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Date: 28th March 2025. Market Selloff Deepens as Tariff Concerns Weigh on Investors Global stock markets extended their losing streak for a third day as concerns over looming US tariffs and an escalating trade war dampened investor sentiment. The flight to safety saw gold prices surge to a record high, underscoring growing risk aversion. Stock Selloff Intensifies The MSCI World Index recorded its longest losing streak in a month, while Asian equities saw their sharpest decline since late February. US and European stock futures also signalled potential weakness, while cryptocurrency markets retreated and bond yields edged lower. Investors are scaling back their exposure ahead of President Donald Trump’s expected announcement of ‘reciprocal tariffs’ on April 2. His latest move to impose a 25% levy on all foreign-made automobiles has sparked fresh concerns over inflation and economic growth, prompting traders to reassess their strategies. Investor Strategies Shift Market experts are adjusting their portfolios in anticipation of heightened volatility. ‘It’s impossible to predict Trump’s next move,’ said Xin-Yao Ng of Aberdeen Investments. ‘Our focus is on companies that are less vulnerable to tariff policies while taking advantage of market dips to find value opportunities.’ Yield Curve Signals Economic Concerns In the bond market, the spread between 30-year and 5-year US Treasury yields widened to its highest level since early 2022. Investors are bracing for potential Federal Reserve rate cuts if economic growth slows further. Long-term Treasury yields hit a one-month peak as inflation risks tied to tariffs spurred demand for higher-yielding assets. Boston Fed President Susan Collins noted that while tariffs may contribute to short-term price increases, their long-term effects remain uncertain. Gold Hits Record High as Safe-Haven Demand Rises Amid market turbulence, gold prices soared 0.7% on Friday, reaching an all-time high of $3,077.60 per ounce. Major banks have raised their price targets for the precious metal, with Goldman Sachs now forecasting gold to hit $3,300 per ounce by year-end. Looking Ahead As investors digest economic data showing US growth acceleration in Q4, attention will turn to Friday’s release of the personal consumption expenditures (PCE) price index—the Federal Reserve’s preferred inflation measure. This data will be critical in shaping expectations for future Fed policy moves. With markets on edge and trade tensions escalating, investors will closely monitor upcoming developments, particularly Trump’s tariff announcement next week, which could further dictate market direction. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets 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 Leveraged 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: 27th March 2025. SNP500 Erases Gains as Trump’s Aggressive Trade Policy Shakes Markets The SNP500 fell 1.35% on Wednesday wiping off the gains from the week. The decline is primarily due to fears of the upcoming US trade policy on April 2nd and beyond. In the President’s latest speech investors heard Trump confirm he looks to tax foreign cars with 25% tariffs and will add retaliation tariffs on Canada and the EU if they look to retaliate. The US Latest Comments On Global Trade The main concern for investors is the US President’s latest comments on the EU potentially collaborating with Canada. The two countries are aiming to push the US into a more favourable trade agreement. Donald Trump states that “if the EU works with Canada in order to do economic harm to the USA, large scale tariffs far larger than currently planned will be placed on both”. Up to now, both Canada and the EU have advised markets that they will retaliate. As a result, investors fear how these policies can trigger lower consumer demand, higher inflation and even a potential recession. The latest consumer confidence fell for the fourth day to 92.9, missing the 94.2 forecast. The economic outlook dropped to 65.2, a 12-year low, staying below the 80.0 recession warning level. However, the Federal Reserve so far in 2025 is advising the US economy remains stable despite the uncertainties. Furthermore, the US confirms they intend to impose a 25% tariff on all car imports and essential parts, including engines, transmissions, and electrical components. Many countries have already voiced their concerns over this decision. Where Automakers Build Cars Sold in America The Federal Reserve and Inflation Chicago Fed President Austan Goolsbee stated yesterday that policymakers may postpone monetary easing for 12 to 18 months due to market uncertainty. He also continues warning that rising inflation expectations could complicate efforts to slow it down. Another member to voice concerns is Alberto Musalem, a US economist and banker. The risk of US inflation remaining above the Fed’s 2% target, or even increasing, continues to grow, with higher import taxes potentially driving sustained price pressures. In the latest month, US inflation fell from 3.00% to 2.8% which is positive for the stock market, but only if it continues to fall towards 2.00%. There is currently only a 10% chance of an interest rate cut in May 2025 according to the Chicago Exchange. Economists advise the upcoming data will be vital and can significantly influence the risk appetite of the market. Traders will be focusing on today’s Final US GDP and tomorrow's Core PCE Price Index. If tomorrow’s PCE Price Index reads more than 0.3%, the stock market could quickly witness renewed pressure. SNP500 (USA500) - Technical Analysis Regardless of the above fundamental factors which are triggering the recent decline, the SNP500 has risen 0.35% during this morning’s Asian session. The bullish corrective wave currently measures 40% of yesterday’s bearish impulse wave. Though traders should also note that global indices including within the EU and Asia are continuing to decline. SNP500 (USA100) 1-Hour Chart The price in a 15-minute timeframe remains below most trend lines and Moving Averages. In addition to this, the price is again dropping below the neutral level of the RSI and the VWAP. If the price regains downward momentum and falls below $5,701.98, many traders may consider bearish momentum to be regaining ground. At this point, sell signals potentially can materialize. Further adding to the indications of downward price movement is the VIX index which is currently trading 0.60% higher. The higher the VIX index the lower the appetite there is towards the US stock market. Lastly, the US 10-Year Treasury Yields continue to rise adding further pressure on the stock market. The 10 Year Treasury Yields are currently trading 25 points higher. Key Takeaway Levels: The SNP500 dropped 1.35% as investors reacted to fears surrounding the upcoming US trade policy changes on April 2nd. This includes a potential 25% tariff on foreign cars and retaliatory tariffs against Canada and the EU. Fed officials warn that inflation risks remain high, with import tariffs potentially driving further price pressures. Inflation recently fell to 2.8%, but concerns persist about whether it will reach the Fed’s 2% target. Traders are closely monitoring upcoming US GDP and Core PCE Price Index data. If PCE exceeds 0.3%, stocks could face renewed pressure. Despite a slight rebound in the SNP500, indicators like RSI, VWAP, and the rising VIX index suggest bearish momentum could return, particularly if the index falls below $5,701.98. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 26th March 2025. GBP Comes Under Pressure From Tough Budget and Low Inflation! The British Pound is one of the worst-performing currencies of the day. The poor performance is due to pressure from low Inflation and what investors expect to be a tough budget. Why is the UK announcing a stricter budget and for how long will there be pressure on the GBP? Let’s find out! Reasons Investors Are Cautious About The New UK Budget The Pound has fallen 0.32% against the USD and more than 0.50% against the Australian and Canadian Dollar. The Pound is not the worst-performing currency of the day yet, but if the GBPJPY continues to decline as it has over the past hour, the GBP will be at the bottom of the table. The downward momentum is due to the inflation rate which fell from 3.00% to 2.8%. Previously investors were expecting the rate to remain at 3.00%. Many investors fear the fall in inflation is due to weak economic growth and struggling consumer demand. If this continues to be the case, the Bank of England is likely to consider a rate cut. GBPUSD 30-Minute Chart on March 26th The Confederation of British Industry (CBI) released its retail sales index for March today, showing a decline from -23.0 to -43.0, the lowest level in eight months, compared to the initial forecast of -28.0. According to CBI experts, businesses in the retail and wholesale sectors are experiencing pressure from global trade challenges, while the new government budget, which entails a substantial rise in debt, is further straining demand. Another key factor