FX News Today

Stock markets continued to move higher in Asia, but with gains moderating after yesterday’s rally. The Nikkei is up 0.2% and the Hang Seng 1.23% on the day. US and UK stock futures are also higher. Risk appetite is reviving and Draghi’s remarks yesterday that the ECB is “ready to do its part” to boost the Eurozone are helping. Elsewhere RBA minutes left the door open to further easing. Oil prices are moving higher and the front end Nymex future is trading above USD 30 per barrel. The calendar has German ZEW investor confidence, which we expect to fall into negative territory at -0.5%, down from 10.2% in January. The UK has inflation numbers, which are likely to remain benign. In Germany the ECB’s OMT program is once again under the scrutiny of Germany’s top court, who has to deliver its final verdict, after the European top court effectively backed the program.

The RBA Board decided to leave the cash rate unchanged at 2.0 per cent. In considering the stance of monetary policy, members noted that recent domestic data had, on balance, been positive and judged that there were reasonable prospects for growth to increase gradually over the forecast period while maintaining inflation close to target. Employment growth over 2015 had been stronger than earlier expected and the starting point for the forecast for the unemployment rate was around ½ percentage point lower. Inflation continued to be relatively low, with underlying measures of inflation at about 2 per cent over 2015. Growth in labour costs also remained quite subdued. Based on the available data and the forecasts for economic activity and inflation, members judged that it was appropriate to leave the cash rate unchanged at an accommodative setting. Over the period ahead, new information would enable the Board to assess whether the recent improvement in labour market conditions was continuing and whether recent financial market turbulence presaged weaker global and domestic demand.

ECB’s Deaghi said that the central bank “is ready to do its part” and will “review, and possibly reconsider the monetary policy stance in early March.” He said much will depend on the “size and persistence of the fall in oil and commodity prices and the incidence of second-round effects on wages and prices.” He argued that in light of recent financial turmoil “we will analyse the state of transmission of our monetary impulses by the financial system and in particular banks.” Draghi gave away nothing new, leaving the door firmly open to more action but taking a cautious line ahead of tomorrow’s hearing of the OMT (outright monetary transactions) program before the German Constitutional Court (which could still throw a spanner in the works). He did, however, note “increasing concerns about the prospects for the global economy” and “intensified” turbulence in financial markets.” Draghi has been speaking before a European Parliament Committee.

 Main Macro Events Today

• UK Inflation numbers are due today. The January Core consumer price index (YoY) is expected to come in at 1.3%, slightly below December figure of 1.4% while the headline inflation number (including food and energy) is expected to move up one tenth from 0.2%.

• German ZEW Economic Sentiment will be released today. We expect ZEW to fall into negative territory, thus highlighting that pessimists now outnumber optimists. We are looking for a sharp drop to -0.5% from 10.2 in January, a decline that will only add to mounting growth concerns.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

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.

FX News Today

Cleveland Fed hawk Mester saw “a little more downside risk” to the U.S. economy than when the Fed hiked in December in remarks earlier after the NY close, though when pressed about the market sell-off in January, she said “you can read too much into volatility.” That makes it 4 out of 5 Fedspeakers this week mulling greater downside risk, which will help keep the dollar on the defensive. Between NIRP in Japan and easy money promises from the ECB and now a unanimous BoE in favor of steady policy it appears the FX wars are in full swing. USDJPY is near session and one month lows of 116.60 after completely erasing the rate cut surge to 121.68 on Jan-29.

Reserve Bank of Australia said low inflation may provide scope for easier policy, not surprisingly repeating a key line from Governor Stevens’ statement earlier this week that accompanied the lack of change in the 2.00% rate setting. The growth and inflation projections in the quarterly Statement on Monetary Policy were not substantially different from the previous statement released last November. Underlying inflation is expected to remain low over the forecast period. They note that the recent improvement in the labour market was not expected in November, and could be providing information about the economy not apparent in the national GDP figures. Or the recent strength in the labour market will be followed by a pull-back. Meanwhile, China’s growth outlook is pegged as a sizable source of uncertainty for Australia’s outlook. The AUD is adjusting to lower commodity prices, with the weaker currency benefiting export related industries. Separately, retail sales were flat in December after a 0.4% m/m gain in November, undershooting expectations. Sales volumes grew 0.6% in Q4 (q/q, sa) after the 0.5% gain in Q3.

