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Anzo Lim

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About Anzo Lim

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  1. Spread refers to the difference between the selling price (bid) and buying price (ask) of the base currency. The smaller this gap is, the smaller the cost is for the investor. Stay tuned as #WikiFX brings you more #ForexABC
  2. The forex market has seen a series of big events since the beginning of October: US Federal Reserve released the monetary policy meeting minute, China and US conducted a new round of high-level trade talks and Britain is mapping out its way to leave the European Union. Amid the big news, forex brokers are still busy competing for market exposure through advertising campaigns. In WikiFX’s 20 largest ad-spending brokers ranking in October, the high rated brokers account for more than half of the list. However, 3 low rated brokers still got listed and even saw their rankings go up. Here’s the list of October’s top 20 ad-spending brokers. The top 5 on the list remain unchanged compared with last month, while the No. 1 largest ad-spender XM has topped the list for 4 months in a row ever since it rose to the position in July. Headquartered in Cyprus and established in 2009, XM holds MM licenses from ASIC(Australia) and CySEC(Cyprus), as well as retail forex brokerage licenses from IFSC(Belize) and FSA(UK). With nearly a decade’s rich experience, the broker is now one of the front-runners of the industry. FXTM which takes up the second place is also a broker of considerable strength. Once the lasting champion of ad-spending list like XM, FXTM is a fully compliant licensee of FCA(UK), CySEC(Cyprus) and other regulation authorities. Forex brokers FBS, Alpari and AVATRADE ranked the third, fourth and fifth respectively. Overall, high-rating brokers take up an overwhelming majority of the list. Brokers who just enter the list such as easyMarkets and BCR all have pretty high ratings as well. But a few low-rating brokers are still trying to expand their market share. A typical example is IC Markets whose ranking soared from No. 20 in September to No. 6 this month, suggesting considerable market exposure of the broker. As IC Markets receives heavy complaints from investors lately on the WikiFX App and has tremendous risks, WikiFX has put the broker on blacklist. Another illegal broker BTCC Global dropped out of the list last month but returned to October’s ad-spender list, and the WikiFX App shows its NFA(US)’s license for generic financial services is suspected to be cloned. The broker has poor rating and investors are suggested to stay away from it. The top ad-spending brokers list in October has significantly less illegal brokers comparing to previous ones, indicating that the overall environment for forex investment is improving. But a few illegal brokers are still making large advertisement spending which investors should beware of. As a leading forex media, WikiFX have now recorded information of more than 13,000 forex brokers, and investors can verify the information they received from a broker’s advertisements by searching the broker on the WikiFX App. If you have been defrauded by illegal broker and suffered loss, you can contact WikiFX and we will try our best to help you recover the fund. Please view recent articles of WikiFX for more information.
  3. Chinese consumers and investors appears to be losing interest in gold this year. China’s jewelry consumption in 2019 is expected to drop by 4% to around 660 tons and investment demand may plunge over 20% to around 240 tons. Economic slowdown and apprehension over the trade war have dampened consumer’s confidence, while surging gold price has kept some investors away. The trade war between US and China has led to a depreciation of the Yuan. On the other hand, gold has shown a bullish trend this year. The price soared 16% to 1,557.11 USD/ounce last month, the highest in over 6 years. Data on the customs website shows China’s imports of gold fell 42% to about 561 tons. The country’s imports will drop sharply this year as many Chinese investors cashed in their purchases made in 2012 and 2013 after prices rallied. Gold daily pivot point: 1482-1488 S1: 1472 R1: 1493 S2: 1464 R2: 1507 Source : WikiFX App
  4. A potential 2020 election showdown between President Donald Trump and Democratic candidate Elizabeth Warren would undoubtedly be viewed as a clash of ideological extremes, but when it comes to economic policy, both think the dollar is too “strong”, suggesting measures to weaken the dollar are likely to be taken regardless of the winner of the election. The trade-weighted U.S. Dollar is still near the its peak in 2019 while the ICE U.S. Dollar Index measuring US dollar against a basket of six major US trade partners has hit the highest in two years, up about 3% from the beginning of 2019. Stronger US dollar is likely to disadvantage U.S. companies overseas. And given the attitude of both candidates towards the USD, investors should pay attention to the possibility of weakening dollar after the election no matter who wins the campaign in 2020. USD index daily pivot points: 98.43---98.45 S1: 98.32 R1: 98.56 S1: 98.22 R2: 98.66 Source: WikiFX
