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Date : 18th January 2016. CURRENCY MOVERS OF 18th January 2016. THE ECONOMIC WEEK AHEAD Main Macro Events This Week United States: After the holiday break today (Martin Luther King, Jr. Day), the U.S. economic calendar may offer only limited last-minute insight for the Fed ahead of its policy decision the following week. Not that the markets care, having already priced the Fed out of the picture near-term following the resumption of Asian influenza in the oil and equity markets. The NAHB housing market index is forecast to rise to 62 in January from 61 (Tuesday), while CPI is expected to be a tame at unchanged headline and 0.2% core (Wednesday) and housing starts should rise 0.4% to a 1,178k pace in December. The Philly Fed index may rebound to -7.0 in January (median -5.5) vs -10.2 and initial jobless claims are forecast (Thursday) to sink 15k to 269k for the January 16 week. Existing home sales may snap back 11.3% to a 5.3 mln pace in January relative the 10.5% plunge in December (Friday), with the leading indicators is set to dip 0.1% in December from 0.4%. Canada: Economic data features manufacturing and wholesale trade (Wednesday). Those reports will be lost in the glare cast by the BoC announcement later that same day, but will provide another round of clues on how Canada’s economy performed in Q4. We expect a 0.7% gain in manufacturing shipments and a 0.5% rise in wholesale shipments, which would be suggestive of some growth in the total economy after the disappointing stall-out in October GDP. The week ends with CPI and retail sales (Friday). CPI is expected to accelerate to a 1.8% y/y pace in December from the 1.4% clip in November, but the pick-up is due to a more difficult annual comparison. CPI is seen falling 0.3% m/m in December, driven by falling gasoline prices. Core CPI is expected to pick-up slightly to a 2.1% y/y clip in December from 2.0% in November, although the index is expected to show a 0.3% m/m drop that is in line with seasonal trends. Retail sales are projected to rise another 0.1% in November after an identical anemic gain in October, with the ex-autos aggregate seen up 0.3% after the flat reading in October. Europe: Data releases during the week will only fuel the fears of the doves. Final December inflation readings are likely to confirm the German HICP rate (Tuesday) at just 0.2% y/y and the overall EMU HICP number (Thursday) at the same level. Core inflation remains higher at 0.9% y/y, but even this is still far away from the 2% upper limit for price stability and against expectations for an uptick in the headline rate at the end of last year. United Kingdom: A busy data week looms, which arrives with sterling underperforming and Gilts outperforming as markets push back BoE tightening expectations. We expect data this week will side with this theme, which will includes December inflation data (Tuesday), monthly labour market data, covering November and December (Wednesday), retail sales for December and monthly government borrowing numbers (Friday). We forecast headline CPI at 0.1% y/y in December (median same), unchanged from November. Core CPI is also expected unchanged, at 1.2% y/y (median same). Ebb in economic momentum, renewed energy price declines, and abating wage growth suggests the inflation outlook will remain a benign one for now. Labour data has us expecting an unchanged reading in the official ILO unemployment rate of 5.2% in November (median same). The December claimant count rate is seen rising by 2.9k, down from 3.9k in the previous month. Of particular interest will be average household income, as this is a metric being closely monitored by the BoE. We expect to see a further whittling in wages, to 2.1% y/y from 2.4% and to 1.8% y/y from 2.0% in the ex-bonus reading in data covering the three months to November. We anticipate retail sales to have fallen by 0.2% m/m in December (median -0.3%). The annual comparison is expected at +4.4% after 5.5% growth in the previous month. China: In China, Q4 GDP (Tuesday) is seen at a 6.5% growth rate, slower than Q3’s 6.9% clip, and disappointing the government’s 7.0% projected pace. With all the recent concerns over growth, this data point will have potential to move global markets. The remaining releases all are due on Tuesday December industrial output will be important for the general outlook and expectations are for a 6.1% y/y growth rate, versus the 6.2% seen in November. December retail sales are penciled in at 11.1% y/y from the prior 11.2%, while December fixed investment likely inched down to 10.1% y/y from 10.2% in November. December foreign direct investment is seen sliding to 1.0% y/y from the previous 1.9% pace. Australia: Australia’s calendar lacks nourishing top tier data this week, and the Reserve Bank of Australia (RBA) drought continues. However, some second tier economic reports are on the slate: the TD-MI inflation gauge (Monday) and November HIA new home sales (Thursday) may be of some interest. The RBA remains on its customary intermission from appearances or events during January, with the February 2 meeting the next event on their calendar. The RBA left rates at 2.00% in the December 1st meeting, and our base case is for steady policy to begin the New Year. As expected data this week would be supportive of no change in policy at the February meeting. HEDGE FUNDS DOUBLE THEIR SHORT CRUDE OIL BETS Crude Oil, Monthly Brent crude fell over 4% in logging a new 12-year low at $27.70 (WTI low was $28.36) in the March futures contract during the Asian session today, and is presently sitting in the low $28s. The lifting of sanctions against Iran has been the latest selling prompt amid forecasts that this will lead to an increase of 500 kb per day of crude entering the market this year (according to Barclays, cited by the FT). This will add to an already pronounced supply overhang. The recent Morgan Stanley forecast for $20 oil is starting to look reachable. The price of crude oil has been moving lower with selling pressure related to several fundamental factors. Markets have been worried about slowing growth in China and diminishing demand of oil as the global economic growth is slowing down as well. However, the slide has had more to do with supply than demand. The inventories have been high with production staying at elevated levels even though the rig count has come down significantly. Now the news of Iran embargo and sanctions being lifted has intensified the bearish bets in the oil markets. According to Bloomberg, hedge funds have doubled their bearish bets in the oil markets over the last two weeks. Also, OPEC supply has been on the increase as it has defended the market share and tried to drive US producers out of business. In the long term picture WTI Crude is near 2003 lows with the next monthly support level at 24 dollars while there are significant resistance levels relatively close at 33.20 (year 01/2009 low) and 37.75 (08/2015). Crude Oil, 240 min Since January 8th the WTI crude oil futures market has been tied into a bearish channel. After making a new low during the Asian session today crude has rallied a bit and is not far from a resistance at 29.93. Another potential resistance area is near 30.72 level where the bear channel top, 30 period SMA and 23.6 Fibonacci level coincide. Should the market manage to rally even higher and beyond the channel, the 31.42-32.10 area where the upper Bollinger Bands, the 50 period SMA and 38.2% Fibonacci retracement coincide could be a level where the market turns lower again. Conclusion Market is trending lower which is a reason to look for low risk selling opportunities. Potential short entry levels are: 29.94, 30.72 and an area at 31.42-32.10. We are interested in shorts if market hits these levels and provides us with sell signals. The market being in the downtrend it makes sense to have both a short term target (Target 1) and a target that is a bit further away. My targets for WTI crude are: Target 1: 28.88 and Target 2: 25.20 Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

HotForex Upcoming January Webinars | Live Analysis & More. There are only a few places left for the live market analysis session with our Chief Market Analyst, Janne Muta on Tuesday, 12th January. Register now to stay up-to-date with the latest market trends and the best approaches to trade successfully. Also, don’t miss Scalping Strategies with senior trader and FX researcher, Josh from Blue Sky Forex on Thursday, 14th January. Join this webinar to understand Price Action vs. Mean Reversion in Scalping and learn how to manage risk. View the remaining webinars for January 2016 below:: 12 Jan. 13:00 PM GMT: Live Analysis with Janne Muta Join our Chief Market Analyst, Janne Muta, in this LIVE market analysis session. * Watch as Janne analyses FX, Commodity and Stock Markets in real time * Learn how professional traders approach analysis and trading * Get your trading questions answered live Instructor: Janne Muta. 14 Jan. 12:00 PM GMT: Scalping Strategies Senior trader and FX researcher, Josh, will be your host for this dedicated webinar on FX Scalping Strategies. The session will cover: * Price Action vs. Mean Reversion in Scalping * Example of a Powerful Scalping Strategy * How to manage risk Instructor: Josh, BlueSkyForex. 17 Jan. 13:00 PM GMT: New Trader User Guide for MT4 Learn how to use the MT4 platform in this webinar presented by our Chief Market Analyst. Instructor: Janne Muta. 19 Jan. 13:00 PM GMT: Live Analysis with Janne Muta Join our Chief Market Analyst, Janne Muta, in this LIVE market analysis session. * Watch as Janne analyses FX, Commodity and Stock Markets in real time * Learn how professional traders approach analysis and trading * Get your trading questions answered live Instructor: Janne Muta 21 Jan. 12:00 PM GMT: Using S/R Levels to Trade FX Senior trader and FX researcher, Josh, will be your host for this dedicated webinar on Using S/R levels to trade FX successfully. The session will cover: * Price Action vs. Mean Reversion and how they apply to S/R levels * How to use S/R levels to trade the FX markets. * How to manage risk: setting appropriate TP and SL levels Instructor: Josh, BlueSkyForex. 28 Jan. 12:00 PM GMT: Ichimoku-Renko Part 2: Exploring Renko Join senior trader and FX researcher, Josh in this new webinar, where we will go over: * What is the Ichimoku - Renko trading strategy * Is it really as good as people think? * How to really use Ichimoku - Renko Instructor: Josh, BlueSkyForex If you have any questions, comments or feedback, please do not hesitate to contact our dedicated Customer Support Team via myHotForex, live chat, or by email webinars@hotforex.com. Best Regards, The HotForex Support Team *Please Note: Places are limited and we cannot guarantee availability. On the day of the Webinar, make sure to dial in or login on time using the instructions in the confirmation email you receive following registration. When the maximum number of attendees is reached, no further registrants will be able to join.

HotForex Web Trader to be Replaced by MetaTrader 4 WebTerminal. Dear Client, In an effort to improve your trading experience we would like to inform you that as of Friday, 1st January 2016, current HotForex WebTrader will be replaced by new MetaTrader 4 WebTerminal. The MetaTrader 4 WebTerminal gives traders faster, easier access to the world’s financial markets without the need for platform downloads or installation. The platform is compatible with all web browsers and works on all operating systems. If you have any questions, comments or feedback, please do not hesitate to contact our dedicated Customer Support Team via myHotForex, live chat, or by email support@hotforex.com. Best Regards, The HotForex Support Team