US same store sales dipped 0.5% y/y in January, according to Johnson Redbook, after a 0.9% y/y December gain. Apparel paced the weakness with a 3.0% y/y decline, followed by miscellaneous (-2.0% y/y) and drugs (-1.4% y/y), probably on promotions and price declines. Same store sales excluding drugs were down 0.3% y/y. Discounters outperformed with a 0.7% annual gain, while clubs were unchanged. All stores posted a 1.5% y/y gain last month, versus 2.6% y/y in December. This is another manifestation of the slowdown in momentum over the turn of the year. January retail sales will be reported a week from Friday and we’re projecting a 0.1% headline gain, and a flat ex-auto reading.

Main Macro Events Today

• US Employment: January employment is out today and we expect the headline to reveal a 200k (median 198k) increase for the month. This is below the 292k December increase and the headline faces downside risk from a weaker claims path and deteriorating producer sentiment.
• Canada Employment: We expect employment to rise 10.0k in January (median 5.0k) after the 22.8k gain in December. Of course, momentum was lacking in the economy going into the new year (unless you were an auto dealer), which could restrain job creation. An as-expected gain would be welcome news given what should be a stall out in GDP growth during Q4, but the report is unlikely to significantly alter the views of those calling for a near term rate cut.
• Canada Ivey PMI: The Ivey PMI is expected to improve to a seasonally adjusted 51.0 in January from 49.9 in December. The Ivey PMI saw a three month trailing average of 55.5 in December from 56.8 in November. The 3-month average has been falling since the 58.8 in June of 2015, but remains comfortably inside expansionary territory, consistent with a rebound in GDP during the first half of 2016 depressed in January.

 

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

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.

FX News Today

Wednesday Trade was Pips Galore for FX Traders!

The U.S. Dollar Index dropped to multi month lows in the wake of disappointing U.S. ISM data, although the ADP employment data was not all that bad. However, the weak ISM report was enough to overwhelm the USD longs.

The EURUSD finally broke out of its multi week trading range and jumped +200 pips to close above 1.1100 for the first time since August 2015 . The EURUSD market has been looking for an excuse to annoy Mario Draghi at the ECB and take the EUR higher, and yesterday’s sluggish U.S. economic data was the kind of catalyst that the market has been looking for.

Oil prices rallied up $3 to close at $32.70 up nearly 7% for the day. The sharp move in oil price helped to support commodity related currencies with the CAD surging gains against the USD which pushed the USDCAD lower by over +260 pips to close near the 1.3780’s and the AUD moving higher by +130 pips.

The GBP broke to the upside and climbed 200+ pips during Wednesday trade, ahead of today’s “BoE’s Super Thursday” with the inflation report to be published alongside the minutes and the policy announcement.

Today’s European calendar has ECB economic bulletin, ECB speech from Draghi. The U.S. calendar has weekly jobless claims, prelim Q4 productivity, and factory orders. While the Canadian calendar quiet, employment, trade and Ivey PMI all due Tomorrow.

Main Macro Events Today

• EUR ECB President Draghi’s Speech: Draghi sends dovish signal. Speaking at a conference in Frankfurt the ECB head said monetary policy can’t be relaxed about the series of supply shocks, adding that Euro-area challenges are no reason for ECB inaction and that adopting a wait and see attitude would carry risks and that “the risks of acting too late outweigh the risks of acting too early”.

• GBP BoE Interest Rate Decision: BoE expected to keep policy on hold, focus on minutes and inflation report.

• USD U.S. Initial Jobless Claims: U.S. initial jobless claims are expected to be 268k (median 280k) in the week-ended January 30.

• USD Prelim Non-farm Productivity: Q4 nonfarm productivity should be -3.5% in the first release from 2.2% in Q3.

