coinbase exchange CEO Armstrong. The Fed is then releasing a report on the possible creation of an e-dollar. Most interestingly, back in March, Armstrong published a report on the possible listing of a state-owned cryptocurrency on Coinbase.
It all resembles a rather prepared operation to introduce a brand new cryptocurrency from the state. What is the purpose of doing this in the first place?
It has long been clear that a paper money crisis is coming anyway. The huge debts of developed nations, which often exceed the size of the country’s GDP, are very difficult to service and pay off. It is impossible to give up debts, because a default would jeopardize the whole further development of the economy. What can be done? First of all, we should create a strictly regulated state crypto, then start trading on all major exchanges, and then quietly try to merge the price of the paper dollar to the digital one, devaluing it. After all, digital can be made a little better.
A new state-owned cryptocurrency would become the world’s main source of money and solve the problem of debt. Of course, this is an assumption and the prospect of such a situation is only in the distant future.

08.00 German industrial production for May
20.00 US Federal Open Market Committee meeting minutes

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.

06.07.2021– Special Report. Marriage crisis in OPEC+: The United Arab Emirates is defying OPEC and demanding a higher production quota for itself. This could be ignored as a triviality, because the UAE is far too small to move the oil market on its own. However, it is astonishing that the dispute is being played out in public. Experts are already predicting a rupture of the cartel, which would threaten an oil glut and a crash of the oil price.

New negotiations on Monday afternoon

Since the Corona crash last winter, the oil price has been on its way north. The inflationary push by the central banks has done the rest to push the price of a barrel of WTI up to around 76 dollars. Given the expected recovery of the global economy, this is not likely to change any time soon. If, indeed, OPEC does not go crazy now: the oil cartel and its allies have not agreed on a new production strategy from August after two tough days of negotiations. The negotiations have been adjourned until this Monday afternoon – so traders should keep an eye on the news ticker.

Moderate quota increase planned

Due to the expected global economic upswing and the continuing Corona risks, OPEC+ wants to raise production gradually from August to the end of the year. A compromise presented on Thursday envisaged increasing daily production by 400,000 barrels per month from August to December. Particularly important: Russia had also agreed to this, as the Russian state agency Tass reported.

The Emiratis bitch

But now the UAE is getting in the way. The Emiratis want to increase production for themselves: from 3.2 to 3.8 million barrels per day. Saudi Arabia and Russia, however, vehemently reject a renegotiation of the quotas. The blog ZeroHedge has even called for a rupture of the cartel. Even Bloomberg now sees a possible repeat of the Thanksgiving massacre of 2014, when the cartel could not reach an agreement and anarchy raged among the producers.

Unexpected comes often

We currently consider a repetition of this scenario to be unlikely. Nevertheless, it is worth keeping this probability in mind – unexpected things often happen. If the Emiratis pull away unilaterally, other countries that feel disadvantaged are likely to follow. Discipline in the cartel has always left much to be desired anyway – Nigeria and Iraq in particular are likely to open the taps. Then the Russians are likely to follow. Which could ultimately tempt Saudi Arabia to crack the whip again – and bring the rest of the wild bunch into line with a glut of oil.

Another 46 cents?

And then we should remember how quickly everything can happen: In last April’s fabulous crash, oil prices plummeted to 46 cents a barrel – a price war between Moscow and Riyadh and the Corona depression brought big gains for the bears. Indeed, according to Bloomberg, oil traders and analysts are surprised by the intensity and length of the dispute.
And what happens if the cartel does reach an agreement? Then the oil price could continue to rise moderately or stagnate, depending on the global economy and Covid. Whether long or short – Bernstein Bank wishes you successful trades and investments!

Important Notes on This Publication:

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.