  5. Background Previously we confirmed through on-the-spot investigation that Malaysian forex broker Albus Capital Inc. doesn’t exist at its claimed address and has no valid regulation. Due to the relatively weak regulation over finance and forex industry in Southeast Asian, such illegal brokers are everywhere in the region and with little efforts, they can lure unwary investors into their traps. A successful case of recovering defrauded fund Ms. Aisyah is a victim of Albus Capital Inc., who at first postponed her withdrawal request with various excuses and then deactivated her account with no reason. Felling quite desperate, Ms. Aisyah sought WikiFX’s help to retrieve her money. WikiFX team immediately contacted her after receiving the message and checked all detail information of the incident. As a large amount of money was involved and Ms. Aisyah was eager to get it back, WikiFX promptly reviewed all evidences she provided and came up with an action plan the very same day. With WikiFX’s generous support, Ms. Aisyah was able to recover her deposit of US$ 250,000 (equivalence of over 1 million Ringgits). How do illegal brokers usually trick investors? With the fierce competition on forex market, illegal brokers are also “upgrading” their traps. WikiFX made a list of the typical tricks used by illegal brokers, and whether you’re still thinking about forex investment or have started trading already, it’s a good idea to watch out for these issues during your investment: Giving wrong trading signals deliberately; Analyst giving misleading information; Manipulating investor’s account and causing loss; Trading on the investor’s behalf and causing loss; Causing loss or negative balance due to serious slippage/ network delay; Failing to execute stop-profit or stop-loss orders; Blocking investor’s deposit leading to negative balance; Blocking investor’s access to trading account and causing loss; Showing misleading market trend and causing loss; Showing misleading price due to technical issues and causing loss. Conclusion Dedicated to the grand mission of safeguarding investors and their assets, WikiFX strives to improve the forex market environment for investors by weeding out the illegal brokers. Through years of unremitting efforts, WikiFX has exposed tens of thousands of illegal brokers, receiving wide acclaims among investors for these achievements. If you’d like to report a broker scam and defend your rights, please leave a message on the WikiFX App and seek help from our professional team. We will also update latest information of investors’ complaints against illegal brokers.
  6. Statistics Canada’s recent survey suggests employment rose by 53,700 in September, driven by gains in full-time work. The unemployment rate dropped 0.2 percentage points from 5.7% to 5.5%. On the other hand, US Federal Reserve has resumed Treasury bond purchase, scheduling a monthly purchase of about 60 billion USD’s short term bond, starting from October 15th. According to CME (Chicago Mercantile Exchange)’s latest observation on US Federal Reserve, there’s a 87.1% possibility for the Fed to cut interest rate by 0.25% in October. Therefore, USD/CAD will be weighed down and will likely fall to around 1.3100. USD/CAD daily pivot points: 1.3204-1.3234 S1:1.3149 R1:1.3278 S2:1.3065 R2:1.3353 Source: WikiFX
  7. A new round of high-level trade consultation between China and the US concluded in Washington last Friday. The meeting has achieved positive outcome in several aspects. These include: 1 US will halt raising tariff; 2 China will increase import of agricultural produce, particularly soy beans which Trump has put special emphasis on. 3 Trump will allow some US companies to supply non-sensitive goods to Chinese company Huawei. Both sides agreed to work together towards reaching a final deal. This increases market appetite for high-risk assets, while safe-haven assets including gold may become less favored. USD/CNH further dropped to 7.0686, the lowest since September 17th. We expect RMB to appreciate against USD and jitter in the range of 7.04---7.03. Source: WikiFX