• USD Factory Goods: December factory orders are expected to decline 3.0% with inventories up 0.3%. Forecast risk: downward, given the weaker top line durable inventory numbers. Market risk: downward, as weaker data could impact the path of rate hikes.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

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.

FX News Today

The latest U.S. economic reports are suggesting a risk that U.S. 4th quarter Gross Domestic Product (GDP) may drop to a negative level, after weakness in construction spending and weakness in personal income were reveled in the latest batch of U.S. data. The USD pulled back slightly with stock markets closing slightly lower following China’s lead, and as oil prices gave back some recent gains.

The ECB President Mario Draghi has kept the course that the ECB is prepared to use all available resources to keep the Eurozone on track, while he presented the ECB’s annual report yesterday. The markets seem to be testing the creditability of the ECB President as the EUR continues to hold ground.

The European calendar has German and Eurozone labour market data, Eurozone producer price inflation, the U.K. Construction PMI and Swiss retail sales on tab this morning.

The JPY is seeing some renewed strength as markets shift back into the risk-off mode, which is being led by oil price declines. Falling Oil prices, along with ongoing concerns about slowing economic activity in China, has weighed on most stock markets.

The commodity currencies are under some pressure again, as both the AUD and CAD, showing slight declines versus the USD.

The Reserve Bank of Australia (RBA) left interest rates unchanged at 2.00% during its policy review, but governor Stevens said that while policy will remain data and event driven, “continued low inflation may provide scope for easier policy.” This comment is seen adding to pressure on the AUD in earlier trade today.

The U.S. economic calendar is rather thin today. January auto sales are expected to continue on their solid, near record pace. Weekly chain store sales figures and the February IBD/TIPP economic optimism index are also due. The Fed hawk George will speak on the economy from Kansas City.

Main Macro Events Today

• AUD Australian Interest Rate Decision: Reserve Bank of Australia held rates steady at 2.00%, as expected. Governor Stevens was largely constructive on domestic growth, saying that the expansion in the non-mining parts of the economy strengthened in 2015 while employment growth pick-up even while measured GDP was below average. Inflation is expected to remain low over the next year or two. Accommodative policy is appropriate, he said, given these conditions. Low rates are supporting demand, but regulatory measures are working to contain risks in the housing market, he assured. On the exchange rate, he said it “has continued its adjustment to the evolving economic outlook.” The board decided that prospects for continued economic growth were “reasonable,” with inflation close to target. Hence, monetary policy was held steady. Policy remains, not surprisingly, data and event driven as the bank will follow new information to see if the improvement in the job market is sustainable and if “recent financial turbulence portends weaker global and domestic demand.” Notably, Stevens said that “continued low inflation may provide scope for easier policy” should that be needed to support demand.

• EUR German Unemployment Data: Confidence indicators may have come off highs, but remain in expansion territory and Markit said companies are sitting on a large amount of unfulfilled orders, which should keep production and employment growth going against global headwinds at least for now. The labor market is improving not just in Germany and the overall Eurozone Dec unemployment rate is expected to fall to 10.4% from 10.5%.

• USD U.S. Auto Sales: U.S. light vehicle sales in January are expected to edge up 0.5% to 17.3 mln from 17.2 mln in December. Forecast risk: downward, as there is a chance of a correction after summer and fall strength. Market risk: downward, as weakness could impact the path of rate hikes.

U.S. equities will be in the spotlight today with the corporate earnings calendar reporting from ADT, AMG, Ally Financial, Archer Daniels Midland, Baxter Int’l, BP, Chipotle, CIT, Dow Chemical, Edwards Lifesciences, Emerson Electric, Exxon Mobil, Ferrari, Imperial Oil, Pentair, Pfizer, Sirius, UBS, UPS, and Yahoo!

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

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.

FX News Today

German retail sales unexpectedly declined 0.2% m/m in December. November was revised up to 0.4% m/m from 0.2% m/m reported initially. Official retail sales numbers are volatile and subject to frequent and sharp revisions and only cover less than 50% of consumption, so the negative number is not necessarily a sign of falling consumption. On the contrary, consumer confidence remains higher, the labour market is robust and low oil prices are freeing up real disposable income, which will keep consumption and domestic demand supported.