Date : 31st December 2015. CURRENCY MOVERS OF 31st December 2015. MACRO EVENTS & NEWS FX News Today Lower oil prices weighed moderately on North American equity markets with the Dow Jones ending lower -0.66%, and the USD traded relatively steady. Today, the last trading day of the year should bring more of the same, as Japan is on holiday, and the economic calendar is almost nonexistent. The overnight Asian session traded in a narrow range, leaving the USDJPY in a holding pattern. In Europe, the DAX is heading for a year end level that is still far off the highs seen earlier in the year but nevertheless markedly higher than at the start of the year. Thin holiday trade exaggerated moves, and Germany, Italy, Scandinavia and Switzerland will remain closed for the New Year’s Eve and tomorrow, while other European markets close early. Eurozone M3 money supply growth decelerated to 5.1% y/y in November from 5.3% y/y in October, in line with Analyst forecast. The growth rate of loans to households rose to 1.4% y/y from 1.2% y/y and loans to non-financial corporations rose 0.9% y/y. Annual money supply growth remains high and lending slowly picks up as credit conditions improve. Much of the remaining weakness in lending to companies is also due to a lack of demand, as most remain happy to fulfill current orders with existing capacity. Crude Oil fell to $36.40 session lows following the EIA inventory data which showed a 2.6 mln bbl rise in crude stocks. The street had been expecting a 2.0 mln bbl decrease. Meanwhile, gasoline supplies, seen up 0.5 mln bbls actually rose 900k bbls, while distillate stocks were up 1.8 mln bbls, versus expectations for a 1.0 mln bbl rise. Refinery usage rose to 92.6% from 91.3%. Overall, a bearish report. Gold took a bit of a tumble, with sellers apparently stepping in on the move under $1,065 , which had provided support over the past two sessions. The contract had peaked at $1,072.20 overnight, and is currently trading near $1,063. Main Macro Events Today • EUR ECB Monetary Policy Meeting Accounts: No Comment. • USD Initial Jobless Claims: Claims data for the week of December 26 are out today and should reveal an increase to 275k (median 270k) from 267k last week and 272k in the week prior. Claims have continued to show restraint through the holiday season despite an increase in volatility and December looks poised to leave a monthly average of 272k, only slightly higher than the 270k in average in November but up from the 263k average for October. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 30th December 2015. CURRENCY MOVERS OF 30th December 2015. TODAY’S CURRENCY MOVERS REPORT Over the past 5 days, the British Pound Sterling (GBP) has been under-performing against the major pairs, as the negative impact of the United Kingdom’s Q3 growth rate downward revision to 0.4% from 0.5% is seen as the reason for the most resent sell-off of the GBP. The AUD has started to strengthen across the board over the last 5 trading sessions because the domestic economy has shown promising signs of improvement, despite weak commodity prices and a drop in the Chinese Yuan. As we move closer towards the end of 2015, the USD is little changed over the last 5 day period, as the latest US economic data has had no change on the view about the direction of the U.S. economy. The U.S. economy remains healthy and this view is supported by the fact that the personal spending m/m rose by 0.3. We have also seen the Michigan consumer sentiment revised up to 92.6. Traders are seen to be slowly moving into safe haven currencies as the year end approaches, however if the U.S. economic data remains relatively positive, then markets would expect the U.S. Fed to remain on path of gradual rate hikes in 2016 which will further support USD buying interest for some time to come GBPJPY, Daily GBPJPY continues in a downtrend from its November high near 188.80; price is below the downward sloping valid trend line, resistance is spotted at 182.10 and the next relevant support is near the 2015 lows (175.50). Stochastic analysis remains towards the downside and moving average analysis also supports my opinion that the GBPJPY should continue its downward course. Fundamentally, the GBP does not have any real reasons to strengthen as the U.K. Q3 GDP growth rate has been adjusted downwards and the BoE will hold off on any rate hike for some time. Meanwhile, the JPY has some reason to gather some strength against the GBP, since Japan’s economy is expected to continue recovering moderately, according to the Bank Of Japan. Exports are expected to increase moderately as emerging economies move out of their deceleration phase. Business fixed investment is projected to continue increasing moderately and private Consumption is expected to remain resilient. Housing investment is projected to continue picking up. Industrial Production is likely to remain more or less flat for the time being. My trading view for the GBPJPY is to sell the GBPJPY into strength for a target area at 175.50 zone. GBPUSD, Daily (Updated) GBP has recouped to the mid-1.48s after posting a seven-month low at 1.4785 yesterday. Yesterday’s decline marked a resumption of the GBP bear market as markets adjusted to a more dovish than expected tone in the minutes to the early December BoE monetary policy meeting. There is no market impact, UK data or events of note until the New Year. Things will kick-off on January 4, when the December version of the Markit manufacturing PMI survey will be released, along with the BoE’s monthly report on lending activity. A technically price bounce is now under way with prices possibly to bounce towards the 1.5100 (sell zone), ahead of an additional decline towards the 1.4720 area (161.8 fibonacci extension level based on the 4-hour chart). Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 29th December 2015. CURRENCY MOVERS OF 29th December 2015. MACRO EVENTS & NEWS FX News Today The USD majors continued to trade in narrow ranges, strong stock markets in Asia coupled with a recent rebound in diary prices have helped underpin the New Zealand dollar, the NZD continues it’s multi-week rally against the USD gaining nearly 450 pips since mid November. The EURUSD, meanwhile, remained in the mid-1.09s, below yesterdays near two week high at 1.0992, and USDJPY has remained above yesterday’s two-month low at 120.16. The European calendar is once again very quiet, with only Italian consumer and business confidence numbers of note. There remains little data on tap from the Central Banks as we move closer to the end of 2015. U.S. calendar has the trade in goods, home price index, and consumer confidence, the focus will be on the Consumer Confidence report. Asian markets moved higher, with banks leading stocks to the eighth straight day of gains, at the time of writing U.S. stock futures are in positive territory. Oil prices are slightly higher, with USOil trading just under the 37 per barrel mark. Main Macro Events Today • USD U.S. Consumer Confidence: December consumer confidence is out later today and analyst expect to see a headline increase to 94.0 from 90.4 in November. Along side the headline, analyst expect current conditions t o rise to 110.0 from 108.1 and current conditions to improve to 83.4 from 78.6.Michigan Sentiment improved in December with a climb to 92.6 as of it’s second release from 91.3 in November and the IBD/TIPP poll rose to 47.2 from 45.5. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 24th December 2015. CURRENCY MOVERS OF 24th December 2015. MACRO EVENTS & NEWS FX News Today The U.S. markets will be closing early today, ahead of Christmas Day and trading should be limited. The U.S. stock markets have enjoyed 3 straight day’s of gains in the usually end of year rally. Stock markets have been partly supported by the nearly 4% gains seen in the price of U.S. Oil, with Crude prices clearing to the upside of $37.00, following news that EIA crude inventories plunged 5.88 mln bbls compared to a Reuters forecast of a 1.1 mln build (6.98 mln bbl difference). The only U.S. data report today is weekly jobless claims, expected to edge up 1k to 272k. U.S. economic reports revealed slightly encouraging personal income data and an upside durable orders surprise. European markets will be quiet today. The German market has already closed for Christmas, while the U.K. market will be closed on Monday for Boxing Day. The only data on the agenda is from the U.K. with BBA mortgage approvals. The GBP has been preforming today, rising against the USD. The pound’s run higher following a near two-week period of notable under-performance as markets scaled back BoE tightening expectations. Cable has been posting gains with markets shrugging off an unexpected downward revision lower in final UK Q3 GDP data for the last two trading sessions in what continues to be a technical bounce. The EURUSD dipped under 1.0950, which roughly marks the 50% retracement of the rally from last week’s 1.0800 low. The USDJPY broke to the downside of the 120.60 support. Main Macro Events Today • JPY Monetary Policy Meeting Minutes: Reveled slow wage and capital expenditure growth are areas of concern but were optimistic that companies will start to boost spending once emerging economies improved. The BOJ kept policy steady since October, betting that companies will use their profits to lift wages and capital expenditure and help kick off a positive economic cycle. The Nov. 18-19 rate review, the BOJ board discussed why companies were slow to respond. Companies probably felt their current record profits were due to temporary factors like the weak yen and low energy costs, and weren’t convinced that earnings would remain strong in the future, the minutes showed. At the time of writing the JPY is sharply stronger vs the USD with the USDJPY pair down around 50 pips for the session. • EUR German Bank Holiday: • USD Unemployment Claims: U.S. initial jobless claims are expected to be 272k (median 270k) in the week-ended December 19. Continuing claims are expected to fall to 2,232k for the week-ended December 12. Forecast risk: upward, as holiday hiring could hold down claims. Market risk: downward, as weaker than expected data could slow the path of rate hikes. • NZD Bank Holiday: • AUD Bank Holiday: Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 23rd December 2015. CURRENCY MOVERS OF 23rd December 2015. MACRO EVENTS & NEWS FX News Today Today’s trading session will be quiet, as Japanese markets are closed to celebrate the Emperor’s Birthday. We may see some activity around the CAD later today upon the release of the Canadian Core Retail Sales and GDP data. In over night trading, Asian equity markets closed the session mostly higher, while U.S. stocks charged higher posting gains of nearly 1% for the session. The major USD currency pairs continued to lack direction without any market catalyst on tab to jolt the USD in any meaningful direction. EURUSD remains in a tight range within the 1.09s after marking a one week high near 1.0980's yesterday. USDJPY also appears to be in a narrowly range around 121.00 for a third day, with the sharp volatility seen in the wake of last Friday’s BoJ policy fading away. Industrial metals and oil prices have been moving higher, as investors’ confidence about the growth prospects in the U.S. and China increases. Main Macro Events Today • JPY Japan : Bank Holiday • GBP United Kingdom Final GDP: Q3 expected to be confirmed at 0.5% q/q and 2.3% y/y • CAD Core Retail Sales: Analyst expect retail sales values, due later today, to improve 0.8% in October (median 0.6%) following the 0.5% drop in September. The ex-autos sales aggregate is expected to gain 0.5% m/m in October (median +0.5%) after the 0.5% pull-back in September. Gasoline prices fell 2.0% m/m in October, a comparatively modest pull-back compared to the 7.9% plunge in September according to the CPI. Hence, we should see an only modest drag from gas station sales on total and ex-autos sales. Moreover, gasoline prices remain very low relative to a year ago, which could continue to underpin spending along with low interest rates. Vehicle sales were firm through November, which should be supportive of total sales in both October and November. • CAD October GDP: Analyst expect GDP, due Wednesday, to rise 0.2% in October (median +0.3%) after the 0.5% plunge in September. The projection is driven by an expected boost from the return to production of an oil sands producer that was off-line due to fire in September. That boost is seen offsetting drags from manufacturing, wholesale and housing. But the expected boost from the oil sand producer could be tempered by temporary closures at other refineries (notably Irving Oil in St. John). • U.S. Durable Goods: November durable goods data is out Wednesday and should reveal a 1.5% (median -0.7%) decline in orders for the month with inventories and sales both remaining unchanged in November. This follows respective October figures of 2.9% for orders with shipments down 1.0% and inventories down 0.3%. Data in line with this forecast would leave the I/S ratio steady at 1.65 from October. • U.S. Personal Income: November personal income is out Wednesday and analyst expect a 0.3% (median 0.2%) increase in headline income with consumption up 0.3% (median 0.3%) as well. This would follow October figures of 0.4% for income and 0.1% for consumption which prompted a bounce in the savings rate to 5.6% from 5.3% in September. For price data analyst expect the PCE Chain Price Index to remain unchanged with the core up 0.2%, matching the November CPI figures. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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Date : 16th December 2015. CURRENCY MOVERS OF 16th December 2015. MACRO EVENTS & NEWS FX News Today Today’s main event is the long awaited U.S. Interest Rate Decision. My view is that the U.S. Fed will raise interest rates today. I believe that the Fed understands that if they fail to hike today, the U.S. Fed’s credibility will most certainly be challenged. Let’s not forget that the U.S. Fed has been holding the markets hostage for many months, thereby creating a large amount of uncertainty in the markets with constant talk about the pending interest rate adjustment higher, only to disappoint the markets with no action during the previous meetings. Today’s “potential” rate hike will open the door, in my opinion, for further rate hikes over the coming year. Most professional traders are very aware of this fact and have already been adjusting positions accordingly. In overnight stock market trading and ahead of today’s important U.S. Fed Interest Rate Decision, global stock markets surged higher, with solid gains in Asian, Europe and Wall Street yesterday. The “pending” increase in U.S. Dollar borrowing cost is viewed by the stock markets as a net positive that the economy is healthy and that growth will continue to follow despite the higher cost of borrowing. So far today, the USD has consolidated yesterday’s gains, after core CPI data out of the U.S. provided a final conformation of market expectations for the Fed to deliver a long-awaited rate hike later today. The general market mode for today, I would see it as swinging between “risk-on” and “risk-off” as traders jockey for positions, with high volatility especially during the U.S. FOMC Press Conference scheduled for later tonight at 7:30PM GMT. The heavy price action will be around the FOMC Economic Projections, the FOMC Statement followed by the FOMC Press Conference. Traders will have a long night of trading with plenty of action expected. I wish you all good luck on this historic trading day! Main Macro Events Today • EUR CPI data: the final reading of CPI data for November, which should confirm the headline rate at 0.1% y/y (med same) and core inflation at 0.9% y/y. The decline in oil prices remains the main factor weighing on CPI, although core inflation also eased slightly last month, as the drop in basic goods prices is feeding through the production chain. Still, the ECB already reacted to this by easing policy further and ECB’s Coeure said deflation risks are off the table now with the latest set of measures, so the numbers won’t change the policy outlook. • USD U.S. Industrial Production: November industrial production is out on today and should reveal a 0.2% (median -0.2%) decline which would mark the third strait month of 0.2% drops. Despite the firm November employment report there is some downside risk to industrial production as factory employment declined by 1k and mining employment was down by 11k for the month. We expect capacity utilization at 77.3% (median 77.4%) from 77.5% in October. • USD U.S. Housing Starts: November housing starts are out today and analyst expect a 1,130k (median 1,133k) headline following a 1,060k headline in October which marked an 11.0% decline from September. Analyst expect permits at 1,150k from 1,161k and completions should rise to 1,000k from 965k in October. The warmer weather through November should lend some upside risk to the release despite the slow down in the already released November NAHB which declined to 62 from 65 in October. • USD Interest Rate Decision: FOMC made two key changes in the policy statement that put a Fed hike on the table for today, even as it left rates unchanged in October. Fed removed the comment from the September statement that “recent global economic and financial developments may restrain economic activity somewhat” and replaced it with “monitoring” developments. Also said “in determining whether it will be appropriate to raise the target range at its next meeting” Those two changes reversed the dovishness from the September meeting and ostensibly reduced the concerns over the slowdown in China that Chair Yellen mentioned in her presser Statement somewhat at odds with slowing in recent data, however, but acknowledged job gains had slowed while unemployment rate held steady Inflation continues to run the below the Committee’s long run target. Over the last five trading days and ahead of the build-up towards the U.S. Interest Rate decision, money is seen flowing into the USD. The U.S. buck has held firmer against the JPY, AUD, GBP, CAD, EUR, NZD and the CHF amid the backdrop of strong global stock markets and the fact that the U.S. Fed is widely expected to start the rate lift-off today. The GBP suffers losses across the board as the latest data from the United Kingdom indicates that the BoE will not make a move to hike the GBP cost of borrowing until possibly 2017. Also, the fact that the BoE worries about a possible rate rise by the Fed today, will put upward pressure on GBP. For the moment, the market will be pricing in an evidentially BoE rate hike after the Fed opens the door first. The AUD has underperformed since Australia remains vulnerable to the weakness in the global commodities markets. GBPUSD, Daily (Updated) The GBP has been trading lower in the initial wake of last week’s December BoE meeting which showed the Monetary Policy Committee was focusing on the recent decline in nominal pay growth, which was taken by markets as a dovish shift in the BoE’s thinking, in turn reducing expectations for BoE rate rift-off anytime soon. Technically, I remain bearish on GBP against the USD in the current macro environment with my technical short term price targets for the GBPUSD at 1.4955 (S1) with a possible test of the April 20th lows near 1.4890 (S2). FX Pair : GBPUSD Supports : 104955 Resistances : 1.53 AUDUSD Daily, (Updated) The minutes to the RBA’s early-December policy review reaffirmed the view that the central bank is increasingly comfortable with the economic prognosis. Notably the RBA dropped “members judged that monetary policy needed to be accommodative,” although it maintained that the inflation outlook “may afford some scope for a further easing of monetary policy” if needed. Technically, the AUDUSD is at risk of further medium-term losses, Monday’s drop has so far failed to hold, a price bounce from .716 could leave a lower top near the .7230′s ahead of a breakdown towards .7070 area. FX Pair : AUDUSD Supports : 0.7180/0.7070 Resistances : 0.7360/0.7450 Please note that times displayed based on local time zone and are from time of writing this report. Click HEREto access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 14th December 2015. CURRENCY MOVERS OF 14th December 2015. GBPUSD UPDATE, DOWNSIDE PRESSURE REMAINS GBPUSD, Daily The GBP is under pressure ahead of this week’s U.S. FOMC interest rate decision that could provide continued uplift for the USD against the GBP. I would expect some GBPUSD choppy trading as we move closer to Wednesday since also on tap we have some key U.K. data that, if disappoints, could support a Bank of England interest rate hike delay, which in turn could provide some further support for GBPUSD short sellers. I would expect the GBPUSD to remain biased to the downside against the USD in the current macro environment with my technical medium term price targets for the GBPUSD at 1.4955 (S1) with a possible test of the April 20th lows near 1.4890 (S2). Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 11th December 2015. CURRENCY MOVERS OF 11th December 2015. MACRO EVENTS & NEWS FX News Today German Nov HICP inflation was confirmed at 0.3% y/y, as expected. The national rate was steady at 0.4% y/y and the CPI rate excluding energy fell back marginally to 1.3% y/y from 1.4% y/y. The sharp difference between headline inflation and the ex-energy figure highlights, however, once again that lower energy prices are the main driven behind the weak numbers, which also means the risk of a real deflationary spiral is limited. Both BoE and SNB left policy unchanged at yesterday’s council meeting, as expected. The BoE is still eying a rate hike, but is clearly in no hurry, and if anything the statement was a tad more dovish than the November inflation report. The SNB meanwhile remains ready to intervene on currency markets if necessary. The BoE minutes, released at the same time, showed an 8-1 majority in favour of steady policy, with McCafferty continuing his dissent in favour of a rate hike. The vote to maintain the stock of purchased assets at GBP 375 bln was taken unanimously, as in the last meeting. The BoE’s November inflation report was already a tad more dovish and the MPC said today that the risks to the view back then that “if Bank Rate were to follow the gently rising path implied by the prevailing market yields then inflation would exceed slightly the 2% target in two years and then rise further above it”, lie a little to the downside in the first two years. This means under the implied gentle tightening path inflation may no longer exceed target in two years’ time, but not necessarily that it won’t reach the target. US reports revealed the expected big trade price hits from commodity prices in November before likely bigger declines in December, with broad-based price drops beyond commodities, and particular weakness in export prices. We also saw a 13k initial claims rise to 282k in the first week of December that extended the 9k bounce to 269k in the Thanksgiving week of November. The sharp 22k two-week climb for claims raises the stakes for next week’s report, though for now the rise can be attributed to holiday volatility. We still expect a 200k December payroll rise that undershoots big recent gains of 211k in November and 298k i n October as well as the 210k average year-to-date gain for 2015, but that beats the 174k Q3 average monthly gain. Main Macro Events Today • US Retail Sales: November retail sales are out today and should reveal a 0.3% (median 0.3%) headline with a 0.3% (median 0.3%) increase ex-autos. This follows October figures of 0.1% and 0.2% respectively. Despite the firm auto sales data for November, retail sales are facing headwinds from the decline in gasoline prices and a drop in construction hours worked as we discussed in Monday’s commentary. • US PPI: November PPI should reveal a 0.1% (median unchanged) headline with a 0.1% (median 0.1%) increase for the core. This should bring the y/y figure to -1.2% from -1.6% in October which set a new recent low. Declines in oil prices over the past year have acted to hold down most inflation measures. • US Business Inventories: October business inventories should come in unchanged (median 0.1%) headline for inventories with shipments for the month down 0.2%. This follows respective September figures of 0.3% for inventories and unchanged for September. Data in line with this forecast would leave the I/S ratio at 1.38, steady from September. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 10th December 2015. CURRENCY MOVERS OF 10th December 2015. MACRO EVENTS & NEWS FX News Today Reserve Bank of New Zealand cut rates to 2.50% from 2.75%. The rate cut was widely anticipated. The reduction in the official cash rate as “monetary policy need to be accommodative to help ensure that future average inflation settles near the middle of the target range,” Governor Wheeler said. He expects this can be accomplished at the current rate setting, but assured the bank will reduce rates further if needed. On the exchange rate, he said the recent rise in the value of the New Zealand dollar has been “unhelpful and further depreciation would be appropriate in order to support sustainable growth.” Japan’s PPI improved to a 3.6% y/y rate of decline in November from -3.8% in October. Granted, that is still troublesome for the Bank of Japan’s efforts to reflate the economy, but at least the rate of decline did not worsen. The PPI fell 0.1% m/m in November after the 0.6% plunge in November. Australia employment surged 71.4k in November after the revised 56.1k gain in October (was +58.6k). The hefty gain in November, which was the largest one month gain since July of 2000, contrasted with expectations for a modest dip following the sizable rise in October. Full time jobs grew 41.6k in November after the 38.4k rise in October (was +40.0k). Part time jobs rose 29.7k after a 17.7k gain (was +18.6k). The unemployment rate fell to 5.8% in November from 5.9% while the participation rate rose to 65.3% in November from 65.0%. Two consecutive months of stellar job growth confirms that the RBA’s stimulus efforts are working. Moreover, it trims prospects for further cuts from the RBA next year. We see no change for an extended period. AUD-USD shot higher to the 0.7300 area from 0.7250 ahead of the report. Main Macro Events Today • SNB Rate Decision: The SNB was in luck and Draghi didn’t quite deliver the bazooka markets had been hoping for, which meant market reaction didn’t go quite according to plan and this gives the SNB some time to watch how things develop. That doesn’t mean, there couldn’t be further easing outside a policy setting meeting if there is fresh upward pressure on the currency. • BoE Rate Decision: No change is expected in the Bank of England’s 0.5% rate policy. • Canada Capacity Utilization: We expect the capacity use rate, due Thursday, to recover to 82.0% in Q3 (median 82.1%) from 81.3% in Q2. The anticipated improvement tracks the 2.3% rebound in Q3 GDP after the 0.3% drop in Q2 and the 0.7% pull-back in Q1. • US Initial Jobless Claims: Initial claims data for the week of December 5 are out today and should show claims at 268k (median 267k) for the week, down from 269k in the week prior but above the 260k reading before that. Despite improvements in claims data we tend to see increased volatility around the holiday season which accounts for some of the increase in the November average to 269k. We expect a December average of 266k which compares to our forecast for nonfarm payrolls of 190k for the month.3 Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 9th December 2015. CURRENCY MOVERS OF 9th December 2015. MACRO EVENTS & NEWS FX News Today German trade surplus continues to widen.Germany posted a sa trade surplus of EUR 20.7 bln in October, up from EUR 19.2 bln in the previous month, as exports declined 1.2% m/m, which was counterbalanced by a 3.4% m/m drop in imports. Import numbers have been very volatile and as this is nominal data also driven by exchange rate and especially oil price developments. Unadjusted data show a trade surplus of EUR 208.8 bln in the first 10 months of hteyear, up from EUR 177.8 bln in the corresponding period 2014. The current account surplus widened to EUR 199.5 bln in the January to October period from EUR 168.8 bln last year. So Germany is likely to remain under attack for its widening trade surplus, despite the fact that for once overall growth is actually driven largely by consumption and domestic demand. China’s CPI grew at a 1.5% y/y pace in November, slightly better than expected following the 1.3% y/y clip in October. The annual CPI growth rate had been slowing since seeing a year high 2.0% y/y rate in August (September was +1.6% y/y), and the pick-up in November suggests government stimulus efforts may have provided some lift to demand. The PPI fell 5.9% y/y in November, matching the rate of decline in October. China’s stocks are unchanged, while the Nikkei is down 1.1% and the Hang Seng is off 0.7%. BoC Poloz downplayed the September GDP plunge, noting that it was driven by special factors. Notably, there was a fire in the oil sands that shut-down some production. That production was back on line in October, he noted. As for Q3, he reminded that the Bank projected it would be “puffed-up” by special factors, notably the child tax credit. Moreover, the weak hand-off to Q4 was also anticipated. They will review the Q4 projection for the January MPR. He reminded that “data do not go in a straight line.” These comments were consistent with his ongoing view that the economy is evolving roughly as they expected in October. In a separate answer, he counseled patience, saying that only half the impact of the policy action this year has been seen. Poloz shot down drawing any conclusion for the discussion of unconventional policy in today’s prepared remarks. “There is no need to contemplate these measures,” he said. He said all the ingredients for Canada’s recovery are in place. “We are not talking about doing that (lowering rates to the lower bound), we are making sure our tool kit is up to date,” he said. He said the bank would use unconventional again in the case of a major shock, such as was seen in 2008. On the growth trajectory, he added that “like we said last week and in October, the pieces are coming together.” US JOLTS job openings fell 151k in October to 5,383k, following September’s 157k rebound (revised from 149k). That caused the rate to dip to 3.6% from 3.7%. Hiring rose 57k to 5,137k after declining 1k previously (revised from -32k). The rate was unchanged at 3.6% (September was revised up from 3.5%). Quitters rebounded 52k in September after falling 44k previously (revised from -51k). The quit rate was steady at 1.9%. The data are on the old side and won’t impact the FOMC, especially as the November jobs data revealed a solid round of numbers. Main Macro Events Today • US Wholesale Trade: October wholesale trade data is out today and should show sales up 0.5% (median 0.3%) following a 0.8% drop in August. Inventories should be down 0.1% following a 0.5% addition in September. Data in line with these forecasts would leave the I/S ratio steady at 1.31 for a third month from August. • RBNZ rate decision: The Reserve Bank of New Zealand is expected to cut the official cash rate today to 2.5% from 2.75% after the governor Wheeler repeated his comment that “some further easing in the OCR seemes likely”. However, as mentioned this is not the first time the governor says this. Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 8th December 2015. CURRENCY MOVERS OF 8th December 2015. MACRO EVENTS & NEWS FX News Today Asian stock markets are sharply down and Australian bonds posted the sharpest gains since July, as China’s exports fell for a fifth month and a sharper than expected decline in foreign exchange reserves fuelled fears about the health of the Chinese economy. Oil prices are little changed and close to the lowest level since 2009. U.S. stock futures are also lower, but U.K. stock futures are managing slight gains. Eurozone markets stabilized yesterday, with yields coming off and the DAX bouncing back from the sharp losses seen in the wake of last week’s ECB meeting. Released overnight, U.K. BRC retail sales came in much weaker than expected and should support bond futures. The calendar also has U.K. production and the final reading of Eurozone Q3 GDP. China’s Exports fell 6.8% y/y in November, while the analysts expected for 5.0% contraction. Trade surplus narrowed to $54.1 bln in November,contrary to expectations for an increase relative to the $61.6 bln surplus in October. Exports fell 6.8% y/y in November after the 6.9% drop in October. Imports contracted at a 8.7% y/y clip in November following the 18.8% pull-back in October. The report confirms the ongoing challenges for China’s trade outlook. China’s equities are lower, with the Shanghai Composite down 1.5%. The Nikkei is down 1.0%, while the Hang Seng is off 1.7%, as Asia’s stock markets key off the declines in the US Japan’s real GDP was revised to a 1.0% gain in Q3 (q/q, saar) from the previous 0.8% drop. An upward revision was expected, but to a very modest gain. Hence, Japan’s economy did not fall into recession after all, with contraction confined to the revised 0.5% drop in Q2 (was -0.7%). Capital spending was revised to a 0.6% gain in Q3 from the initial 1.3% drop. The improvement in Q3 growth, notably the gain in capital spending, trims the chance that the BoJ will implement further stimulus early next year. The yen is little changed, with USD-JPY holding in the 123.3 region. US consumer credit rose $16.0 bln in Octoberafter surging $28.6 bln in September (revised from $28.9 bln), with the August increase nudged down to $14.6 bln from $16.0 bln. Non-revolving credit continued to lead the strength, rising $15.8 bln versus the $21.9 bln jump previously (revised from $22.2 bln). Revolving credit was up $0.2 bln versus September’s $6.7 bln gain. Main Macro Events Today • EU GDP: The final reading of Eurozone Q3 GDP is out today and should confirm growth rates of 0.3% q/q and 1.6% y/y, with the breakdown expected to show that growth remains driven by consumption and domestic demand.. • Canada Housing Permits: are released today and are seen dipping 1.0% in October after the 6.7% tumble in September and 3.6% pull-back in August. • BoC Governor: The Bank Of Canada governor Poloz will be speaking today on “The Evolution of Unconventional Monetary Policy. The most recent policy announcement remained cautiously optimistic regarding the expected recovery in growth and acceleration in underlying inflation through 2017. Click HERE to access the full HotForex Economic calendar. Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 4th December 2015. CURRENCY MOVERS OF 4th December 2015. MACRO EVENTS & NEWS FX News Today Yesterday was a historic trading day for EUR traders in the wake of the ECB’s and Mario Draghi’s surprise move that disappointed the EUR short sellers in the market, after the ECB cut the deposit rate by just 10 basis points when the market had priced in at least a 20 basis point cut. High EURUSD price action after the disappointing announcement likely blew up short sellers as the pair surged higher by 450+ pips on the day. EURUSD short sellers will be further tested today as today’s U.S. jobs report could offer some more surprises. A stronger NFP number could flip some of EURUSD recent gains, however on the other side of the trade, if we see a big NFP drop off, we could quickly see a EURUSD pop the late October’s levels near 1. 