contributing to the Pound’s downfall is the UK’s budget and the chancellor's speech. The new UK budget will be released today and the Chancellor will speak in parliament at 12:30 GMT. Investors fear that the chancellor will announce further austerity measures and cuts to the budget. This is mainly in order to spend more on defence and adjust the budget to the weaker economic performance. The chancellor has also stated that 10,000 public sector jobs may be eliminated, with additional savings potentially coming from changes in the accounting treatment of billions of pounds reallocated from overseas aid to the defence budget. The question that traders are asking is whether the Pound will continue to decline. This will primarily depend on how strict the budget is, the chancellor's growth projections and how the bond market reacts. Nonetheless, the technical analysis continues to provide a bearish and dim bias for the upcoming 24 hours. GBPUSD - Technical Analysis Points Towards A Weakening GBP The GBPUSD has now been declining since 18:00 GMT Tuesday and failed to form a higher high. Therefore price action is partially indicating downward price movement and this signal will likely strengthen if the price falls below 1.29011. The price is also trading below the 75-bar EMA, 100-bar SMA and below the neutral level of the RSI. These factors also strengthen the bearish bias of the currency exchange. The US Dollar index is currently trading higher this morning but traders will monitor how the index will react to the European open. This is because the index has fallen 0.08% since the European Cash Open. Nonetheless, the momentum continues to remain mainly in favour of the Dollar. The only concern for traders is the support level at 1.29011. USDX (US Dollar Index) 30-Minute Chart on March 26th Key Takeaway Points: Pound Weakness: The British Pound is struggling due to lower inflation and budget concerns. Retail Sales Drop: The CBI retail index hit an eight-month low, signalling economic strain. Austerity Fears: Investors worry about public sector cuts and defence spending shifts. The bond market reaction will be key for the Pound. Bearish GBP Outlook: Technical indicators suggest further decline, pending budget impact. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 March 2025. Market Uncertainty Intensifies Amid Tariff Concerns Uncertainty has been the driving force in financial markets this year, with recent weeks seeing increased volatility due to ongoing tariff concerns. The global economy is grappling with the effects of the Trump Administration's levies, exacerbating fears over inflation and economic growth. Escalating trade tensions and geopolitical risks continue to weigh heavily on investor sentiment. Central banks, while adopting a wait-and-see stance, lean towards a dovish bias (excluding the Bank of Japan) amid rising threats of economic slowdowns. More market turbulence is expected in the short term as the world anticipates the outcome of Trump's April 2 reciprocal tariff decision. North America: Key Market Events and Economic Indicators A packed economic calendar awaits the US this week, featuring key data releases, Federal Reserve commentary, and Treasury supply ahead of quarter-end. Markets remain fixated on the much-anticipated April 2 "tax date" for the imposition of reciprocal tariffs. However, in an unexpected turn, President Trump suggested "flexibility" on tariffs, adding another layer of uncertainty to market expectations. Key economic releases include: February PCE Price Index (Friday) – The Fed’s preferred inflation gauge, which will be closely monitored for signs of tariff impacts. January's data showed a 0.3% increase in both headline and core prices, with annual rates at 2.5% and 2.6%, respectively. February’s report is expected to show a similar trend. March Consumer Confidence (Tuesday) – Expected to decline by 4.3 points to 94.0, marking the lowest level in over four years. Durable Goods Orders (Wednesday) – A crucial indicator of business investment and economic activity. Flash March PMIs and Housing Data – Additional data points that could influence market sentiment. Australia’s Inflation Data (Wednesday) Federal Reserve officials are set to speak throughout the week, though clarity on future policy moves remains unlikely. Key remarks from voters such as Kugler, Barr, and Musalem will be closely analyzed. Treasury Auctions and Market Yields The Treasury market is preparing for $183 billion in shorter-dated note auctions: $69 billion in 2-year notes (Tuesday) $70 billion in 5-year notes (Wednesday) $44 billion in 7-year notes (Thursday) The 10-year U.S. Treasury yield edged higher, while the dollar remained steady. Meanwhile, the Turkish lira dropped as market volatility persisted due to geopolitical uncertainties. Stock Market Update: US and European Futures Rise US and European stock futures climbed amid signs that the next round of President Trump’s tariffs may be more measured than initially feared. S&P 500 and Euro Stoxx 50 futures advanced, while Asian equities posted mixed performance. Key Developments Impacting Stocks Targeted U.S. Tariffs: Reports suggest that the next round of US tariffs will be more focused rather than a broad-based global effort. China and Australia have warned of potential economic shocks from US trade policies. Investor Sentiment: "The news of more targeted tariffs has been taken positively during early Asian trading hours, but markets remain on edge," said Khoon Goh, Head of Asia Research at ANZ Group Holdings Ltd. Geopolitical Concerns: Turkish assets face increased volatility following the arrest of a key opposition politician, prompting the country’s central bank to hold a "technical meeting" with commercial lenders in preparation for further market swings. Corporate and Sector-Specific News Ant Group’s AI Strategy: The Jack Ma-backed Ant Group Co. is leveraging Chinese-made semiconductors to develop AI models that cut costs by 20%, boosting optimism in Chinese tech stocks. DeepSeek’s AI Influence: The release of a lower-cost large language model by DeepSeek has fueled a 26% rally in Chinese technology shares this year, with analysts predicting further valuation expansion. Commodity Markets: Oil prices remained stable amid uncertainty over new US tariffs and an expected increase in OPEC+ supply. Gold hovered around $3,027 per ounce, near its all-time high reached last Thursday. Conclusion With market volatility heightened by trade uncertainties and global economic concerns, investors will closely track developments in tariff policy, economic data, and central bank commentary for signs of future trends. As April 2 approaches, markets brace for potential disruptions and opportunities in response to evolving US trade strategies. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets 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 Leveraged 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: 21st March 2025. Gold is Up 14% in 2025 But Has It Peaked? Gold prices fell on Thursday for the first time this week after reaching a new all-time high. The asset’s safe-haven status drives its bullish trend as the White House confirms new tariffs on April 2nd. On the other hand, the decline, which continues this morning potentially is due to fears the price is overbought or at its peak. Why Is Gold Increasing in Value? The main bullish price driver for Gold is the risk appetite of the market due to fears of a recession. Even the White House acknowledges a short-term downturn, though the administration calls it a ‘transitional period’. A potential recession has also been mentioned by economists including the previous Treasury Secretary, Lawrence Summers, who advises the chances of a recession in 2025 is around 50%. The possibility of a recession due to the new trade policy is not only driving the price of Gold but also bond yields and the stock market. The SNP500 has fallen almost 11% over the past 4-weeks. The risk appetite of the market can be seen through the poor performance of the stock market. Furthermore, the VIX index has fallen almost 11% while demand for bonds has risen. In addition to this, the Federal Reserve made it clear that there is no clear sign yet that the economy will not experience a recession but does expect lower economic growth. The Federal Reserve reduced its projections for the US GDP Growth Rates. The Chairman of the Federal Reserve told journalists that the central bank will continue its wait-and-see approach due to the uncertainties of the trade policy. The Federal Reserve will opt for a reactive approach rather than a proactive approach which may unnecessarily push inflation higher. Trade Tariffs on April 2nd Donald Trump imposed 20% tariffs on all Chinese imports, along with 25% duties on goods from Canada and Mexico. He also enforced 25% sanctions on imported steel and aluminium, prompting retaliatory measures. Meanwhile, unemployment rose to 4.1%, retail sales by only 0.2%, and business activity remained sluggish. Treasury Secretary Scott Bessent warned of a potential US recession, and experts suggest that