  8. For this week’s global financial market, big events are likely to cause some ups and downs on the currency market dominated by US dollar. On Wednesday, October 9th, US Federal Reserve released minute of the monetary policy meeting on September 17th -18th . The record showed major division within the Fed, and decision for a further rate cut is unlikely to be made on October’s meeting. The released documents showed that though most members agreed on the necessity of cutting interest rate, the opinions are still sharply divided in terms of future policy. “The minute is generally neutral, but you can clearly see the division between the Doves and Hawks”, US economist Esparaza said. “They share the same view about US economic growth, but have different opinions about the future path.” Fed policy-makers are worrying that weak business investment, trade and manufacturing sector may weigh down on consumer spending, which has been the major driver for US economic growth in recent years. The minute shows that between the meetings in late July and mid September, there’s clearly a sluggish trend in investment, manufacturing and export, which echos the global economic slowdown and uncertainties in trade policies. Meanwhile, China’s Vice Premiere and top trade negotiator Liu He led the Chinese delegation to Washington on October 10th ~ 11th for a new round of high-level trade negotiation with US trade chief Robert Emmet Lighthizer and Treasury Secretary Steven Mnuchin. “The market is waiting to see how the trade talks go on Thursday, and a negative outcome is likely to inspire strong risk-aversion.” Analyst from Phillip Futures Benjamin Liu observed. Other analysts also noted that good news from the trade talks can boost the market’s risk appetite and weigh on the safe-haven asset Japanese Yen; but if the negotiation isn’t smooth, risk aversion will continue to prop up the Yen. As US President Trump earlier said that US will raise tariff against China on 15th of October if no progress is achieved in the negotiation, the market is particularly sensitive to how the trade talk evolves. Timely and transparent information is particularly important on a fast-changing forex market. WikiFX will continue to updates on major market events and forex news in order to offer investors more reliable and helpful information.
  9. Recent economic data of the Euro Zone suggests economic growth in EU is under pressure. PPI of the Euro Zone in August released earlier this month has dropped more than market expectation, while September’s PMI at 45.7, the lowest level since October, 2012, indicates a struggling manufacturing sector. Euro Zone registered a 1% inflation in August. Inflation has been running low in most of 2019,except for a minor increase to 1.7% around June, forcing European Central Bank to cut interest rate in September and resume quantitative easing measures. EUR/USD- Daily pivot points: 1.1002-1.1006 S1: 1.0975 R1: 1.1036 S2: 1.0943 R2: 1.1065 Source: WikiFX App
  10. The latest Triennial Central Bank Survey issued by the Bank of International Settlement (BIS) shows that compared with in 2016, forex spot trading has grown by 20% in the past 3 years, while swap trading has increased over a third and outright forwards increased 43%. The forex market has been recovering from the downdraft in 2016, thanks to the momentum offered by strong growth in swap and forward trading. Meanwhile, the forex market has seen several good news this week. Sterling surges in the prospect of an orderly Brexit This Thursday (October 10th), Irish Prime Minister Leo Varadkar announced after meeting with his British counterpart that the two countries may reach an agreement about Brexit by the end of the month. “I think it is possible for us to come to an agreement, to have a treaty to allow the UK to leave the EU in an orderly fashion, and to have that done by the end of October,”he said. The news drove GBP/USD up over 200 points, the largest daily increase since March. Sino-US trade war may cool down and US may delay raising tariffs Representatives of China-US trade negotiation said the trade talks went well after meeting on Thursday. US business associations also expressed optimism about easing of the trade tension and a delay of the tariff raise scheduled for next week. Investors are betting that the two side may reach agreements in some aspects and ease the trade tension, leading to a subside of risk aversion. Despite the good news, investors should still closely follow the global forex market and particularly be careful of “black swans”, in order to fend off the possible risks during investment. The macroeconomic policies of global central banks have significant impact on currency rates, so investors can predict forex market trends by analyzing these policies. In addition, investors should pay attention to key financial data and market sentiment indicators, as they also influence foreign exchange rates. In order to better serve investors, WikiFX is offering the latest forex market trends and analysis, and you can check these updates in the WikiFX App.