1100. The EUR gets a bit of further support today as the German manufacturing orders at the start of the session came in much higher than anticipated at 1.8% m/m and September data were revised sharply higher. Fed Chair Yellen finished her JEC testimony on policy without adding anything new. She repeated several times that the economy is growing and the labor market is near full employment. Liftoff went on to say, also doesn’t mean the FOMC is embarking on a pre-determined course, and added, the trajectory will be gradual. So it looks as though it’s all systems go for a small hike. Asian stock markets are down across the board, following on from heavy losses in the U.S. and especially the Eurozone, as Draghi’s package of easing measures fell short of expectations. The weaker USD drove up oil prices though short covering ahead of today’s OPEC meeting has been viewed as the culprit. A lack of agreement on production cuts from the Vienna meeting, will see the global supply glut picture come back to center stage and further oil price losses may be expected. Main Macro Events Today • EUR German Manufacturing Orders: Surged 1.8% m/m, a much stronger rebound than expected and with the September number revised up sharply to -0.7% m/m from -1.7% m/m, the numbers tie in with the better than expected confidence readings this month. Still, this was the first improvement since June, and the three months trend rate still dropped to -2.9% from -2.7% in the three months to September. The German recovery may for once be driven by consumption, rather than exports and manufacturing, but still, these are weak numbers that suggest a slowdown in activity at the start of next year. • German construction PMI: Jumped to 52.5 from 51.8 in the previous month. More signs that the construction sector is picking up as low interest rates fuel demand for property investment and the refugee crisis will mean additional demand for housing. Something then to counterbalance the weak manufacturing sector, which is facing a drop in demand. • USD NFP: November nonfarm payrolls are expected to increase by 200k, with a 190k private payroll gain. Forecast risk: upward, as lean claims readings should provide some tail wind. Market risk: downward, as substantial weakness could put a December rate hike on hold. The unemployment rate is expected to remain steady from 5.0%. The workweek is expected to remain at 34.5 from September. Hourly earnings are expected to grow 0.1% which would leave a 2.2% y/y rise. Hours-worked should be up 0.1% for the month following a 0.3% increase last month. • USD Trade Deficit: The October trade deficit is expected to hold steady from -$40.8 bln in September. Exports in October are expected to fall 1.6% while imports show a 1.3% decrease on the month. Forecast risk: downward, if October service trade captures some of the goods-trade weakness. Market risk: downward, as weaker than expected data would push back rate hike assumptions. The trade deficit has failed to narrow significantly in 2015 despite a sharp price-led drop in petroleum imports, thanks to weakening foreign demand and a strong dollar. • CAD Unemployment: Employment is expected to fall 10.0k in November after the 44.4k surge in October. Forecast Risk: Canada’s job surge in October was driven by a 32.0k surge in public administration payrolls that was largely due to temporary work associated with the federal election. A pull-back seems in the cards as those temporary workers are let go with the conclusion of the election. But education payrolls could provide a boost, having declined 3.6k in October on top of the 51.3k plunge in September that was the largest on record. Hence, the risk is mixed given the divergent risks associated with public admin and education. • CAD IVEY PMI: Canada’s Ivey PMI is expected to rise to 54.0 in November from 53.1 in October on a seasonally adjusted basis. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 3rd December 2015. CURRENCY MOVERS OF 3rd December 2015. MACRO EVENTS & NEWS FX News Today The U.S. ADP employment data came in better than expected, we also saw an uptick in Q3 productivity and unit labor costs; the data gave some support for the USD on Wednesday. The U.S. Fed chair Yellen appeared to put in place the foundations for a December rate within the next two weeks hike during her speech yesterday. For the time being, the market will remain “data-dependent” with all eyes now on the jobs report due out tomorrow. Unless the jobs report is a complete disappointment, markets will continue to adjust for a rate hike. European markets will focus on today’s ECB decision, analyst projections call for a cut in the deposit rate of at least 20 basis points, maybe even larger if there are sizeable exemptions and a widening of the pool of eligible assets under the QE program. The EUR is under selling pressure against the USD ahead of the ECB’s policy decision; EURUSD short sellers may have been profiting-taking yesterday, however, the downtrend continues today after a short lived rebound attempt yesterday after the pair hit a new multi-month low. Main Macro Events Today • EUR Final EMU Services PMI: revised down to 54.2 from 54.6 reported previously but still up from 54.1 in October. The composite reading was also revised down to 54.2, but remained up from 53.9 in the previous month. So economic expansion still accelerated in November and all major Eurozone countries are reporting growth, although November readings were mixed, with the Spanish PMI coming in higher than expected at 56.7, up from 55.9 in the previous month. The Italian reading meanwhile was unchanged at 53.4, while the final French number was revised down to 51.0 from 51.3 and the German reading was confirmed at 55.6. • EUR ECB Interest Rate Decision: a cut in the -0.2% deposit rate plus a tweak in the QE program is likely. The widening of pool of assets under QE would give Draghi more room to manoeuvre in the future and add weight to his promise to do everything needed to bring inflation back towards the 2% mark. • GBP Services PMI: The U.K. has the Services PMI for November, which we expect to bounce back to 55.5 (median 55.0) from the 54.9 reading in October. • USD Unemployment Claims: U.S. initial jobless claims are expected to be 269k (median 271k) in the week-ended November 28. Continuing claims are expected to rise to 2,244k for the week-ended November 21. • USD ISM Non-Manufacturing PMI: The U.S. ISM-NMI is expected to fall to 57.5 from 59.1 in October. The July spike to 60.3 set a new post-recession high. • USD Fed’s Yellen Testifies. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 18th November 2015. CURRENCY MOVERS OF 18th November 2015. EURGBP TRADING AT SUPPORT EURGBP, Daily The pair is trading near the lower end of the a sideways move that started in March this year. This has been caused by a historical support from a multi-year sideways move between 2004 – 2007. Price has now reached a pivotal support created in the beginning of August this year. The range of this support area is 0.6937 and 0.6998 and has potential to turn the market higher. As per Stochastics Oscillator EURGBP is oversold in weekly and daily time frames while in the 4h time frame it is just coming off the oversold area. The nearest daily resistance level (a low from November 5th) is currently at 0.7039, a level that coincides with the 30 period moving average while the upper end of the regression channel is not far either. We look for reversal signals at or inside the support range. In the case of successful long entry occurring the 0.7039 resistance works as a target one and 0.7108 as a target 2. MACRO EVENTS & FOREX NEWS FX News Today ECB’s Mersch: No indication yet of economic pessimism after Paris. The Executive Board member said in a speech in Frankfurt that “we should shy away from drawing premature conclusions about whether the terror attacks will have any economic impact”, adding that “we have no indication of any economic pessimism as a result of the Paris attacks, let alone weaker hard data”. He warned that “doom-and-gloom talk is not warranted at this stage”. Clearly, with the attacks less than a week away, we don’t have any data yet that fully reflects the impact of the events and Mersch is right, it is too early to draw conclusions, even if markets seemed to stabilise relatively quickly. The fact that Bund futures dropped on the comments highlights though just how sensitive markets are to central bank remarks ahead of the December council meeting. Asian stock markets are narrowly mixed, with Chinese equities under pressure for a second day, after President Xi Jinping said the economy is facing “considerable downward pressure”. Japanese markets struggled to make headway as the Yen advanced. GBP is under pressure and the EUR is little changed against USD. Oil prices meanwhile are slightly higher. US NAHB home builder sentiment index fell 3 points to 62 in November, from an upwardly revised 65 in October (was 64). It’s the first decline since May, but it’s from a post-recession high, with the 65 level the best since 2005. The current single family sales index dipped to 67 from 70. The future sales index dropped to 70 from 75. But the index of prospective buyers traffic rose to 48 from 47. Homebuilders continue to cite low inventories as problematic, while the stronger labor market and expanding economy are beneficial. US industrial production slid 0.2% in October. Capacity fell to 77.5%. Those missed expectations. The 0.2% September decline in production was not revised, though August was nudged up to 0.1% from -0.1% previously. September capacity utilization was revised to 77.7% from 77.5%. Manufacturing improved last month, rising 0.4% after declines in June, August, and September. Motor vehicle/parts production picked up, rising 0.7%. Excluding vehicles/parts, manufacturing was up 0.4%. Machinery production increased 0.3%. Computer, electronics production was up 0.1%. Utilities slumped 2.5%, however, with Mining down 1.5%. The 0.2% October U.S. CPI headline and core price gains both beat estimates, with little in the way of rounding errors from respective gains of 0.200% and 0.202%. We saw the expected small 0.3% energy price rise with a 0.2% food price gain, but medical care prices surged 0.8% alongside a firm 0.4% tobacco price rise. Main Macro Events Today US Housing Starts: October housing starts are out today and should reveal a 2.2% decline to a 1,180k (median 1,160k) headline from 1,206k in September. US Building Permits: We expect permits to rise to 1,150k from 1,105k and completitions to edge up to 1,030k from 1,028k in September. FOMC Minutes: markets focus on the Fed minutes to find out clues on whether the Fed is still likely to raise rates in December and what might be the rate hike path in 2016. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 17th November 2015. CURRENCY MOVERS OF 17th November 2015. The AUD trades largely higher against other major pairs, after the RBA left its cash rate steady at 2.0%, meeting expectations. The RBA Monetary Meeting Minutes also maintained the shift to less-negative language about the Australian dollar (first seen in August) remarking that the currency was “adjusting to the significant declines in key commodity prices” versus the previous guidance that “further depreciation seems both likely and necessary”, particularly given the significant declines in key commodity prices. The EURUSD trades at a multi month low of 1.0643, as the USD makes fresh advances, with some safe-haven flows into the USD seen against the EUR in particular, following the terror attacks in Paris. The USD also trades higher versus NZD, the CHF and the CAD, as the Fed has indicated in recent weeks that it’s inclined to begin liftoff next month. The USDJPY is holding onto recent gains , with the focus now on the BoJ, whose Thursdays Policy meeting outcome will be more uncertain following the GDP data report yesterday, putting Japan back into a technically recession. The USDCAD is stronger following much weaker Canadian manufacturing data, weak energy prices are also against the CAD, as WTI crude flirted with the $40/bbl mark, and commodities generally weakened on the back of a broadly firmer dollar. EURUSD, Daily The contrasting policy stances of the ECB and Fed should maintain the EURUSD pair downward bias. The recent recovery attempts were short-lived, reversing from near the 1.0810’s raises the fears of a further decline toward the 1.0600 (round number) before a retest of the April lows at 1.0520. FX pair: EURUSD Supports: 1.0600/1.0520 Resistances: 1.0830/1.0900 GBPJPY, Daily (updated) The GBPJPY has been trending higher and looks to continue the choppy recovery from the 180.60′s lows in the direction of 188 and 189.60-189.90′s further out. The current trending price move is also supported by the fact that the BoE has been hinting at a potential rate hike for some time, while the BoJ left policy unchanged, but the door remains open for QE, especially if growth falters. FX pair: GBPJPY Supports: 183.88 Resistances: 188.00 GBPUSD IN A SELL THE RALLIES MODE Two days ago GBPUSD formed a narrow body candle at 1.5246 resistance. This bearish candle was followed by a down day and became a pivotal candle as a result. Today price has dipped below Friday’s pivotal candle low suggesting GBPUSD is in a sell the rallies mode in short