if the trend continues, the Federal Reserve may adopt a more ‘dovish’ stance, pressuring the US dollar. At 20:00 (GMT+2) today, investors await the regulator’s meeting results and a new dot chart forecasting interest rate cuts. Any signal of borrowing cost adjustments could drive XAU/USD prices upward. XAUUSD (Gold) - Technical Analysis The price of XAUUSD this morning during the Asian Session fell, forming a lower swing low for the first time since March 10th. The question which most traders are now asking is whether the price will now continue retracing downwards. Currently, the price in the medium term remains above the 75-EMA and above the 100-SMA which indicates the price still maintains its bullish bias. However, the price below the VWAP and order flow shows that so far sell orders outnumber buy orders. Therefore, due to the mixed signals, the volatility in the short term will be vital for technical analysts. For example, if the price falls to $3,026, 65% of the retracement has regained downward momentum potentially indicating a downward trend in the short term. Alternatively, at $3,027.90 the instrument will form a bearish breakout which again potentially indicates downward momentum. However, if the price increases above $3,034.17, a bullish breakout would have formed and the price will be again trading above the main Moving Average. Key Takeaway Points: Gold prices surged to an all-time high before dropping, possibly due to overbought concerns. Economic uncertainty and trade policies fuel demand for gold, bonds, and a declining stock market. The Federal Reserve acknowledges economic slowdown risks but remains reactive rather than proactive. The US plans tariffs on China, Canada, and Mexico, contributing to market volatility and economic concerns. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 20th March 2025. The SNP500 Remains Shaky As Stocks Attempt To Recover! The SNP500 loses momentum and declines more than 1.00% during Thursday’s European session. The decline results in the SNP500 losing previous gains from Wednesday. The main cause for the lower price is due to the Federal Reserve lowering its projections for the economic outlook. In addition to this, traders are fearing April 2nd. Why is ‘April 2nd’ triggering a lower risk appetite? April 2nd And What It Means For The Market? On April 2nd the US is anticipated to impose reciprocal tariffs on global markets. In other words, like-for-like tariffs mean that the US will charge its competition as they are charged themselves. According to the White House’s latest comments, ‘unless the tariff and non-tariff barriers are at the same level, or the US has higher tariffs, the tariffs will go into effect’. The market’s risk appetite has significantly fallen as this date approaches as investors fear these policies will trigger lower economic growth. This includes the economy globally and within the US. The VIX index, which is known to indicate the risk appetite of the market, fell in value by 16% over the past week. This week, indeed the SNP500 rose in value, however, today the VIX index shows signs of strengthening. If the VIX rises, this may further indicate negative price movement of the SNP500 and the broader stock market. A potential positive for the stock market is if the Federal Reserve takes a more dovish approach in April and May. In today’s early hours, President Trump attempted to pressure the Federal Reserve into considering a rate cut at the next meeting. According to experts, the President is attempting to prompt the Fed to provide a cushion for April 2nd. The Federal Reserve Yesterday, US Fed officials maintained the interest rate at 4.50%, aligning with analysts' expectations. They highlighted rising economic uncertainty due to new trade tariffs and the unclear impact of sanctions on inflation, opting for a wait-and-see approach while monitoring data. Fed Chair Jerome Powell stated that long-term consumer price index projections remain stable, with inflation expected to rise temporarily. The Central Bank changed its predictions for the upcoming quarters. According to updated estimates, Inflation in 2025 is expected to be at 2.7%, compared to 2.5% previously, and Unemployment could be fixed at 4.4%, which is 0.1% more than the previous forecast. Simultaneously, the expected growth rate of the US economy has been revised from 2.1% to 1.7%. Additionally, the quantitative tightening (QT) program will start slowing down on April 1. Following the meeting, the Dollar strengthened against major currencies. SNP500 - Technical Analysis On the 2-hour chart, the price of the SNP500 has witnessed mixed results throughout the day but has managed to remain above the major trend lines and in the bullish regression channel of the Bollinger Bands. However, on intraday timeframes, indications remain mixed, meaning traders should be prepared for volatility in both directions. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 19th March 2025. Stock Markets Mixed as Investors Await US Federal Reserve Interest Rate Decision Asian stock markets showed mixed performance on Wednesday as investors awaited the US Federal Reserve’s interest rate decision. Global markets remain on edge, with traders looking for guidance from Fed Chair Jerome Powell on future monetary policy. US stock futures edged higher, while oil prices declined for a second consecutive session. Yen Weakens as Bank of Japan Holds Rates Steady The Bank of Japan (BOJ) kept its policy rate unchanged at 0.5%, signalling concerns over global trade tensions while acknowledging domestic conditions that support further hikes. The central bank added trade policies to its risk outlook, reflecting heightened uncertainty as President Trump's tariff threats loom. Despite strong wage growth and inflation at 4%, BOJ Governor Kazuo Ueda appears cautious, suggesting the next rate hike may follow a six-month pace—possibly in June or July. Meanwhile, Japan’s latest trade data showed a surplus in February, with exports rising over 11%. The Bank of Japan kept its benchmark interest rate unchanged at 0.5%, in line with expectations. Similarly, the Federal Reserve is widely anticipated to maintain its current rate stance. The Japanese Yen continued its decline against the US dollar after the Bank of Japan (BOJ) opted to keep its policy interest rate unchanged, citing ongoing global trade concerns and domestic economic trends, including rising wages and inflation. Meanwhile, the Fed is expected to cut rates starting in September, keeping the rate gap with Japan-wide. The Yen slipped as much as 0.4% to 150 per dollar, extending losses from last week’s five-month high. The decision was widely expected, as all economists surveyed by Bloomberg had anticipated that the BOJ would maintain its current policy stance. In its latest statement, the BOJ highlighted trade policies and global economic conditions as key risks to its outlook. This marks a shift from previous statements, reflecting heightened uncertainty in global markets. Over the past year, Japan’s central bank has raised interest rates three times since ending its negative interest rate policy, the last of its kind worldwide. Key Focus: US Federal Reserve’s Rate Decision All eyes are on the Federal Reserve’s policy announcement and Powell’s press conference, where investors hope to gain insight into future rate moves. The dot plot forecast is expected to align with December’s projections, suggesting two 25-basis-point rate cuts per year through mid-2027. Analysts anticipate rate reductions in June and December 2025, though Powell is likely to emphasize a measured approach toward the 2% inflation target. US stock markets saw losses across major indices: S&P 500 fell 1.1% to 5,614.66. The Dow Jones Industrial Average declined 0.6% to 41,581.31. Nasdaq Composite slid 1.7% to 17,504.12. Tech Stocks Under Pressure Tesla dropped 5.3%, weighed down by slowing electric vehicle (EV) sales and rising competition. China’s BYD unveiled an ultra-fast charging system, intensifying pressure on Tesla’s market dominance. Meanwhile, Alphabet (Google's parent company) lost 2.2% after announcing a $32 billion acquisition of cybersecurity firm Wiz, its largest-ever deal, aimed at strengthening cloud computing and AI capabilities. The broader technology sector continued to struggle amid concerns over overvaluation and trade tensions. Nvidia dropped 3.3%, even as it hosted its "AI Woodstock" event. Super Micro Computer tumbled 9.6%. Palantir Technologies lost 4%. Investors remain cautious about former President Donald Trump’s trade policies, which could impact US economic growth. Tariff uncertainty adds pressure on the Federal Reserve, as lower interest rates encourage borrowing but could also fuel inflation concerns. Oil Prices Decline as Market Awaits Fed Decision Oil prices slipped for a second straight session, pressured by rising US crude inventories and persistent concerns over global trade tensions. Brent crude dropped 0.7%, trading near $70 per barrel. West Texas Intermediate (WTI) crude hovered around $66 per barrel. The American Petroleum Institute (API) reported a 4.6 million barrel build in US crude stockpiles last week, although inventories in Cushing, Oklahoma, declined. Official EIA data is due later Wednesday. Market sentiment remains fragile as investors assess OPEC+ supply increases and weak demand in China, compounding concerns over a potential economic slowdown. Geopolitical tensions remain in focus, particularly in the Middle East and Russia-Ukraine conflict. The Biden administration is closely monitoring Iranian involvement in Houthi attacks, while Russian President Vladimir Putin rejected US calls for a ceasefire, instead limiting strikes on Ukraine’s energy infrastructure. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets 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 Leveraged 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 March 2025. Will Gold Continue Its Bullish Trend or Is Buying Too Risky? The price momentum of Gold will partially depend on this week’s Central Banks guidance on their monetary policy. So far, the price of Gold has risen in value due to expectations of further interest rate cuts in 2025 and recession fears. Additionally, significantly higher demand from retail investors has contributed to its upward momentum. Will Gold Maintain Momentum? In the last quarter of 2024, economists and investment banks such as Goldman Sachs and JP Morgan set a prediction that Gold will reach $3,000. The $3,000 target set by US institutions has been a key talking point. This video from early December is a key example. So far in 2025 alone, the price of Gold has risen 13.60% and more than 31% over the past 12 months. So far, the price momentum does not show signs of slowing nor is the bullish momentum triggering indications that the price is overbought. Overbought indications can be triggered through the RSI, divergence or price rejection patterns. Neither of these are currently forming. However, traders should stay vigilant, as the sharp price increase may encourage investors to capitalize on profits by selling at higher levels. XAUUSD 2-Hour Chart The Impact of This Week’s Central Banks and the Federal Reserve Meetings on Gold This week the market and Gold traders are paying close attention to the Central Bank Meetings around the globe. Particularly, traders are focusing on the Federal Reserve, Bank of England, Bank of Japan and Swiss National Bank. One of the key reasons Gold is increasing in demand is due to the uncertainty of Trump’s trade policies, recession fears and also interest rate cuts. Nonetheless, this week the heads of the above-mentioned central banks will comment on interest rates in the foreseeable future, the state of the economy and their views on the new trade policy. If the Fed's comments on the economy remain positive and a hawkish stance is taken on rates, Gold can witness short-term pressure. Short-term pressure could trigger the instrument to form a retracement. A retracement based on the 75-period Moving Average and 100-period SMA could fall between $2,941.60 and $2,961.75. Economic Policy Uncertainty Index Meanwhile, Gold may also face pressure from the European Commission's large-scale rearmament plans, enhancing the region's investment appeal. The fiscal policy’s expansionary appeal could ignite economic growth and a lesser need for the ECB to cut its rates. Investors are also closely monitoring the German parliament's vote on a proposed €500 billion special fund aimed at infrastructure and defence projects. The higher investor sentiment can also be seen via the European stock market. The German DAX has risen 4.20% over the past week, the Euro Stoxx 50 3.00% and the IBEX by 3.06%. Therefore, the central bank’s comments on the monetary policy and the resilience of the economy can be vital for Gold. Lastly, President Trump and President Putin are also scheduled to speak later this afternoon regarding Ukraine. If the talks bear fruit the market’s higher market sentiment may also pressure Gold. XAUUSD - Technical Analysis The price action of the XAUUSD will depend on this week’s events and the US Dollar Index. Currently, the US Dollar Index is trading 0.08% higher but not high enough to pressure Gold. The VIX, a well-known risk indicator, is trading 1.10% lower which is also indicating an improved appetite so far. The latest UFTC report shows that real-money-backed bullish positions total 215.627K, compared to 33.467K for bearish positions. Over the past week, buyers reduced their contracts by 1.429K, while sellers cut theirs by 1.016K, signalling the continuation of the current trend. The asset also remains above the VWAP and with positive cumulative delta statistics. On the 2-hour chart, the price remains in the bullish zone of the RSI and the MACD. In addition to this, the price is currently trading 1.85% higher than the 75-period EMA which also indicates buyers are controlling the market. On the 3-minute timeframe, the price swings continue to form mainly higher highs and lows, as well as trade above the 200-period SMA. By evaluating this data and indications, the price keeps its bullish bias. However, if the price falls below $3,009.80, indications in the short term may change. Key Takeaway Points: Gold’s Momentum: Gold has surged 13.6% in 2025, driven by interest rate cut expectations, recession fears, and strong retail demand. Central Banks’ Impact: This week’s Fed, BoJ, BoE, and SNB meetings could influence Gold, especially if a hawkish stance is taken. Particularly, if the central banks also predict a resilient economy. Technical Strength: Gold remains in a bullish trend with no overbought signals, but traders should watch for potential retracements. Geopolitical Factors: European rearmament plans and Trump-Putin talks may impact Gold’s demand and market sentiment. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 March 2025. A Key Week For Central Bank: Bank Of Japan and JPY In Focus! The market finds itself in a week full of central bank decisions which is likely to create plenty of volatility. This includes the Federal Reserve, Bank of Japan, Bank of England and the Swiss National Bank. Analysts expect all central banks to keep their interest rates unchanged except for the Swiss National Bank. Of the related currencies the best performing in 2025 so far remains the Japanese Yen. CHFJPY - Can This Week’s Events Shift Momentum Back in Favor of the JPY? The Japanese Yen has been the best performing currency of 2025 due to higher inflation, national salary increases and historic interest rate hikes. However, the currency has come under pressure from economic data weaker than previous expectations. On Monday 17th, the JPY continued to struggle. Nonetheless, most economists believe the trend remains intact and the price of the JPY remains higher than the average price of 2025 so far. A Reuters poll of top economists suggests core inflation may ease as government energy subsidies resume. However, the overall upward trend is expected to persist, allowing the Bank of Japan to maintain its tightening stance. Preliminary estimates indicate the core consumer price index will rise by 2.9%, down from 3.2%. Even with an inflation rate of 2.9%, the central bank will have the space to manoeuvre. The Japanese Yen's bullish trend has paused for now. However, buyers are awaiting comments from the Bank of Japan Governor that could reignite momentum. Japanese government bond yields show mixed signals as the Bank of Japan gears up for its next key monetary policy decision amid global uncertainties. If the BoJ continues to signal further rate hikes for the upcoming months, the JPY is likely to rise further. Swiss National Bank This morning the Swiss Franc is witnessing neither positive nor negative price movement. Most economists believe the Swiss National Bank will take another decision to cut interest rates even though there is little room left for maneuver. Most economists believe the SNB will cut 0.25% with few individuals opting for a 50 basis point cut to 0.00%. Switzerland aims to cut rates further due to low inflation, which is nearly 0.00%. According to economists, if prices do not pick up, the country may be at risk of deflation. In addition to this, Switzerland’s Gross Domestic Product growth rate has fallen to 0.2%, the lowest since 2023. If the SNB cuts more than 0.25% or indicates that the policy rate will fall to 0.00%, the CHFJPY potentially can continue to fall. For the CHFJPY, the two central bank decisions will be the key price drivers as neither economy is due to release any major economic data. Trump and President Putin's scheduled phone call tomorrow could drive market volatility, particularly impacting the safe-haven Swiss Franc and Japanese Yen. Key Takeaway Points: Key rate decisions from the Fed, BoJ, BoE, and SNB are expected, with analysts predicting no changes except for a likely rate cut from the Swiss National Bank. The Japanese Yen has led currency performance in 2025 but is facing pressure from weaker economic data. However, analysts expect the trend to remain intact. The SNB is expected to cut rates by 0.25% due to low inflation and slow GDP growth, which could weaken the CHF further. The BoJ’s rate outlook and a scheduled Trump-Putin phone call could increase volatility, especially for safe-haven currencies. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 March 2025. Gold Surges Past Record High as Market Volatility Persists. Gold Surges Past Record High as Market Volatility Persists Gold surged towards $2,994 per ounce, surpassing its previous high set on Thursday. With a 2.6% rise this week, gold is on track for its most significant gain since November. Meanwhile, gold futures in New York comfortably exceeded the $3,000 mark, reflecting strong investor sentiment toward the precious metal. The robust performance of gold this quarter extends its strong annual rally in 2024. Market uncertainty, exacerbated by the US administration’s aggressive trade policies, has dampened risk appetite for equities, pushing the S&P 500 into correction territory this week. Central bank purchases increased ETF inflows, and bullish forecasts from major banks have further fueled gold’s ascent. Trade Tensions and Market Impact Former President Donald Trump escalated trade tensions by proposing a 200% tariff on European alcoholic beverages, including wine and champagne. Additionally, he reaffirmed his stance on retaining tariffs on steel and aluminium and signalled that reciprocal tariffs on global trade partners could take effect as early as April 2. As we approach the second quarter, reciprocal tariffs could drive another wave of market turbulence, solidifying gold’s appeal as a safe-haven asset. Gold and Equity Market Reactions The upward momentum in gold has also lifted mining stocks, with Australia’s Evolution Mining Ltd. reaching an all-time high. Global holdings in gold-backed ETFs increased to 2,687 tons, marking the highest level since November 2023. Analysts at major banks remain bullish on gold’s trajectory. Macquarie Group recently forecasted a potential spike to $3,500 per ounce in Q2, while BNP Paribas revised its outlook to show gold prices consistently above $3,000. Gold traded at $2,983.50 per ounce in the Asia session, reflecting a 14% year-to-date gain. Meanwhile, silver edged lower after nearing $34 per ounce, while platinum and palladium recorded gains. US Stock Market Recovery Amid Uncertainty After a sharp sell-off, US stock futures rebounded. Futures tied to the Dow Jones Industrial Average rose 0.4%, while S&P 500 and Nasdaq Composite futures gained 0.6% and 0.8%, respectively. Despite the slight recovery, Wall Street remains on edge following the S&P 500’s descent into correction territory. Trump’s firm stance on tariffs has added to market concerns. During a meeting with NATO’s secretary general, he dismissed any possibility of easing trade restrictions, acknowledging that further market disruptions may lie ahead. Government Shutdown and Economic Indicators Adding to the economic uncertainty, a potential US government shutdown loomed over Wall Street. However, a breakthrough emerged late Thursday as Senate Minority Leader Chuck Schumer signalled a willingness to advance a Republican-led stopgap spending bill. Today the University of Michigan’s consumer sentiment survey is expected to shed light on how consumers are coping with inflation and trade disruptions. Last month’s report indicated weakening economic confidence, which could have further implications for spending trends. Asian Markets Rally Amid China’s Economic Stimulus Asian stock markets saw a strong performance this morning, brushing off Wall Street’s losses. Chinese stocks surged after state-run banks and financial institutions were instructed to support consumer spending. Hong Kong’s Hang Seng Index jumped 2.5% to 24,038.85, while the Shanghai Composite Index gained 1.9% to 3,420.65. In Tokyo, the Nikkei 225 added 0.9%, while Australia’s ASX 200 climbed 0.6%. China’s National Financial Regulatory Administration issued directives aimed at boosting consumer finance, including encouraging credit card usage and providing support for struggling borrowers. Economists, however, argue that broader reforms—such as wage growth and enhanced social welfare—are necessary for sustained economic recovery. Wall Street’s Struggles Amid AI Stock Declines Despite positive economic data, including lower-than-expected wholesale inflation and strong job market indicators, stock market turbulence continued. AI-related stocks, which have been at the forefront of market gains, faced renewed pressure. Palantir Technologies fell 4.8%, Super Micro Computer dropped 8%, and Nvidia fluctuated before closing 0.1% lower. Tesla also struggled, declining 3% and extending its 2025 losses to over 40%. In contrast, Intel shares soared 14.6% after announcing Lip-Bu Tan as its new CEO. Oil Prices and Currency Movements In commodities, US crude oil prices rose by $0.46 to $67.01 per barrel, while Brent crude increased by $0.44 to $70.32 per barrel. The US dollar strengthened to 148.63 Yen, while the Euro dipped slightly to $1.0845. Conclusion Market volatility remains high as investors navigate shifting trade policies, inflation concerns, and economic uncertainties. While gold continues to shine as a safe-haven asset, equity markets face persistent headwinds. As geopolitical and economic developments unfold, traders and investors must remain vigilant in the days ahead. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets 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 Leveraged 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 March 2025. Wall Street Rebounds on Cooler CPI, But Tariff Uncertainty Weighs on Markets. Wall Street found some relief as cooler-than-expected US Consumer Price Index (CPI) data provided a temporary boost for stocks. However, Treasury yields continued to rise, with investors remaining cautious amid ongoing tariff uncertainties. Stock Market Reaction to CPI Data The US stock market recovered after enduring sharp losses throughout the month. The tech-heavy NASDAQ led the rebound with a 1.22% gain, although it remains down 6.35% for March. The S&P 500 climbed 0.49%, yet it is still off by 5.97% for the month, finishing just below the 5600 mark at 5599. Meanwhile, the Dow Jones Industrial Average closed 0.2% lower, reflecting investor apprehension over economic policy shifts. Despite the positive CPI data, Treasury bonds failed to benefit. The 2-year yield increased by 4 basis points to 3.982%, while the freshly auctioned 10-year yield rose 3.3 basis points to 4.318%. Investors refrained from aggressively chasing bonds as inflation trends had already softened before the latest tariff measures took effect. Global Market Response to Trade Policies Markets in Asia struggled on Thursday, reversing early gains as concerns over U.S. trade policies overshadowed optimism from the U.S. inflation report. The Hang Seng Index in Hong Kong fell 1.4%, while China’s blue-chip stocks dropped 0.7%. Japan’s Nikkei initially gained 1.4% before retreating to flat territory. Australia’s benchmark index slid 0.5%, confirming a technical correction as it fell 10% from its record high reached on February 14. European markets also faced pressure, with STOXX 50 futures slipping 0.5%. Meanwhile, US futures pointed to a weak Wall Street open, with S&P 500 futures down 0.5% and NASDAQ futures off 0.8%. Trade Tensions and Inflation Concerns The US government’s latest tariff measures on steel and aluminium, which took effect on Wednesday, added to market uncertainty. Canada and Europe responded with swift retaliatory duties, further exacerbating trade tensions. Please note that the trade policy developments are clouding inflation forecasts, with potential further tariffs on Chinese, Canadian, and Mexican goods posing additional risks. Commodity Market Trends Safe-haven assets gained traction amid market volatility. Gold prices surged 0.5% to $2,947.06 per ounce, nearing the all-time high of $2,956.15 from February 24. The Yen strengthened by 0.4% to 147.70 per Dollar, while the Euro edged 0.1% lower to $1.0879. Crude oil prices pulled back after a recent rally. Brent crude futures declined 0.3% to $70.77 per barrel, while US West Texas Intermediate (WTI) crude fell 0.4% to $67.44 per barrel. Looking Ahead The combination of trade policy uncertainty, inflation concerns, and shifting investor sentiment continues to shape global markets. While Wall Street saw a brief recovery, ongoing volatility suggests that market participants remain cautious as they navigate the evolving economic landscape. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets 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 Leveraged 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: 12th March 2025. Eyes on Inflation: Market Volatility, Tariffs, and Geopolitical Tensions Shake Wall Street. It was another volatile session as markets assessed fresh news on tariffs and Ukraine, all while positioning for upcoming economic reports like the JOLTS data and the Consumer Price Index (CPI). Wall Street closed lower but off its lows, with the Dow slipping by -1.14%, finishing at 41,433, after dropping to a session low of 41,175. This decline followed reports that President Trump would increase tariffs on Canadian steel and aluminium by another 25%, bringing the total levy to 50%. This move was seen as retaliation for Ontario’s 25% tariff on US electricity imports. This news lifted some of the market's anxiety, though fears of the ongoing trade war and its broader economic implications remains. The tariffs on all steel and aluminium imports could potentially revive US factory jobs. This decision adds to the growing uncertainty surrounding the stock market, which is grappling with concerns about an economic slowdown. The S&P 500 closed with a -0.76% loss, settling at 5572, just shy of correction territory, while the NASDAQ fell by -0.18% to 17,436 after fluctuating in and out of positive territory. Treasury Yields and the Stock Market: Diverging Signals Despite the declines in stocks, treasury yields saw a rise, with the 2-year up 6.2 basis points at 3.945%, the 3-year increasing by 6 basis points at 3.950%, and the 10-year rising 6.5 basis points to 4.283%. The 30-year saw a 5.5 basis point drop, closing at 4.600%. There was stronger selling, even with a solid 3-year auction, and some haven demand began to fade as dip buyers emerged in the stock market. The dollar closed slightly off its lows at 103.375, while oil ended the day up 0.8% at $66.50 per barrel. Gold also saw an increase of 0.96%, reaching $2916.49 per ounce. European Stocks Poised for Stronger Open European stocks were expected to open stronger after Trump sought to reassure investors about the outlook for the US economy. Furthermore, Ukraine agreed to a proposal for a 30-day truce with Russia, giving markets some hope for geopolitical stability. Despite these developments, markets remain nervous about the future, with concerns over sticky inflation, Trump’s tariff policy, and the pace of Federal Reserve interest rate cuts all weighing heavily on investor sentiment. The VIX, a gauge of stock market volatility, remains elevated near its highest level since August. Similarly, measures of volatility in the US Treasury market are at their highest levels since November. With economic growth in the U.S. uncertain, market participants are feeling the pressure. Geopolitical and Economic Risks: The EU Responds In response to the new US tariffs on steel and aluminium, the European Union announced it would impose duties on American goods worth €26 billion ($28.3 billion). The European Commission’s swift action underscores the growing global trade tensions and the potential for further escalation. Trump's Economic Strategy: A Mixed Picture President Trump sought to calm recession fears, declaring, “I don’t see it at all. I think this country’s going to boom.” He added that market fluctuations are natural, stating, “Markets are going to go up and they’re going to go down. But you know what, we have to rebuild our country.” While the president's optimism contrasts with market fears, analysts remain cautious, particularly given the increasing uncertainty about US economic growth and the potential consequences of the ongoing trade wars. In a meeting with top executives, Trump stressed the importance of speeding up the approval process for environmental regulations and hinted at plans to announce a major electricity project soon. He also suggested that companies manufacturing in the US could benefit from reduced business taxes. Markets Look to Inflation Data Investors are also closely watching the US consumer inflation reading, set to be released later in the day. The CPI is expected to advance by 0.3% in February, following a 0.5% increase at the start of the year. Analysts are concerned that if inflation remains sticky, the Federal Reserve may lack the flexibility to cut interest rates, especially if Trump's economic policies lead to a sharp slowdown in growth. Commodities: Oil and Gold on the Rise In commodities, oil extended its gains after the US revised its global oversupply forecast. Gold continued its upward momentum, supported by safe-haven demand amid market uncertainty. Final Thoughts: Tariffs, Fed Policy, and Market Volatility As we move forward into 2025, one key question remains: Do tariffs matter more than the Fed's policies for US stock markets? The answer may depend on how markets react to future trade developments, inflation data, and the Federal Reserve’s actions. As the market navigates this volatile environment, investors will need to stay vigilant and adaptable, ready to respond to the ever-evolving landscape of tariffs, inflation, and economic growth. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 March 2025. Recession Fears Grow as Market Sell-Off Deepens. Recession fears escalated following weekend comments from President Donald Trump, who described the US as being in a "period of transition" when questioned about economic risks. Concerns over tariffs and their global economic impact have heightened uncertainty and weakened investor confidence. A JPMorgan model recently indicated a 31% market-implied probability of a US recession, while a similar Goldman Sachs model suggests rising recession risks. Meanwhile, disappointing earnings guidance from major firms, including big tech companies, has fueled a bearish market outlook. Broader market fears are compounding the downturn. Investors remain wary of economic recession signals, exacerbated by trade uncertainties and shifting fiscal policies. The S&P 500 has erased its post-election gains, and speculative assets—including crypto-linked stocks and ETFs—are facing aggressive sell-offs. Stock Market Plunge: Major Indexes in the Red The NASDAQ tumbled -4.0%, while the S&P 500 dropped -2.70%, and the Dow Jones declined -2.08%, pushing major indexes into negative territory for the year. Global equities also suffered sharp declines. Amid this turmoil, Treasury yields fell as investors sought safe-haven assets, reinforcing expectations of Federal Reserve rate cuts in June. The 2-year yield dropped -11.6 bps to 3.883%, while the 10-year yield slipped -8.5 bps to 4.218%. The US Dollar Index (DXY) firmed slightly to 103.926, recovering from its session low of 103.559, the weakest level since November. Commodities Struggle Amid Market Volatility Despite Wall Street’s sell-off, gold remained flat at $2,888 per ounce, failing to gain traction as a safe-haven asset. Oil prices also dipped by -0.26% to $65.86 per barrel, reflecting broader economic concerns. Oil tracked equity markets and risk assets amid concerns that tariffs and other measures could stunt growth in the world’s largest economy. Oil has fallen nearly 20% from its mid-January high as Trump’s tariff hikes and push to cut federal spending darken the economic outlook for the largest oil producer and consumer. Other bearish factors include OPEC+ plans to increase supply and weakening demand in China, where refiners are being urged to shift away from producing key fuels like diesel and gasoline. US Energy Secretary Chris Wright provided some bullish sentiment, stating that the Trump administration is prepared to enforce US sanctions on Iranian oil production. He made the remarks at the CERAWeek by S&P Global conference in Houston on Monday. Executives from major oil producers—including Chevron Corp., Shell Plc, and Saudi Aramco—expressed strong support for Trump’s energy dominance agenda at the gathering. Vitol Group CEO Russell Hardy projected oil prices to range between $60 and $80 per barrel over the next few years. Key US Economic Data Releases This Week Investors are bracing for significant economic data, including the Consumer Price Index (CPI), Producer Price Index (PPI), and the Job Openings and Labor Turnover Survey (JOLTS) report. While the Federal Open Market Committee (FOMC) remains focused on inflation, Tuesday’s JOLTS report could drive market reactions amid heightened recession concerns. In December, job openings declined -556K to 7.6 million, near the lowest level since January 2021. The opening rate has also fallen to 4.5%, down from 5.3% a year ago. Meanwhile, the quit rate—a key measure of labour market confidence—held at 2.0%, compared to 3.0% at its peak. Federal Reserve Rate Cut Expectations Shift Fed funds futures indicate expectations for three quarter-point rate cuts in 2025, as economic slowdown concerns overshadow inflation fears. The futures market now anticipates the first rate cut in June, with the implied rate reflecting -30 bps in cuts. September pricing suggests -59 bps, while December signals -78 bps in total easing. However, the Fed remains in its blackout period ahead of its March 18-19 meeting. Tech Stocks Hit Hard as Nasdaq 100 Falls 3.8% The Nasdaq 100 suffered its worst single-day decline since October 2022, falling -3.8%. At intraday lows, the index was down -4.7%, erasing more than $1 trillion in market value. Key factors driving the sell-off include tariff-related uncertainty, declining confidence in AI spending, and disappointing inflation and labour data. The so-called "Magnificent 7" tech stocks, which led the recent bull market, experienced steep losses. Among the biggest losers were: Tesla (-15.4%) – its worst day since September 2020 amid falling sales and concerns over CEO Elon Musk’s focus on the company. MicroStrategy (-16.7%) AppLovin (-12%) Palantir (-10.1%) Atlassian (-9.6%) Broader Market Impact: Treasury Yields Drop as Safe-Haven Demand Rises As recession fears mount, Treasury yields fell, with the 10-year yield hitting its lowest level this year. This decline reflects investors' growing preference for safer assets. On the risk-asset front, Bitcoin plummeted to nearly $77,000, marking its lowest level since November, as investors moved away from speculative assets amid economic uncertainty. Cryptocurrency-related exchange-traded funds (ETFs) have been hit hard. Among the biggest losers were two leveraged ETFs tied to Bitcoin-holding firm MicroStrategy, both of which dropped over 30% in a single day. Additionally, an ETF doubling the daily returns of Robinhood Markets Inc.