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DN to remain ‘on-hold’ for the next 12 months – Danske Bank FXStreet (Edinburgh) - Danmarks Nationalbank could refrain from cutting further its key rate for the next twelve months, suggested Flemming Nielsen, Senior Analyst at Danske Bank. Key Quotes “The net position indicates that FX intervention purchases have been above DKK100bn since the 25bp rate cut on 5 February”. “Danmarks Nationalbank (DN) has refrained from cutting the key rate despite this significant inflow, which indicates that FX intervention purchases appears to be the preferred tool to fend off DKK appreciation pressure”. “Although further rate cuts cannot be completely ruled out, the bar is high and it will likely take an acceleration in inflow for DN to cut further. We thus expect the bank to keep rates unchanged on a 12M time horizon”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates

AUD/USD: 0.8034 is key to alleviate downside pressure - CB FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that AUD/USD continues to hold sideways to higher near term. Key Quotes: "The market recently again held over the base of the 2013-2015 down channel at 0.7597." "Above the 20 day ma lies the downtrend at 0.7990 and the 7th Jan low at 0.8034." "A close above here is needed to alleviate downside pressure." "Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates

An agreement today won’t mark the end to ‘Greek’ problems – DB FXStreet (Barcelona) - The Deutsche Bank Team comments on the relevance of the Greece’s loan-extension request, noting that even if an agreement is reached today, it will only be the first step to a long road of discussions. Key Quotes “Assuming an agreement is indeed reached, it is important to point out that this will only mark the very first step in what is still a long road to resolution to the Greek crisis.” “First, it is unlikely Europeans approve any fund disbursements or an increase in t-bill issuance after the loan extension has been granted. Fund disbursement will require the completion of prior actions by the Greek government. These remain to be specified and negotiated -"part two" of the three-step process we have been describing.” “Second, the Greek government will need to be able to pass any such agreements through the Greek parliament, starting with the loan extension itself which will need to be ratified ("part three". Completing all steps in this three-part process will be a challenge.” “On the positive side, a potential "agreement" tomorrow will provide a little breathing room to the Greek financial system." “Still, even ongoing ECB funding will only buy a few weeks, because it will not solve the Greek government's exceptionally tight cash position. Press reports suggest that the government will struggle to fulfill financial obligations beyond March, with a potential default likely to lead to a suspension of ELA funding.” “Over the next few weeks, Greece will, therefore, need to achieve substantial progress on fleshing out the exact parameters of the program as well as voting legislation through parliament.” “For this to materialize, agreement needs to be reached at Eurogroup, with another breakdown again bringing ECB liquidity provision back into immediate question.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates

CAD rallies, but within monthly range – Scotiabank FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, shares the outlook and key technical levels for USD/CAD, noting that the core risk for CAD lies in Yellen and Poloz’s speech. Key Quotes “Increasingly the focus for CAD traders is over the outlook for monetary policy, making next week’s testimony by Chair Yellen and speech by Governor Poloz core risks. Expectations for a second interest rate cut in Canada have remained relatively constant over the last week, with the market pricing in at least one more cut over the next six months. This combined with oil prices that have stabilized but could still be pressured lower, leave CAD vulnerable.” “USDCAD short‐term technicals: mixed—likely reflecting the range bound environment that USDCAD has been trading within.” “Support lies at 1.2380 with resistance at 1.2504 (the 21‐day MA); however neither of these levels are particularly strong.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates

EIA fails to match API’s high oil inventory numbers, but overall tone intact - KBC FXStreet (Barcelona) - The KBC Bank Team comments on the Energy Information Agency’s oil inventory data release and its impact on the market. Key Quotes “Although yesterday’s Energy Information Agency (EIA) data did not confirm Wednesday’s report from the American Petroleum Institute as far as the volume of increase in crude oil inventories is concerned (the API report had foreseen more than 14 million barrels build in inventories which, if it had been confirmed, would have marked an all-time high), it left the overall message intact.” “The data showed about twice as large build in stocks than the one that had been anticipated by analysts at the beginning of this week.” “The oil price therefore fell by about 0.5% yesterday while the US benchmark WTI even lost about 1.9% as inventories in Cushing, the delivery location of NYMEX WTI futures contract, rose by about 3.6 million barrels.” “Rising stocks in Cushing suggest that traders have recently been taking advantage of relatively wide contango in the front-end of oil forward curve.” “All in all, recent EIA data reminded us that although the supply elasticity of “shale oil” likely is much higher than that of “conventional oil”, it will take some time before the impact of lower oil prices on the US supply is more pronounced. For example, the data showed that US domestic crude oil production increased by more than 800 thousand barrels per day visà- vis June 2014. Let us recall that in the meantime, the oil price fell by about one half…” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates

Higher Eurozone PMIs support the stronger recovery view - Danske FXStreet (Barcelona) - According to Pernille Bomholdt Nielsen, Senior Analyst at Danske Bank, the improving PMIs and the expected increase in Manufacturing PMIs ahead, signals towards a stronger Q1 growth in the Eurozone. Key Quotes “The euro area composite PMI increased to 53.5 in February from 52.6 in January and is now at the highest level since summer last year. The increase was driven by the services PMI, which rose to 53.9 from 52.7 whereas the manufacturing PMI was almost unchanged at 51.1.” “For the manufacturing PMI the details were better than the headline figure. First, new orders increased a bit, driven by higher export orders.” “Added to this, there was a decline in stocks of finished goods implying the order-inventory balance increased. This now points to an increase in manufacturing PMI going forward.” “The stronger services PMI was driven by higher future business expectations and incoming new business, but there was also an increase in backlog of work. The services PMI employment index increased to the highest level since May 2011.” “The increase in services PMI is likely to reflect the boost to private consumption from the decline in the oil price and it suggests private consumption will increase further in Q1.” “The improvement in the PMIs and the signal that manufacturing PMI could increase further is in line with our view that euro GDP growth will be strong in Q1.” “For 2015 we expect GDP growth of 1.5% which is above consensus at 1.2%.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates

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Growing optimism due to ECB QE could fuel the “sympathy selloff” in euro-rates – RBS FXStreet (Barcelona) - Edward Acton, Treasury Strategist at RBS, comments that there is decent probability of shift in the European pessimism in the intermediate term as the ECB QE nears. Key Quotes “We have begun noticing/commenting that there is a decent chance for a 'turn' in European pessimism in the intermediate term as the 'in QE we trust' mood takes hold. The data backs up this claim as well; the Euro is going on its 4th weekly gain against the consolidating USD, the Euro-Stoxx has outgained the S&P by ~10% ytd (currency unhedged), the Eurozone CESI stands at +46.60 (widest spread over US since spring 2013), and European ETFs are on track for largest ever quarterly inflows with $21.4bn of net new assets in just 6 weeks.” “This growing optimism could be fodder for the intermediate-term 'sympathy selloff' in Euro-rates that Treasuries may require to trace higher in yield.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 19,2015 OctaFX.Com News Updates

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Gold recovers slightly after weak US housing data FXStreet (Mumbai) - Gold prices erased part of its losses after the weaker-than-expected housing data in the US pushed the Treasury yields lower. Safe havens rise on US housing data Gold prices recovered slightly along with a fall in the US Treasury yields after the data in the US showed housing starts fell 2.0%, beating the estimate of 1.7% fall, while building permits fell 0.7% against expectation of a 0.9% rise. Gold prices recovered from the low of USD 1204.3 to trade at USD 1208 levels. Meanwhile, the 10-year Treasury yield fell from the high of 2.164% to trade at 2.122%. Gold Technical Levels The metal currently trades at USD 1207.6, down 0.08% for the day. The immediate resistance is seen at 1213.82 (100-DMA) and 1219.6 (50% retracement of 1131.9-1307.8) levels. On the flip side, a break below 1198.9 (61.8% retracement of 1131.9-1307.8) could push the pair down to 1186.3 (Dec. 5th low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 18,2015 OctaFX.Com News Updates