term. This view is confirmed by the price moving below a rising trend line. Price is now trading at lower 4h Bollinger Bands and could therefore react higher from here. If this corrective move takes place we should look for short trade signals between 1.5190 and 1.5230 with a view of looking to cover the shorts near November 6th low. Targets 1: 1.5130 and target 2: 1.5040. MACRO EVENTS & NEWS FX News Today Canada’s consumer confidence improved to 58.3 in week ended November 13, according to the Nanos Economic Mood Index. That follows a 58.3 figure in the prior week and leaves the strongest level since the 58.4 seen in the week ending October 17. The index slumped to 53.6 in the final week of February and was a run of 52 and 53 readings from late July through mid-September. But confidence has returned (although the index remains below the peak 60.6 seen in mid-July of 2014), which could be expressed through retail sales gains in Q4 as consumer spend gas price savings and take advantage of low interest rates. Canada existing home sale rose 1.8% m/m in October (seasonally adjusted) following the 2.1% drop in September. Not surprisingly, sales strength was led by growth in Vancouver and Toronto. BoC Senior Deputy Governor Wilkins expressed confidence in the bank’s call for a soft landing in the housing sector, and this report does not present a new challenge to her view. Boston Fed dove Rosengren leaned towards a quicker hike given risks like faster growth in commercial real-estate in a lengthy FT.com article over the weekend. Basically it is the old unintended consequences theory that might be forcing a stretch for yield or returns in a zero rate environment, as employment and inflation goals come within reach. He also said that the recent October jobs report was “pretty unequivocally positive,” though he was less certain about nascent signs of wage growth. Rosengren did hint that the policy divergence with other countries was boosting the dollar, though offset somewhat by domestic demand. If that divergence grew too far, however, it could imply a more gradual U.S. policy path than otherwise. Note, Rosengren is number 8 in terms of policy signaling, according to a WSJ survey. Bundesbank cautiously optimistic on growth. The German central bank said in its latest monthly report that the labour market is in a “very good condition”, and that “the positive labour-market and wage outlook, as well as the strong immigration, create the conditions for spirited consumption in the economy to continue and for overall growth in the medium term to exceed potential”. Main Macro Events Today UK October CPI (Core Consumer Price Index) is released today. No change is anticipated and the figure is expected to come in at 1%. German ZEW investor sentiment was expected to improve slightly to 5.0 (median 6.1) from 1.9 but mainly on the back of hopes of further stimulus measures, so the number itself would not remove pressure on Draghi to act again. There also is the risk of a downside surprise, as late responses will have been impacted by the Paris attacks, so uncertainty is higher than usual, as the number will depend very much on when the answers came in. US CPI: October CPI is out today and should show a 0.1% (median 0.2%) headline increase with an accompanying 0.1% (median 0.2%) increase for the core. This comes on the heels of a 0.2% headline decline in September and a 0.2% increase for the core in that month. Data in line with this forecast would leave the headline flat y/y and the core figure at 1.8% y/y. US Industrial Production: October industrial production data should reveal an unchanged (median 0.1%) rate for the headline following the 0.2% decline in September and a 0.1% drop in August. The capacity utilization rate is expected to remain steady at 77.5% (median 77.5%) for a second month. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 13th November 2015. CURRENCY MOVERS OF 13th November 2015. AUDUSD outperformed on a solid employment report out of Australia yesterday. While the credibility of the data has been called into question by at least some economists, few doubt that the validity of the underlying trend. The employment report showed a rise of 58.6k, nearly triple the median forecast, while the unemployment rate fell to 5.9% from 6.2%. The details of the report were encouraging, including labour participation, aggregate hours worked and back revisions. This report together with some longer term technical factors has caused the 5-day return in AUD to beat most of the counterparts. More on technical in the following pages. AUDUSD, Daily While AUDUSD is still inside a weekly long term bearish regression channel (drawn from June 2014 high to the August 2015 low) the price action is suggesting that the bears are getting weaker. There is already one weekly higher low in place which was followed by a higher high. These are signs of the selling pressure turning into a more balance supply and demand dynamic. In March this year I said in the HotForex Global Trends report that divergence between the Fed and RBA rates policies is still rather clear and should pressure the pair towards the 0.7269 support. I also expected the AUDUSD to bottom out in the range between 0.64 and 0.72. The pair indeed dived further and has now reached the levels anticipated in my report. The August low is inside this range and therefore the recent price action is not that surprising. The daily chart suggests the pair has the line of least resistance below the current price but the 0.7067 support isn’t that far. There is pivotal resistance at 0.7136 while the upper end of the short term regression channel coincides with it. The 50 day moving average above the current market price adds to the technical factors providing resistance. I makes sense to look for sell signals around a resistance but the less negative weekly picture and strong recent employment figures together with the fact that US Dollar index is near an important resistance are risk factors for a short trade from the current levels. I’m looking for sell signals between 0.7194 and 0.7222. EURAUD, Daily EUR has found some support against the dollar over the last few days. This however, hasn’t stopped its slide against the AUD and the EURAUD pair is once again moving lower after brief rally yesterday. In the longer term picture the current trading levels coincide with a major support visible in the weekly picture. The 1.5105 level used to resist price advances in December 2015 and July 2015. Yesterday’s trading found a low at a 30 week SMA and caused the market to rally and create a bullish pin bar. This move however hasn’t had any follow through. I expect the market to move towards the 1.4987 low today while an intraday support at 1.5071 could slow it down. The nearest resistance area is between 1.5168 and 1.5303 while the next support after yesterday’s low is at 1.4877. MACRO EVENTS & NEWS FX News Today German Q3 GDP slowed to 0.3% q/q, from 0.4% q/q in Q2, in line with expectations. The working day adjusted annual rate improved to 1.7% y/y from 1.6% y/y. There is no full breakdown with the preliminary numbers, but the statistics office said in its press release that growth was mainly driven by private and public consumption. Investment seems to have contracted slightly and there was a negative contribution from net exports, as import growth outstripped export growth. So for once a consumption driven economy, not the usual export led growth pattern. This clearly is also due to the ECB’s ultra-accommodative policy, that is also causing problems for banks and insurers, but also households forced to increase private pension provisions. Bullard and Lacker look for higher rates. Lacker: the case for raising rates is “strong”said the Fed hawk, who dissented at the last two meetings against the consensus to keep policy on hole. He acknowledged to reporters that his “dots” are higher than the FOMC median, something we had already surmised given his very public hawkish stance. On the policy path, he added that the “gradual” pace is just an expectation and warned the FOMC could change its mind. He worries that the Fed could get into a rut of 25 bp hikes per meeting. He, of course, rotates out of voting status next year, but will be replaced by three other kestrels, including Bullard, Mester, and George. Bullard: a shallower tightening path is likelycompared to 1990s or 2000s, said the St. Louis Fed president, dependent on the economy — steeper if it booms. G7 nations as a whole, however, are still a ways away from normalizing and near zero rates appear to be the norm there for at least a couple of years. The Fed will rely on the usual metrics for each hike, including whether the labor market becomes very tight. He sees the debate over the Fed role as healthy given the large one it played in response to the financial crisis. This is about par for moderate Bullard, again focusing more on the longer-term. 92% of economists surveyed expect a December Fed hike according to the latest WSJ survey published, barring a cataclysmic event of some sort. 5% see the Fed remaining on hold until March and 3% see ZIRP for longer than that. Back in October 64% of those surveyed saw a December hike. It seems Janet and company have done their guidance job well, backed up by the October payrolls report, though this leaves their credibility at stake on December 16 to follow through this time. Main Macro Events Today US PPI: October PPI is out Friday and should reveal a 0.3% (median 0.2%) headline for the month with the core up 0.1% (median 0.1%) This follows respective September figures of -0.5% for the headline and -0.3% for the core. Declining oil prices have weighed on the various inflation measures over the year but they appear to have leveled off in recent months and even posted a small gain in October which should allow for headline increases. US Retail Sales: October retail sales will be released today and the headline is expected to be up 0.4% (median 0.2%) with the ex-autos rate up 0.5% (median 0.4%). There is upside risk to the release from the firm vehicle sales data, improvements in consumer confidence and the bounce in construction hours worked that we have seen in October. This should be enough to offset the potential downside from slightly slower chain store sales. US Business Inventories: The September business inventory data is out on Friday and should reveal an unchanged (median 0.1%) figure for inventories with shipments flat as well. This comes on the heels of respective August figures which had inventories unchanged and shipments down 0.6%. Data in line with this forecast would leave the I/S ratio steady at 1.37 from August, prior to that the ratio had held at 1.36 since March. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 11th November 2015. CURRENCY MOVERS OF 11th November 2015. WEAK UK WAGE DATA WEIGHING ON GBP GBPUSD, 240 min UK unemployment unexpectedly dropped to a new cycle low of 5.3% in September data, down from 5.4% in August and July’s 5.5%. The consensus had been for an unchanged 5.4% reading. This takes the jobless rate further south of the BoE’s NAIRU (non-accelerating inflation rate of unemployment) threshold of 5.5%. The employment rate, meanwhile, rose to 73.7% the highest since records began in 1971. Despite this, wage data disappointed: the ex-bonus average household pay packet rose 2.5% y/y in the three months to September, down from the 2.8% increase of August, while the with-bonus figure rose 3.0% y/y, unchanged from August and shy of the median forecast for 3.2%. The weaker wage data has been the main takeaway for markets, with sterling trading weaker in the wake of the release, though with inflation fractionally negative, incomes continue to trend firmly upwards in real terms. The October claimant count has been somewhat overshadowed on this occasion, coming in with a rise of 3.3k, slightly worse than the 1.4k median forecast. The claimant count rate remained unchanged at 2.3%. GBPUSD is trading just above the 23.6% Fibonacci retracement level after it reacted lower from the proximity of 1.5197 resistance level. It is trading near the upper 4h Bollinger Bands while the 30 period SMA and a consolidation from yesterday appears to give some support. Even though the market turned lower before hitting my intended shorting level I am still looking for short signals at or near 1.1597 resistance (coincides with 38.2% Fibonacci level) with an aim to cover the trade near 1.5060 level. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 10th November 2015. CURRENCY MOVERS OF 10th November 2015. The USD, over the last 5 trading sessions, has out-preformed its peers as markets adjust to expectations that the U.S. Fed will begin to introduce a gradual rate raising policy, beginning in December. The atmosphere moving forward for the markets is fast shifting from a “will there be a rate hike?” to a “how much of a rate hike is expected?” approach. The USD traded mostly mixed on Monday. For the most part, it was a risk off session with U.S. markets selling off on Monday in what appears to be a delayed reaction to the increased odds of a December Fed rate hike. This is supported by the strong U.S. jobs report that was released on Friday. Overnight, FX action gave little direction in currency markets, which were largely unaffected by the biggest drop on Wall Street in six weeks and mostly lower stock markets in Asia, nor by data showing a sub forecast Japanese current account surplus, and a further slowdown in Chinese inflation. EURUSD, Daily The surprise increase in the U.S. jobs report, and the fact that the E.U. continues to provide hints that they will increase QE, is supporting the ongoing trend for a shift out of the EUR and into the USD. Since price broke the 1.0810 support now turned resistance, but failed to touch the 1.0660 next relevant support level, this leaves me with the view that price may attempt to trace out a short term measured move higher to create a new lower top below 1.0870 before we see a test of the April 21 low (1.0660). The risk however, with this type of trade set-up, since momentum analysis remains firmly to the downside, is that we cannot rule out any sudden sharp declines if price fails to make any progress towards the 1.0810 area. FX Pair : EURUSD Supports: 1.0810/1.0660 Resistances: 1.09/1.11 GBPJPY, Daily GBPJPY has been in a recovery from 180.60′s lows through last Thursday’s recovery high at 187.68. Upside price potential looks limited in the short term to 188.00, since price remains above the valid upward slopping trend line with buyers emerging to support price after a touch of the 50 SMA. Although stochastic momentum analysis may be slowing, the macro environment does support GBP strength and a weaker JPY since for the foreseeable future the BoE and BoJ have contrasting monetary policies. FX Pair : GBPJPY Supports: 183.88 Resistances: 188.00 MACRO EVENTS & NEWS FX News Today China CPI slipped to a 1.3% y/y pace in October, from 1.6% y/y in September, modestly slower than forecast. The inflation index is down from 2.0% y/y in August. Excluding food and energy, CPI fell to a 1.5% y/y clip from 1.6% in September and 1.7% in June, July, and August. For the month, October CPI fell 0.3% from 0.1% in September. October PPI was unchanged at a -5.9% y/y rate for a third straight month, and has eroded from -4.6% y/y in the spring. The index has been in negative territory for an unprecedented 44 consecutive months. The weakening trend in inflationary pressures, along with the declines in trade, have increased hope and speculation of additional stimulus. Chinese shares are lower after 5 days of gains. Boston Fed dove Rosengren: it could be appropriate to hike in December if the economy continues its gradual improvement, while there’s been real improvement in the economy since the October meeting. In particular, the October jobs report was very good news including the reduction of labor slack and it’s reasonable to ask whether current stimulus is still necessary as the worst of the Fed’s September global outlook and market concerns haven’t materialized. He sees a gradual rate hike cycle as needed to “probe” labor markets, while assessing the Fed’s new tools and analyzing their effects. He believes that domestic demand will help offset dollar strength and sees above-potential growth ahead. Coming from one of the more dovish Fed members, this suggests few impediments remain for a December hike. OECD trimmed its global growth outlook again in its twice annual review amid concerns over weakness in emerging markets (especially citing recessions in Brazil and Russia, and the slowdown in China). The organization now pegs world growth at 2.9% for 215 and 3.3% for 2016, versus prior forecasts of 3.0% and 3.6%, respectively, from September. However, the U.S. expansion remains on track with a 2.4% GDP growth rate for this year, accelerating to 2.5% in 2016, and dipping back to 2.4% in 2017. The Euro-area is expected to grow at a 1.8% clip next year and 1.9% in the following year, with Japan seen at 1.0% in 2016, but slowing to half that in 2017. Main Macro Events Today US Wholesale Trade: September wholesale trade data is out today and should reveal a -0.3% (median -0.2%) headline for the month with the accompanying inventory component remaining unchanged. Data in line with this forecast would leave the I/S ratio steady from 1.31 in August. Other measuers of inventories were softer in September and we saw factory goods inventories down 0.4% with shipments down 0.4% as well and orders down 1.0% for the month. US Import and Export Prices: October trade price data is expected to show import prices down 0.1% (median -0.1%) with export prices down 0.2%. Apart from gains during May and June around the rebound in oil prices both the import and export price indexes have posted negative readings for the past year. Despite some slight rebound in oil prices in October prices still remained at depressed levels which will likely continue to weigh on the release. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex & John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 9th November 2015. CURRENCY MOVERS OF 9th November 2015. EURUSD REACTING HIGHER AFTER FRIDAY’S DROP EURUSD, 240 min After the huge surprise in the US Non-Farm Payrolls numbers on Friday the market participants saw the December rate hike in the US as a done deal. This dropped EURUSD to a 1.0666 – 1.0752 support range and drove the US Dollar Index into a resistance (see Friday’s TCM report). As a result EURUSD has recovered slightly and is at the time of writing up by 0.27% from Friday’s close. All in all the pair is still in a downward sloping channel with resistance ahead at 1.0833. The upper end of the channel isn’t far away from the resistance while the 38.2% Fibonacci retracement level coincides with the general area of this resistance. In addition the 30 period SMA happens to be relatively near to the resistance at 1.0872. Based on several technical factors coinciding between 1.0833 and 1.0872 I am looking for short trade signals in this bracket should the price rally to these levels. My target for a short trade is at 1.0755. USDJPY CONTINUES TO PUSH HIGHER AFTER FRIDAY’S DOLLAR BUYING SPREE USDJPY, Daily The USD strength and strong data out of the U.S. on Friday has seen the USDJPY extended its post U. S. NFP gain, making a 123.60 peak, the highest level seen since Aug. JPY weakness continues, with the currency following its usual inverse correlation with stock markets. Technically, over the medium term (multi-week), I am seeking a USDJPY target near the 125.20 area, and possibly 128.20-50′s in a measured Fibbo Expansion move (116.16 Aug. low – 121.47 Oct. High). Relevant support levels are 123.15 and 122. THE ECONOMIC WEEK AHEAD Main Macro Events This Week United States: The U.S. economic calendar will be back-loaded this week with retail sales and PPI due to be released on Friday-The-13th and only a handful of minor data updates in a week bisected by the Veteran’s Day break on Wednesday, when bonds and the Fed will be closed but equity markets remain open. It is likely that after Friday’s catch-up payrolls report that the markets will be extra sensitive to any signs of a pick-up in consumption and wage gains this week, though this may not yet be evident. The week kicks off with the Fed’s October LMCI (today), but it’s merely a compilation of already known data. Import and export prices are set to fall 0.3% apiece in October (Tuesday) and -0.3% ex-petro (medians -0.2% and -0.3% respectively. Data resumes after the break with the MBA mortgage market survey (Thursday), initial jobless claims seen declining 7k back down to to 269k. October PPI is set to rise 0.3% vs -0.5% in September (Friday), while the core reading rises only 0.1% vs -0.3%; or -1.1% y/y and 0.5% y/y respectively. Retail sales are expected to rise 0.5% in October for headline and ex-autos both (medians 0.4%, 0.3%), while business inventories may sink 0.2% (median unchanged) in September and preliminary Michigan sentiment is forecast to tick up to 91.0 in November vs 90.0. Canada: In Canada, the data calendar is thin this week, with only housing figures due for release. Housing starts (today) are expected to slow to a still strong 220k unit pace in October from the 230.7k rate in September. The acceleration in starts growth during September left the fastest growth rate since the 243.8k clip in April of 2012 and was driven by a 10.5% gain in multi-unit starts to 157.9k units in September. e expect moderation in multi-unit starts to weigh on total starts in October. The new home price index (Thursday) is projected to expand 0.2% m/m in September after the 0.3% gain in August. Europe: German HICP (Thursday) should be confirmed at 0.2% y/y (med same) while French HICP, released for the first time, is seen rising to 0.2% y/y (med same) from 0.1% y/y. Italian and Spanish HICP rates are expected to be confirmed at 0.3% y/y and -0.9% y/y respectively. This should leave the Eurozone aggregate, out the following week at 0.0% y/y. Final inflation numbers aside, the other focus are GDP readings for the third quarter on Friday. Italian GDP growth is seen steady at 0.3% y/y, German GDP growth is expected to slow down slightly to 0.3% q/q from 0.4% q/q in the second quarter and French GDP is seen picking up again after the stagnation in the second quarter and we are looking for a modest rise of 0.2% q/q (median 0.3%). This should leave the overall Eurozone growth number at 0.4% q/q (median same) also unchanged from the second quarter. Eurozone data releases also include September trade numbers out of Germany (today) and for the Eurozone as a whole (Friday). France releases September production numbers on Tursday, followed by the Eurozone aggregate on Thursday. United Kingdom: The week ahead is highlighted by BRC retail sales report for October (Tuesday), along with the monthly labour market data covering September and October (Wednesday). The data will arrive with BoE tightening expectations having been put in limbo after the central bank trimming both growth and inflation expectations in its November Inflation Report, published last Thursday, and with Governor Carney having elevated China’s impact on inflation. The BRC report is not likely to alter this picture, where we expect a moderation in October after a strong gain in September. We forecast a 0.8% y/y rise in the headline like-for-like measure, down from 2.6% y/y growth in the month prior. The labour market report should show a continued picture of health, with the September ILO unemployment figure seen remaining at the 5.4% cycle low that was achieved in August, and while we see the October claimant count at a new stagnant +1.4k, we anticipate a solid 3.2% y/y gain (median same) in the with-bonus average household earnings figure for the three months to September. Such an outcome would be a reminder that the BoE still remains headed for a tightening, barring any fresh emerging market crisis. This, in turn, would help give Cable a cushion, which was crushed on the final two days of last week as Fed and BoE policy paths diverged. China: October CPI and PPI (Tuesday) will be of interest. The former is seen at 1.4% y/y from the prior 1.6% outcome. The latter is projected dipping to -6.0% y/y from September’s -5.9% reading. Tuesday also brings October lending indicators. October industrial production (Wednesday) is forecast at 5.6% y/y from 5.7% in September, while October retail sales (Wednesday), are penciled in at 11.0% y/y from 10.9%. October fixed investment dat a is also due during the week, and is expected to fall to 10.1% y/y from the prior 10.3%. Australia: Australia’s calendar is highlighted by the October employment report (Thursday), expected to reveal a 20.0k rise in jobs following the 5.1k drop in October. The unemployment rate is seen steady at 6.2%. Housing finance (Tuesday) is expected to rise 1.0% in September after the 2.9% gain in August, as low rates continue to underpin housing. ANZ job ads are due on Monday, and we expect ads to rise 2.0% in October after the 3.9% gain in September. There is nothing from the RBA this week. The minutes to the November meeting are due next week. Japan: In Japan, the September current account surplus (Tuesday) is seen bouncing to JPY 2,000 bln, after falling to JPY 1,653.1 bln in August from July’s JPY 1,808.6 bln. September machine orders (Thursday) are forecast rebounding 2.0% m/m, from the prior 5.7% drop. October PPI (Thursday) is seen at -3.4% y/y from -3.9% in September. The September tertiary index (Friday) likely rose 0.2% m/m after edging up 0.1% in August. Revised September industrial production is also due Friday, and is seen unchanged at 1.0% y/y. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex & John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 6th November 2015. CURRENCY MOVERS OF 6th November 2015. 271K NEW JOBS INSTEAD OF 190K EXPECTED! EURUSD, Daily US nonfarm payrolls surged 271k in October from a revised 137k in September (was 142k) and 153k in August (was 136k) for a net 12k upward bump. These put the 3-month average at 187k. The unemployment rate dipped to 5.0% from the 5.1% over the prior two months. The labor force rebounded 313k from -350k previously, while household employment climbed 320k from -236k. The participation rate held at 62.4%. Average hourly earnings were up 0.36% from September’s unchanged. The workweek was steady at 34.5. Private payrolls jumped 268k with increases of 27k in the goods producing sector, 31k in construction, with manufacturing unchanged. Employment in the services sector climbed 241k with strength in business services, education, and trade/transport. The government added 3k. Start the countdown. Surprise strong number send the USD higher against the currencies and Gold while European equity markets reacted higher. EURUSD traded almost down to 1.07 and is at the time of writing reacting a bit higher. This number increased the markets’ belief that the Fed will hike the rates in December. Therefore the previous support at 1.0837 should act as a resistance and we’ll be looking for short signals at the level should the market rally there next week. The nearest support is at 1.0666. MACRO EVENTS & FOREX NEWS FX News Today The USD has remained firm; ahead of today’s all important NFP data. The data carries make or break potential with regard to the possibilities of the Fed initiating a rate lift-off in December, and with the unemployment rate widely anticipated to dip to a new cycle low of 5.0%, markets are positioned for this eventuality. The BoE is clearly in no hurry to hike; the GBP hit a new low against the EUR after the BoE left the policy unchanged as widely expected. In addition, the minutes, released at the same time, showed an 8-1 majority in favor of steady policy. The tightening bias was left in place, but the bank did cut its near term forecasts for growth and inflation and clearly is in no hurry to start the first tightening cycle since 2007. In general, central banks seem to be in a holding pattern at the moment, with December being the next focal point. Until then, markets are likely to remain volatile. German industrial production dropped; the data is much weaker than initially expected, but not a surprise after the slump in manufacturing orders. The number left production down -0.2% q/q in Q3, after a rise of 0.2% q/q in the previous quarter. This is not a good sign for Q3 GDP numbers, due next week. Additionally, the September data highlights that slowing growth in emerging markets, the widening of the emission scandal and now the refugee crisis are all leaving their mark on the German economy. And slowing growth in Germany will put additional pressure on Draghi to implement further easing at the December council meeting. The AUD was unmoved by the RBA’s latest Statement on Monetary Policy; which was upbeat on the economy, emphasizing re-balancing away from the resources sector. While acknowledging the recent dip in inflation, the central bank noted that it sees inflation rising in the medium term. Main Macro Events Today • USD Non-farm Payrolls: October nonfarm payrolls are expected to increase by 190k, with a 180k private payroll gain. Forecast risk: upward, as depressed claims readings should provide some tail wind. Market risk: downward, as substantial weakness could impact the timing of rate hikes. The unemployment rate is expected to tick down to 5.0% from 5.1% last month. The workweek is expected to remain at 34.5 from September. Hourly earnings are expected to grow 0.2% which would leave a 2.3% y/y rise. Hours worked should be up 0.2% for the month following a 0.2% decline last month. Initial claims averaged 263k in October from 269k in September and 275k in August. • CAD Unemployment Rate: Employment is expected to rise 10.0k in October after the 12k gains in August and September. Forecast Risk: Canada’s job gains in July and August were the first back to back gains this year, and the further expansion in September suggests some upwards momentum building in the labor market. But this report is volatile, so a modest jobs decline can’t be ruled out in October given the still fragile nature of the economy. Market Risk: An as-expected gain would add to the second half rebound scenario, which is consistent with the Bank’s own view and hence would not alter the outlook for no change in rates for an extended period. Hours worked will be of interest, as the stunning 0.8% surge in August was followed by an 0.8% drop in September. Hours are seen rising 0.5% m/m in October. The unemployment rate is expected at 7.1% in October, matching the 7.1% in September as the highest rates since February of 2014. Average hourly earnings are seen accelerating to a 3.5% y/y pace in October after slowing to 3.0% y/y in September from 3.4% in August. That would remain in-line with a tame compensation cost back-drop and an economy running with spare capacity. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex & John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 5th November 2015. CURRENCY MOVERS OF 5th November 2015. EURGBP UPDATE I wrote in yesterday’s analysis on EURGBP: At the time of writing the pair is trading at the supporting end of the wedge. This market is still in a sell the rallies mode with the nearest resistance levels at 0.7093 and 0.7105. The nearest 240 min support is at 0.7060 while the next daily support can be found at 0.7027. Those that have been to my webinars knew exactly how to get into a short trade and had a low risk trade opportunity as EURGBP hit the 0.7093 resistance identified in the report. The pair hit the first support yesterday and after some consolidation has now resumed the downward momentum. Those that used the position management technique they have learned in the webinars have now a profitable and risk free trade. You are most welcome to join me to the webinars and learn how to find and trade these opportunities. Register now. It’s free. Today is a so called super Thursday, a day when Bank of England publishes not only the interest rates decision but also the quarterly inflation report. No changes are anticipated from the BoE. As Governor Carney has pointed out on at least two occasions since mid-summer, the possibility of a rate hike will be in “sharper relief” at the end of the year, so the implicit tightening bias remains in place. Still, the minutes will be of considerable interest, along with the Quarterly Inflation Report, which will bring new projections on inflation and growth. We expect the minutes to reveal a 8-1 vote to keep the repo rate unchanged at 0.5%, with the lone hawk McCafferty maintaining his dissent for a quarter point hike for a fourth straight month. The Inflation Report should reveal downward nudges to both inflation and growth forecasts in the nearer-term part of the forecast horizon following disappointing prelim Q3 GDP growth and an unexpected return to negative inflation readings in September. MACRO EVENTS & NEWS FX News Today No changes are anticipated from the BoE. As Governor Carney has pointed out on at least two occasions since mid-summer, the possibility of a rate hike will be in “sharper relief” at the end of the year, so the implicit tightening bias remains in place. Still, the minutes will be of considerable interest, along with the Quarterly Inflation Report, which will bring new projections on inflation and growth. We expect the minutes to reveal a 8-1 vote to keep the repo rate unchanged at 0.5%, with the lone hawk McCafferty maintaining his dissent for a quarter point hike for a fourth straight month. The Inflation Report should reveal downward nudges to both inflation and growth forecasts in the nearer-term part of the forecast horizon following disappointing prelim Q3 GDP growth and an unexpected return to negative inflation readings in September. Atlanta Fed’s GDPNow was revised up to 2.3% for Q4 compared to 1.9% previously following the surge on ISM Services to 59.1 in October: “The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2015 is 2.3 percent on November 4, up from 1.9 percent on November 2. Following this morning’s Non-Manufacturing ISM Report On Business, the forecast for fourth-quarter real consumer spending growth increased from 2.4 percent to 2.7 percent while the forecast for real fixed investment growth increased from 3.0 percent to 4.3 percent.” Blue Chip median estimates have settled near 2.7% and this update closed the gap somewhat. Implied Fed funds futures are suggesting about a 58% chance of a hike in December, versus about 52% at yesterday’s close, and 50% at the start of the week. Though the Fed Chair didn’t say anything new in her Q&A, the fact that she didn’t back down from the hawkish spin in the October policy statement, and that she reiterated the transitory nature of the soft trend in inflation added to market beliefs that the FOMC will pull the trigger this time. While the Fed must still monitor incoming data, unless the numbers are unambiguously weak, the FOMC can still tighten policy on the excuse that the figures are in line with their outlooks. Main Macro Events Today * US Initial Jobless Claims: Initial claims data for the week of October 31st is out today and should reveal a 257k (median 263k) headline from 260k in the week prior. Claims are continuing to strike a firm path and look poised to leave a month oaverage of 259k in October, down from 269k in September and 275k in August. Alongside the strength in claims we expect a better October employment report with a 190k headline. * US Productivity: The first release on Q3 productivity should revel a 1.5% (median unchanged) decline following a 3.3% increasein Q2. Unit labor costs should be up 4.0% (median 2.3) after a 1.4% decline in Q2. Output is expected to by up 1.2% which compares to the Q3 GDP figure of 1.5%. * Canada Ivey PMI: We expect the Ivey PMI to improve to 55.0 in October from 53.7 in September on a seasonally adjusted basis. Broadly, business sentiment remains under pressure as the economy continues to adjust to the oil sector contraction and global growth uncertainty. The RBC manufacturing PMI (released Monday) fell to 48.0 in October from 48.6 in September. The CFIB Business Barometer survey of small and medium sized business sentiment improved to 58.9 in October from a 56.0 level in September that was the lowest since April of 2009. Yet the CFIB’s index was well below the level seen in October of 2014. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.