French prel Q4 GDP decelerated to 0.2% q/q from 0.3% q/q in the previous quarter, in line with expectations. The annual rate came in a tad higher than expected at 1.3% y/y. The French economy continues to be hampered by structural issues and survey indicators show that the Eurozone’s second largest economy will continue to underperform.

Bank of Japan unexpectedly introduces negative interest rates. The BoJ said it will apply a rate of negative 0.1% to excess reserves that financial institutions place at the central bank with effect from February 16. The BoJ will apply a three tier system to accounts with a positive, zero, or negative interest rate on each tier. The bank’s asset purchase program was left unchanged and the BoJ did not set a lower limits on yields of bonds purchased, which means even longer dated maturities may follow short rates into negative territory. The bias remains dovish. The BoJ said the Japanese economy has recovered mostly, with underlying inflation moving higher but stressed that recently “global financial markets have been volatile against the backdrop of the further decline in crude prices and uncertainty such as over future developments in emerging and commodity exporting economies, particularly the Chinese economy”. “For these reasons, there is an increasing risk that an improvement in the business confidence of Japanese firms and conversion of the deflationary mindset might be delayed and that the underlying trend in inflation might be negatively effective”.

 

Main Macro Events Today

• EU Consumer Price Index: The headline figure is out today and is expected to come in at 0.4%, a 0.2% change from the previous number.
• US GDP: The first release on Q4 GDP should reveal a 1.0% (median 0.8%) headline which would follow 2.0% in Q3 and 3.9% in Q2. We expect a $40 bln inventory subtraction coupled with a flat rate in fixed investment spending to hold down the headline. Consumption spending is expected to slow as well, although less dramatically to a 1.9% clip from 3.0% in Q3.

• US Michigan Consumer Sentiment: The second release on January Michigan Sentiment is out today and should reveal a 93.5 (median 93.1) headline following 93.3 in the first release and 92.6 in December. Other confidence measures have improved for the month with the IBD/TIPP poll ticking up to 47.3 from 47.2 and consumer confidence rising to 98.1 from 96.3. Apart from this, Michigan Sentiment displays a tendency towards upward revisions in the second release.

• US Chicago PMI: January Chicago PMI is out on Friday and is expected at 44.0 from 42.9 in December and 48.7 in November. Already released measures of January producer sentiment have weakened and the remaining releases look poised to remain depressed in January. We now expect the ISM-adjusted average of all measures to fall to a cycle-low 49 after holding at 50 since September.

 

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

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.

FX News Today

FOMC obviously left the funds rate range unchanged at 0.25% to 0.50%. It downgraded the outlook on growth and inflation slightly, tacitly acknowledging the various risks that have cropped up since the last meeting. But the statement wasn’t necessarily as dovish as the markets had hoped. The statement did repeat that global economic and financial developments are being closely monitored. The labor market continues to improve though net exports and inventory investment slowed. Of note, the Fed dropped the phrase that it is “reasonably confident” that inflation will reach the 2% target over the medium term. And it left out the balance of risks. The tone of the statement did not take a March hike off the table (that wasn’t really going to be the case) and it gives policymakers leeway to hike again in March. The vote was a unanimous 10-0.

Reserve Bank of New Zealand held rates at 2.50%, matching widespread expectations. However, they took a dovish tact, saying “Some further policy easing may be required over the coming year to ensure that future average inflation settles near the middle of the target range.” The evolution of the economic data is key, with the bank concluding “We will continue to watch closely the emerging flow of economic data.” Recall that in December, when the rate was cut 25 bps, Wheeler was more balanced, saying the bank’s inflation objective could accomplished at the current (2.50% ) rate setting, while also assuring the bank will reduce rates further if needed. As for the New Zealand dollar, he opines that “A further depreciation in the exchange rate is appropriate given the ongoing weakness in export prices.”