Strong labour data good for GBP, bad warns of weak productivity – BBH FXStreet (Barcelona) - The Brown Brothers Harriman team reviews today’s UK labour data release, noting that the sterling positive numbers might lead GBP/USD towards 1.5500-1.5600 levels, and further adds that the increase in aggregate work hours warns that productivity remains weak. Key Quotes “Strong employment and earnings data in the UK lifted sterling to the upper end of its recent range near $1.5450. A break would quickly target the $1.5500-$1.5600 area.” “The claimant count fell by 38.6k, which is about 50% more than the consensus expected, and the December decline was revised to 35.8k from 29.7k.” “The unemployment rate fell to a new cyclical low of 5.7% (ILO measure).” “Earnings growth, reported with an extra month lag, rose 2.1% at a year-over-year pace in Q4 14. The consensus was for a 1.7% increase.” “The jump in earnings comes as the BOE minutes highlighted the expected upward pressure on earnings (toward 4%) and the rise of a jump in inflation when the oil increase drops out.” “There are two cautionary elements. First, the increase in aggregate hours worked warns that productivity remains weak. This speaks to the growth capacity of the UK economy.” “Second, the labor market may be tightening, but the earnings growth was flattered by bonuses. Excluding bonus, earnings growth actually slipped to 1.7% from 1.8%.” “That said, there is probably more room for interest rate expectations to adjust, and that means upward pressure on UK rates, especially at the short end.” “Gilt yields are also backing up, and at 1.81% today, the 10-year yield at its highest level this year. This represents about a 50 bp increase since the Jan 30 low.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 18,2015 OctaFX.Com News Updates

USD/CAD off highs after data FXStreet (Edinburgh) - The US dollar is giving away part of recent gains vs. the CAD, taking USD/CAD to the area of 1.2430. USD/CAD eyes on Fed Data for the month of January was far from supportive of the greenback, showing producer prices and housing sector releases missing expectations. Next of note will be the Capacity Utilization (79.9% exp.) and Industrial Production (0.3% exp.) followed by the FOMC minutes. On the other side of the border, Canadian Wholesale Sales jumped 2.5% on a monthly basis in December, leaving behind estimates (0.3%) and November’s print (-0.3%). USD/CAD key levels As of writing the pair is advancing 0.51% at 1.2437 and a surpass of 1.2480 (high Feb.17) would open the door to 1.2493 (21-d MA) and then 1.2529 (Tenkan Sen). On the flip side, the immediate support lines up at 1.2360 (low Feb.17) ahead of 1.2353 (low Feb.3) and finally 1.2302 (Kijun Sen). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 18,2015 OctaFX.Com News Updates

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Markets taking Greece in its stride - BBH FXStreet (Guatemala) - Analysts at Brown Brothers Harriman explained that the market appears to be taking in stride the latest setback in negotiations over Greece. Key Quotes: "The euro has recouped all the ground lost in thin markets late yesterday when the Eurogroup discussions broke down. Each side has their inviolable principles, and yet some compromise has to be found. It might not be possible to do so on the finance minister level, but may require another heads of state gathering to break the logjam." "We also note that Greece has been an important catalyst for much of the institutional evolution within Europe since 2010. The framework developed so that Greece can keep its official creditors whole, such as the EFSF and ESM, was rolled out to other countries subsequently. In a similar vein, what is being negotiated now is not only about Greece, but about other anti-austerity parties that may come to power later this year in Spain and Portugal." "Greece has failed to expose a fissure within the European finance ministers. France and Italy appear somewhat more sympathetic but have not broke ranks. The EC's Juncker and Moscovici reportedly proposed an alternative yesterday that had Greek support met a Eurogroup rejection." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

USD/CAD hitting firm resistance at 1.2445/50 FXStreet (Guatemala) - USD/CAD is currently trading at 1.2437 with a high of 1.2452 (LND open) and a low of 1.2360. USD/CAD is rallying with the commodity prices coming off, and oil in particular, with WTI dropping over two bucks in the last couple of hours of trade. Support in funds came in initially in the high 1.2300's after the decline from 1.2440 in earlier trade and this rally puts us back to the start again. Meanwhile, analyst at TD Securities explained that the short-term technical winds here have been transitioning in the past week or so as USD/CAD has failed to gain traction above 1.26. "Trend momentum signals have slowly started to turn negative on the intraday studies." The analysts went onto to suggest that firm resistance is up ahead. "This all suggests that near-term downside risks are building for USD/CAD, we think. Intraday support at 1.2355/60 may hold for now but we would also expect firm resistance intraday around 1.2445/50." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