  11. Recent economic statistics just released by Japan shows that after seasonal adjustment, core machinery orders in Japan declined 2.4 percent from a month earlier in August 2019, 1% less compared with market consensus. Compared to the same month of the previous year, core machinery orders tumbled 14.5% in August, contrasting July’s 0.3% increase. The data suggests Japan’s economy is under pressure. Japanese government and the central bank is determined to take all measures necessary to revive the economy. USD/JPY daily pivot points: 107.28---107.42 S1: 107.07 R1: 107.77 S2: 106.65 R2: 108.05
  12. [Previous visit recap] In our last visit, WikiFX confirmed that the licensed branch of forex broker XGLOBAL in Cyprus really exists and is in regular business. As the “eyes” and “ears” of global investors, we pay random visits to forex brokers around the world and make comprehensive assessments of brokers base on the results. With these information and assessments, we can better serve investors by helping them to identify reliable brokers and stay away from illegal ones, and we remain committed to this mission despite all difficulties. This time we’re visiting AL-HIDAYAH Broker’s Profile Name: AL-HIDAYAH Location: Malaysia Regulatory status: suspected clone-licensed Status: doesn’t exist at the address Website: alhidayahbank.com Address: level 14(b)&14(C) main office tower, financial park complex, jalan merdeka, 87000 labuan F.T. According to the address from regulatory information, we arrived at Financial Park, the office building where AL-HIDAYAH is supposed to be located. Local Labuan residents told us that this business complex is the tallest in the area, hosting many local banks as well as branches of foreign banks such as Deutsche Bank, Citibank and UOB. Because we didn’t have a reservation, we had to fill out a visitor registration from at the building’s reception and left our ID/business card. After we got to level 14 by elevator, we didn’t find AL-HIDAYAH on the floor directory, but a management firm named Regus instead. The staff members from Regus told us AL-HIDAYAH had moved away, while its former office is also empty with no one working there. We confirm after the visit that AL-HIDAYAH’s licensed branch in Malaysia is not at the address from its regulatory information. Per checking the WikiFX App, AL-HIDAYAH is rated at 1.19 and its MM license from Labuan Financial Service Authority (LFSA) is suspected to be cloned. The broker bears substantial risks and investors should stay away from it. To check out detail information of more forex brokers, you can download the WikiFX App. WikiFX will continue to present you latest market trends and forex information. Stay tuned as we bring you more forex updates.
  13. Broker: AGRODANA (Indonesia) Visited on: August 23rd, 2019 Conclusion: the broker really exists On-the-spot investigation Regulatory information suggests AGRODANA’s licensed branch in Indonesia is at Menara Batavia Lantai 3A, Jl. KH. Mas Mansyur Kav. 126, Jakarta Pusat, and WikiFX recently visited the broker at the site. Menara Batavia is a magnificent office building. We took the elevator to the 3rd floor and found AGRODANA’s sign. Following the direction, we soon arrived at AGRODANA’s office. Information on the two posters at the entrance corresponds to that of the company’s website. The office looks bright and spacious with about 30 office cubicles. After a brief communication with the staff members, we concluded that AGRODANA’s Indonesian office truly exists. Analysis SE Asia has become an emerging forex market in recent years, and the forex industry in countries such as Malaysia and Indonesia continues to thrive. Amidst the proliferation of forex brokers, investors remain unfamiliar and skeptical about brokers from this region due to slack regulation policy and authorites’ relatively weak enforcement of rules. Therefore, WikiFX is visiting brokers in Indonesia and other SE Asian countries to bring investors more reliable details about them. According to AGRODANA’s official site, it’s a licensed Indonesian futures brokerage company established in May, 2000, with headquarter in Jakarta and branches in Bandung, Surabaya and Lampung. Focused on forex, commodities, and stock indices in Asia and around the world, the company is well-versed in finance and has acquired licenses and membership from financial institutions including BAPPEBTI (Commodity Futures Trading Regulatory Agency), ICDX (Indonesia Commodity & Derivatives Exchange), The Business Information & Communication Centre and JFX (Jakarta Futures Exchange). Regulatory information from BAPPEBTI shows AGRODANA holds retail forex license and is authorized for conducting retail forex brokerage. Conclusion Per checking the WikiFX App, AGRODANA is under Indonesian regulation and holds BAPPEBTI’s license for retail forex brokerage. It uses main-label MT4 trading software and has a WikiFX rating of 6.25, suggesting moderate credibility. However, since AGRODANA has been in business for less than a year, the overall qualification of the broker remains to be tested and investors should be cautious during investment to ensure the asset safety.