Possible Russian coordination with OPEC was discussed at a meeting with Russian oil companies, according to a Reuters report citing the Russian Energy Ministry, which was related to unfavorable oil prices. There were similar noises yesterday about Iraq and Russia, but this seems to be adding amplitude to the oil rebound now and helping putting a bid in equities and dollar-yen.

 

Main Macro Events Today

• German Prel Jan HICP is seen rising to 0.4% y/y from 0.2% y/y, mainly due to base effects. This is likely to be mirrored by a similar rise to 0.4% y/y in the overall Eurozone number tomorrow. Still very low levels and far below the ECB’s definition of price stability.

• EMU ESI: We had been looking for a modest decline in the European Commission’s ESI Economic Sentiment reading for the Eurozone to 106.6 (med 106.5) from 106.8, but after the weaker than expected Ifo earlier in the week and the weak Italian business confidence numbers yesterday the risk clearly is to the downside.

• UK Domestic Product: the UK GDP numbers are out today and are expected to come in at 0.5% (previous 0.4%) QoQ and 1.9% (previous 2.1%) YoY.

• US Initial Jobless Claims: are expected to be 280k in the week-ended January 23. Continuing claims are expected to fall to 2,195k for the week-ended January 16.

 

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

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.

FX News Today

Australia Q4 CPI came in a little hotter than expected, rising to 0.4% q/q, above the median forecast for 0.3%. This contrasted last week’s NZ inflation for the same period, which under shoot expectations in falling to 0.1% q/q, propelling AUDNZD to a seven-week peak at 1.0870. The CNY remained steady, while Chinese December data showed industrial profits contracting in December while consumer sentiment ticked up. Moody’s said that Beijing’s policy support in the pursuit of growth in 2016 will have a credit-negative effect of postponing deleveraging and the reduction of excess capacity.

German Feb GfK consumer confidence steady at 9.4, better than expected with Bloomberg consensus predicting a slight decline in the headline number. The full breakdown, available only until January, showed a further improvement in economic expectations to 4.2 rom 2.9 in the previous month, and a marked rise in the willingness to buy, despite a dip in income expectations. This is likely related to a renewed decline in the willingness to save, which is hardly a surprise considering the low interest rate environment. With the government trying to urge consumers to build up private pension portfolios, this can also have negative long term consequences, however, even if for now the numbers suggest ongoing support from consumption to domestic demand and overall growth. Price expectations remain firmly in negative territory, but are unchanged from the previous month.

China industrial profits sank 2.3% y/y for the Jan-Dec period according to China’s Statistics Bureau, while December industrial profits fell 4.7% y/y due to high costs and tight liquidity curbing companies’ production and operations. Though interest rate cuts had a positive effect in reducing companies’ operating costs, weak demand caused slow growth in production and sales in 2015. That contrasted 3.3% growth in 2014. This is about par for the course after GDP growth slowed to 6.9% last year.

 

Main Macro Events Today

• EIA Crude Oil Stocks Change: the oil inventories are expected to have decreased to 3.452 M from 3.979M. Yesterday The Wall Street Journal reported that Petroleum Institute data showed crude oil inventory had a larger than usual weekly build. This contradicts the consensus expectation.

• US New Home Sales: December new home sales are out Wednesday and should reveal a 2.0% headline increase to a 500k (median 505k) pace after the 4.3% November climb to 490k. Other housing measures have been mixed for the month with starts easing to 1,149k from 1,179k in November and existing home sales climbing 5.460 mln from 4.760 mln.

• The FOMC meeting: FOMC began its meeting yesterday, and will release its policy decision today at 14:00 ET. The Fed won’t announce another rate hike after last month’s liftoff. And there’s unlikely to be any explicit forward guidance in terms of the March meeting. It will be important, though, to gauge the tone of the policy statement for clues on the timing of the next move. We doubt the Committee will follow the more dovish lead from the ECB, BoJ, and BoE. However, the poor start to 2016 for equities and commodities, the downward revisions to global growth, and the likely delay in inflation reaching the 2% inflation target could give weigh on the confidence of the more dovish policymakers.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

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.