CAD and crosses in a technical snapshot - TDS FXStreet (Guatemala) - Analysts at TD Securities gave a technical snapshot of the CAD and crosses. Key Quotes: "USD/CAD support in the mid/upper 1.23 area holds but the near-term, technical undertone remains soft." "EUR/CAD eases lower, still in a range." "AUD/CAD holds 40-day MA but lower levels beckon." "GBP/CAD retests consolidation break out; broader technical tone remains positive." "CAD/JPY recovery extends." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

BI surprises with a rate cut, might cut an additional 50bp – TDS FXStreet (Barcelona) - Cristian Maggio, Head of Emerging Markets Research at TD Securities, expects Bank of Indonesia to cut rates by an additional 50bp, with the central bank drifting slowly to the dovish bandwagon. Key Quotes “Bank Indonesia rocked the boat today announcing a surprise 25bp cut of the BI rate and the FASBI rate to 7.50% and 5.50%, respectively, while the Lending Facility rate was held at 8.00%. Though not completely unreasonable, the decision has come against the unanimous consensus view and our own forecast.” “While we need more time to re-assess Indonesia’s interest rate outlook—and perhaps adjust our USDIDR forecast—we believe there’s a reasonable chance that BI will use time at their disposal to ease policy again until the Fed kick off monetary tightening.” “We continue to expect a first 25bp hike from the Fed in September, with an incrementally hawkish rhetoric that could defeat any attempt to deliver easing in EMs even before the Fed hikes.” “That said, we think BI has clearly drifted towards a more dovish rhetoric. With regard to easing rates, BI mentioned that “Such policy measures were instituted based on Bank Indonesia’s conviction that inflation will remain under control at the lower end of the 4±1% range in 2015 and 2016. The current policy direction is consistent with Bank Indonesia’s efforts to reduce the current account deficit to a more sustainable level”.” “The replacement of ‘such policy is consistent’ with ‘the current policy direction is consistent’ allows us to think that more gradual cuts are in store for the next meetings, provided market conditions remain supportive.” “We believe that a favourable market response in the coming days will allow BI to cut no less than an additional 50bp, though we need more time to reassess the outlook.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

Positive effects of weak yen seen bigger than negatives for now – BTMU FXStreet (Barcelona) - Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ, shares the comments that Japanese policy makers prefer a gradual rather than a sharp weakening of the Yen. Key Quotes “In an interview with reporters overnight Japanese Economy Minister Amari stated that the positive effects of a weak yen are currently bigger than the negatives. He added that an excessively weak yen would diverge from fundamentals but couldn’t say what line represents an excessive level of yen weakness.” “An excessively weak or strong yen, and excessively rapid moves in foreign exchange are not viewed as good for the Japanese economy.” “The comments suggest that the Japanese authorities are not yet concerned over the scale of yen weakness.” “In a recent report from Bloomberg, it reported that the BoJ views further monetary easing as counterproductive for now with the risk that further yen weakness could undermine confidence in the economy.” “Taking the two views together it suggests that the Japanese policymakers would be uncomfortable if the yen was to weaken sharply again, although are not opposed to a further gradual weakening of the yen.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

AUD/USD short-term bullish – FXStreet FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest the short-term outlook for AUD/USD favours the upside, with the pair in need of a push above the resistance at 0.7830 to confirm further advances. Key Quotes “The AUD/USD pair surged above the 0.7800 figure, pressuring the top of its latest range, and with the short term picture favoring the upside, as the 1 hour chart shows that the price extends above its 20 SMA and the technical indicators aim higher above their midlines.” “In the 4 hours chart the 20 SMA also presents a bullish slope below current price, offering dynamic support around 0.7780, while the indicators bounced strongly from their midlines and maintain their bullish slopes, supporting the shorter term view.” “Some follow through above 0.7830 however, is required to confirm further advances today.” “Support levels: 0.7780 0.7750 0.7720" “Resistance levels: 0.7830 0.7865 0.7900” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