  14. The Reserve Bank of New Zealand (RBNZ) announced on Wednesday, September 25, 2019 its decision to maintain the current official cash rate, clearly showing a hawkish attitude in its public remarks. The short-term price of NZD to USD climbed over 40 pips to a weekly new height of 0.6347. RBNZ hasn’t observed fundamental changes in monetary policy outlook with employment at a full level and inflation kept within a target range, suggesting there’s remaining scope for more fiscal and monetary stimulus. Inflation expectation is a key signal for observers, and the market expects that New Zealand will continue to treat sluggish inflation as a sign of down-slope economy for a while. But the latest announcement shows RBNZ expects to see inflation rate inching up towards 2% under growing stress in production capacity and business profitability as well as influences of rising importation cost and wages. This suggests inflationary pressure has rallied while economic recession is alleviated, backing the view that there won’t be another interest rate cut immediately. RBNZ is satisfied with the effect of previous interest rate cut, while the prospect of more financial stimulus on the way also helps to ease market’s expectation of further interest rate cut from RBNZ. RBNZ also underlines that as escalating geopolitical tensions and global trade frictions continue to slow down global economic growth, economy in New Zealand also faces short-term pressure. Since New Zealand’s economy heavily depends on exportation, an aggravated global trade environment can also affect RBNZ’s expectations. Previously-released data indicates New Zealand’s GDP growth in the 2nd quarter, although slightly lower than in the first, had exceeded market estimation. According to a statement from Statistics New Zealand, the 2nd quarter GDP growth has been mainly driven by a 0.7% increase in the service sector production, which accounts for almost two thirds of the total. A steadying NZD supports commodity money, particularly AUD, so it’s a good idea to keep a close eye on AUD/JPY. AUD/JPY is currently at a key reversal of 38.2% following the rising trend from August 26th to September 13th. Investors can seek opportunities to buy when the curve hits 72.80. Daily pivot points: 72.86---73.00 S1: 72.57 R1: 73.16 S2: 72.34 R2: 73.52 Source from WikiFX.
  15. Broker: IG (Singapore) Visited on: August 29th, 2019 Conclusion: the broker truly exists On the spot investigation According to the address from regulatory information, WikiFX recently visited the Singapore office of licensed forex broker IG, located at 9 Battery Road #01-02 MYP Centre. Upon arriving at MYP Centre, we saw IG’s office on the ground level. The office of another famous forex broker FOREX.com sits next door, sharing the same level with IG, which was quite a surprise for us. The building appeared modern and well-furnished inside. Though we couldn’t enter IG’s office without appointment, we saw many staff members of both IG and FOREX.com, chatting and relaxing themselves in the public lounge nearby. We thus concluded that IG’s Singapore office truly exists. Analysis Singapore is a major financial hub in the SE Asia region as well as around the globe. The recent forex market boom in Singapore has attracted many prestigious forex brokers to open a branch here, while the reputable regulation of MAS (Monetary Authority of Singapore) also adds to the strengths of these brokers. IG is an example of such brokers. The official website suggests that IG, established in London, UK in 1974, has been the world’s first company to offer CFD trading. As a forerunner of the industry, IG now has offices in 14 countries across the globe and helps clients to grasp trading opportunities through the pioneering trading platform and App developed, developed by the company. Per checking MAS’ website, IG holds retail forex brokerage license from MAS, and the information on its website corresponds to the regulatory information. In recent years, MAS has improved its WOM through providing secure and efficient regulatory infrastructure and highly transparent market information, attracting many world-renowned brokers to Singapore. Their arrival in turn promotes enhancement of the MAS regulatory mechanism. Conclusion The WikiFX App shows that IG holds forex brokerage licenses issued by regulators including ASIC (Australia), FCA (UK), FSA (Japan), FMA (New Zealand) and MAS (Singapore). With over 15 years of professional experience, IG is a compliant broker of considerable size and strength under regulation of multiple institutions. It has a high rating of 9.20 on the WikiFX App, and investors may safely choose the reliable broker.