Expectations for a March rate cut by BoC increasing – BAML FXStreet (Barcelona) - The Research Team at BofA-Merrill Lynch, forecasts Canada to see a 25bp rate cut in March, with market pricing for the rate cut by BoC increasing significantly to around 60% from previous 20%. Key Quotes “In our view, not only would the further decline in oil prices that we expect maintain pressure on CAD valuations, it would also raise risks for the BoC to engage in significant easing.” “The BoC eased policy in January to “provide insurance” against downside risks emanating from the oil price shock on growth, inflation, and financial stability. According to the Bank’s January Monetary Policy (MPR) report, its forecast assumes WTI prices of $60/bbl.” “Prices still remain over 10% below the Bank’s forecast level, likely meaning the BoC will have to ease further if they stay near current levels or fall further toward our $32/bbl forecasts.” “As Senior Deputy Governor Carolyn Wilkins noted last week, “If oil prices were to average $60 per barrel and monetary policy did not respond, gross domestic income would be about 4 1/2 per cent lower by the end of 2016”1 implying prices below that level would require further easing, consistent with our call for another cut in March.” “Since the January meeting, policy expectations have shifted aggressively. Prior to the meeting, less than a 20% chance of a cut was priced in over the next six months. Now, the market is pricing in roughly a 60% chance of a cut at the March meeting.” “Given our call for a 25bp cut, we would expect CAD to come under pressure as this gets fully priced.” “Additionally, the probability of a further cut (not our base case) is less than 50%.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

USD/CAD assaulting 1.2400 FXStreet (Edinburgh) - USD/CAD is extending its bounce off session lows, now looking to retake the 1.2400 key mark. USD/CAD indifferent on data The pair continues to trade in the red territory amidst better risk sentiment and a firmer tone from the crude oil prices. Data wise in North America, the manufacturing gauge tracked by the Empire State index dripped to 7.78 during the last month vs. estimates at 8.50; on the other side, Canadian transactions in foreign securities climbed to $13.89 billion during December. Upcoming results will include the Housing Market index measured by NAHB, TIC Flows and the speech by Philly Fed Plosser. USD/CAD key levels The pair is now retreating 0.53% at 1.2398 and a dip beyond 1.2353 (low Feb.3) would open the door to 1.2302 (Kijun Sen) and then 1.2286 (23.6% of 1.0620-1.2800). On the flip side, the initial up barrier lines up at 1.2477 (21-d MA) ahead of 1.2536 (Tenkan Sen) and finally 1.2646 (high Feb.12). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

Carry-trade could benefit HUF – Danske Bank FXStreet (Edinburgh) - Chief Analyst at Danske Bank Lars Christensen noted the probable appreciation of the Hungarian currency backed by the country’s good external position. Key Quotes “Growth has been picking up in Hungary and, after years of stagnation, it is becoming one of the fastest growth economies in central and Eastern Europe”. “The HUF has fairly attractive long-term fundamentals and the relatively large current account surplus is particularly helpful”. “We continue to believe that Hungary’s fairly strong external position is likely to be supportive for the HUF in the medium term”. “Furthermore, fairly strong growth and an expected pick-up in inflation are likely to keep the carry on the forint relatively attractive, and we therefore continue to expect near-term appreciation of the forint”. “We lower our 1M, 3M, 6M and 12M EUR/HUF forecasts to 305, 305, 300 and 300, respectively from 320, 325, 325 and 320, previously”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates

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Varoufakis arrives (late) at Eurogroup meeting to discuss Greece FXStreet (London) - Greek Finance Minister Yanis Varoufakis has now arrived at the Eurogroup meeting in Brussels, arriving late for the 2:30 GMT start. The discussions focussed on Greece’s continuing membership of the Eurozone and the newly-formed Greek government’s demands for significant haircuts on their existing debts as well as the pressing need for short-term credit service payments are set to commence at 4:30 GMT. Writing in a New York Times op-ed this morning, Varoufakis said that: “As finance minister of a small, fiscally stressed nation lacking its own central bank and seen by many of our partners as a problem debtor,” adding: “I am convinced that we have one option only: to shun any temptation to treat this pivotal moment as an experiment in strategizing and, instead, to present honestly the facts concerning Greece’s social economy, table our proposals for regrowing Greece, explain why these are in Europe’s interest, and reveal the red lines beyond which logic and duty prevent us from going.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 16,2015 OctaFX.Com News Updates