—a favoured brokerage among crypto traders—plummeted 40%. Leveraged Bitcoin funds fell approximately 20%, while those focused on Ethereum declined 26% amid the broader digital asset selloff. The downturn highlights growing uncertainty in the crypto market, particularly as speculation surrounding regulatory policies and economic conditions intensifies. Bitcoin and other cryptocurrencies initially surged post-election, driven by optimism over potential policy shifts. With key economic reports and the Fed meeting approaching, markets remain on edge. Recession fears, tech sell-offs, and shifting rate-cut expectations continue to drive volatility. Investors will closely watch upcoming data releases to gauge economic resilience and potential Federal Reserve actions in the coming months. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 March 2025. SNP500 Hits a 6-Month Low: Trade Policy & Recession Fears Weigh on Market`s. The SNP500 completes a 3-week decline and falls to its lowest price since September 2024. The price continues to remain under pressure from President Trump’s trade policy. In addition to this, investors are becoming increasingly cautious about a potential US recession. SNP500 - Trade Policy and The Federal Reserve’s View On The Economy The US Non-Farm Employment data on Friday read lower than what analysts were expecting. However, the data does not yet indicate a recession. Investors are increasingly showing a lower risk appetite and cautiousness due to Trump’s trade policy on China, Mexico and Canada. The NFP Change read 151,000, 8,000 lower than predictions and the Unemployment Rate rose to 4.1%. The poor price movement is more driven by comments from the US President. Yesterday evening on Fox News, the US President addressed concerns about a potential US recession, advising the economy will undergo ‘a period of transition.’ However, some see this as a subtle warning of a short economic downturn. Though the Chairman of the Federal Reserve is taking a different tone and looking to reassure the market. Mr Jerome Powell advises the FOMC is not expecting or worried about a US recession. ‘The US economy remains in a strong position despite heightened uncertainty,’ Powell stated at a University of Chicago event. He also said that sentiment readings have been a reliable tool for predicting consumption growth in recent years. ‘There is no need to rush, we are in a good position to wait for more clarity,’ was his answer to questions about interest rates. On the one hand, the SNP500 may witness support from the positive comments from the Fed regarding the economy. He also clarified that certain economic indicators are not predicting a recession regardless of the lower figures. However, the comments on interest rates and keeping them unchanged for a longer period can pressure the price of the index. Will The SNP500 Continue Declining? The FedWatch tool indicated a 92% chance of a pause in this month’s Fed Rate Decision, but the figure has risen to 97%. If the possibility of a rate cut continues to be unlikely in the near future, the SNP500 may continue to remain under pressure. Currently, the VIX, an index used as an indication of risk, is trading more than 4.00% higher. For this reason, the VIX continues to indicate a poor performance in the short-term. Asian and European indices are trading lower this morning as are US indices. As a result, the performance of the global stock market shows a ‘risk off’ sentiment. SNP500 - Technical Analysis The price of the SNP500 is currently trading 0.73% lower and gains bearish momentum as the European market opens. In the 2-hour timeframe, the price is trading below the main Moving Averages and VWAP. The index also remains within the ‘sell’ zone of the RSI and MACD. On the 3-minute chart, the price remains below the 200-bar SMA and sell signals may continue to materialize for as long as the price remains below this level. Key Takeaways: The SNP500 has declined for three consecutive weeks, hitting its lowest level since September 2024. The main cause of pressure is from Trump’s trade policies and recession concerns. Weaker-than-expected US employment data raised caution. However, the Fed reassured markets, stating there is no imminent recession and no rush to adjust interest rates. The FedWatch tool now shows a 97% chance of a rate pause, reducing hopes for near-term cuts. Technical indicators suggest continued bearish momentum, with the index trading below key moving averages and remaining in the sell zone on RSI. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 7th March 2025. How Will Gold React After Today’s Non-Farm Employment Change? As the US employment data approaches, Gold continues to trade sideways showing range-bound trading conditions. This is primarily due to investors waiting for further data to determine Gold’s intrinsic value. How will today’s Non-Farm Payroll release influence the price of Gold? Will Gold Break Out of Its Range After Today’s NFP Release? The Non-Farm Employment Change will be in the spotlight as investors expect the figure to remain relatively low. However, traders are also focused on the Unemployment Rate and Average Monthly Earnings. If this afternoon’s employment data reads similar to current expectations, the price of Gold may continue witnessing range-bound trading conditions. In this scenario, the average price of the past three days would be key. The average price is currently $2,913.70. Whereas, if the NFP indicates an employment sector which continues to show resilience and strong data, the price of Gold may witness a decline. This is mainly due to strong employment data strengthening the USD, boosting the US stocks, and reducing 2025 rate cuts. If the price of Gold is to decline, Moving Averages indicate the price could fall between $2,899.00 and $2,906.75 in the short term. However, this would depend on how much stronger the employment data is. On the other hand, if the Unemployment Rate rises and the Non-Farm Employment Change falls below 155,000, Gold could quickly regain momentum. The weaker employment data would increase the chances of the Federal Reserve cutting interest rates in March or could make a cut certain for May 2025. As a result, the weaker US Dollar could support Gold as well as the market’s lower risk appetite. Gold’s safe haven status can come into play if data is significantly weaker. US Employment Sector Yesterday’s labour market data showed initial jobless claims rose to 221,000, lower than the expected 234,000 and the previous 242,000. The four-week average increased slightly to 224,250, while total benefit recipients climbed from 1.855 million to 1.897 million, exceeding the 1.88 million forecast. However, the main negativity came from the ADP Employment Change which fell to 77,000, the lowest in three years. The labour market remains under pressure, showing signs of cooling. If Friday’s federal data confirms this trend, the chances of Gold reaching the $3,000 target set by Wall Street increases. China Continues Boosting Gold Demand! China has launched a pilot program allowing ten national insurance companies to invest in gold through standard contracts, limited to 1% of their available assets. The country continues to be one of the countries driving demand for the commodity significantly higher along with Russia, India and Turkey. With industry revenues exceeding $700 billion, even modest investments could boost global demand for gold by 1.5–2.0% according to reports. Gold (XAUUSD) - Technical Analysis The White House announced a one-month delay on the 25% tariff for vehicles under the USMCA trade agreement. Economists also advise that the US is looking to negotiate with both Canada and Mexico on trade policies. If an agreement is made, the price of Gold may decline due to a stronger US Dollar and higher market sentiment. Currently, the US Dollar Index trades 0.37% lower and is the worst-performing currency of the day which is a positive for Gold. In terms of technical analysis and price action, the asset has been witnessing range-bound conditions between $2,891 and $2,929.85. If these conditions are to continue the average price of $2,913.70 will be key and may be continuously hit. However, the price remains slightly above the 75-Bar EMA and 100-Bar SMA indicating a slight bullish bias. The instrument is also trading above the VWAP and RSI 50.00 level which is another positive for bullish traders. Join today’s Live Analysis Session: Key Takeaway Points: Gold remains range-bound as investors await US employment data, with the NFP release likely to determine its next move. Analysts expect the US to add a further 159,000 jobs and the Unemployment Rate to remain at 4.00%. Strong employment data could strengthen the US Dollar and push Gold lower. While weaker data may boost Gold by increasing Fed rate cut expectations. China’s new gold investment program and ongoing demand from Russia, India, and Turkey could further drive global gold prices higher. Technical indicators suggest a slightly bullish bias, but Gold remains within a defined range between $2,891 and $2,929.85, with $2,913.70 as a key level. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 March 2025. The Euro is on The Rise But Is the Currency Overbought? The Euro rose more than 4% over four days making it the currency’s best performance since COVID lockdowns. The upward price movement is primarily driven by the European bond market which saw its worst day since the 1990s. However, investors are now evaluating whether the Euro is overbought. Why Is the Euro Increasing in Value? The Euro's rise is driven by the EU's new ‘re-arm’ plans, announced by the European Commission President. This is in response to the US suspending military aid to Ukraine. Analysts believe increased military spending will strengthen the Euro in the short term, but its impact may fade, especially if the Ukraine-Russia conflict ends. The US is looking to achieve this by halting aid and no longer sharing military intelligence. In addition, the German Bond fell and witnessed their worst day in almost 30 years. As a result the higher bond yields also continue to support the Euro. Currently, the Euro Index is trading 0.09% higher and is only witnessing a decline against the Japanese Yen. However, the price movement of the Euro will also depend on the European Central Bank and potential Trump Tariffs. Economists remain convinced that Trump's tariff threats are serious and will be imposed on the EU. Just last week, he announced that Washington will impose 25% tariffs on Europe-made ‘cars and all other things’. On April 2nd, Washington plans to introduce another round of ‘reciprocal’ tariffs, adding to those already in effect. Germany remains particularly vulnerable, as a large portion of its industry relies on exports to the US. This can potentially have a negative effect on the Euro and the European stock market. Is the European Central Bank a Risk for the Euro? The European Central Bank is due to announce its rate decision this afternoon and conduct a press conference thereafter. The ECB may potentially aim to calm the market after German Bonds took a hit. If the ECB remains dovish and also reassures the market of the Eurozone’s fiscal and monetary policy, the Euro can retrace in the short term. Analysts currently advise today’s ECB meeting will most likely be the most interesting in years and the most unpredictable. Markets are expecting a rate of 2.65% from the ECB. Analysts at Morgan Stanley believe the ECB will maintain its "dovish" stance in March and April to support the economy, especially as inflation slowed to 2.4% in February from 2.5% the previous month, nearing the 2.0% target. If the ECB advice rates are likely to continue falling in 2025, the Euro will struggle to maintain bullish momentum. EURUSD - Technical Analysis and Indicators The EURUSD is still witnessing indications of bullish price movement on the 2-hour chart and fundamentals also support the upward price movement. However, simultaneously, the price is obtaining indications the currency is overbought in the short to medium term. The EURUSD is trading above the overbought level on the RSI and is obtaining a divergence signal on most timeframes. Therefore, the possibility of the price being overbought and retracing remains, but the price action will depend on the ECB. Until the ECB’s rate decision and press conference, the average price at 1.08000 will be key as it has been so far today. Key Takeaway Points: The Euro surged over 4% in four days, its best performance since COVID lockdowns, driven by European bond market turmoil. The EU’s ‘re-arm’ plans and rising German bond yields boost the Euro, but US tariffs and ECB decisions may impact its trend. The ECB’s upcoming rate decision and monetary policy stance could shape short-term price movements, with a dovish approach expected. Despite strong fundamentals, RSI overbought levels and divergence signals suggest a possible retracement, depending on the ECB. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 03rd March 2025. The NASDAQ and Global Stocks Rebound On Tariff Optimism. Stocks rebound during yesterday’s US session after the US Commerce Chief advises there is room for discussions with tariffs. The NASDAQ initially fell to the lowest price since before the US elections, but quickly rebounded and rose 3.25%. On Wednesday, all stocks are rising in value including in the US, Europe and Asia. NASDAQ Rebounds on Optimism Over Tariff Talks The price of the NASDAQ rose in value as investors took the lower price as an opportunity to buy the discount. The US Commerce Chief said that even though the US will not remove tariffs on Mexico and Canada, they are looking to negotiate and meet them ‘in the middle’. As a result, investors quickly reentered the stock market, particularly the NASDAQ. The NASDAQ previously fell almost 10% from its recent high due to the potential negative effect of tariffs. Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on US products worth 155 billion CAD ($107 billion), set to take full effect at the end of the month. Meanwhile, China imposed 10–15% tariffs on various US agricultural goods, including soybeans, corn, dairy, and beef. Experts warn these trade barriers could accelerate inflation. However, the effect on the stock market in the long-term will depend on if the US will negotiate a ‘[middle ground’. Additionally, the GDPNow model from the Atlanta Fed revised U.S. GDP projections down to -2.8% from the previous -1.5%, increasing uncertainty around the Federal Reserve’s next move, whether to maintain high rates to curb inflation or lower borrowing costs to support the economy. The NASDAQ may positively react if the Federal Reserve considers earlier and more frequent rate cuts. The NASDAQ and The Global Stock Market The performance of the NASDAQ depends on if the US can work out a deal with Mexico and Canada. However, the performance of the global stock market indicates that sentiment is improving after the dip. All global indices including the DAX, Euro Stoxx 50, Nikkei225 and Hang Seng are trading higher today. Additionally US Bond Yields continue to indicate the Federal Reserve will cut interest rates at least on 2 occasions. The VIX, which is used as a risk indicator, is trading more than 3.00% lower which is known to be positive for the NASDAQ. This can also be seen in the price movement of the NASDAQ’s most influential stocks which are on the rise in the market pre-open trading hours. Apple, Microsoft, Alphabet, Amazon and NVIDIA are all trading higher during Wednesday’s Asian and European Session. NVIDIA is witnessing the strongest increase rising 1.70%. Whereas, on Tuesday, only 46% of the most influential stocks saw an increase in value. NASDAQ Technical Analysis Although the NASDAQ and global stocks have shown positive movement in recent hours, they are still in a retracement phase. Based on the medium-term average price and oscillators, the price maintains a bearish bias. Therefore, at first any bearish signals will mainly target the $20,728.00 price which is in line with the trend-line and resistance level. Whereas, if momentum is lost and falls below $20,424.32, sell signals may again materialize. Key Takeaway Points: NASDAQ Rebounds: The NASDAQ surged 3.25% after the US Commerce Chief suggested room for tariff discussions, with investors buying at a discounted price. Tariff Impact: Canada imposed $107 billion in retaliatory tariffs on US goods, while China introduced 10-15% tariffs on US agricultural products, raising inflation concerns. Global Markets Up: Global indices, including the DAX, Nikkei, and Hang Seng, are rising, indicating improving market sentiment after recent declines. Fed Uncertainty & Rate Cuts: The US GDPNow model lowered GDP projections to -2.8%, increasing speculation that the Federal Reserve may cut interest rates in the near future. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 04th March 2025. Tariffs and OPEC+ Drive Oil Prices Lower. Crude Oil prices fell 0.70% on Tuesday declining closer to the asset’s main support level. OPEC’s latest announcement has been one of the main drivers of lower prices. OPEC, which produces 40% of the world’s Crude Oil, surprisingly has increased oil production. However, other economic factors are also triggering a lower demand. OPEC Increases Supply Pressuring Prices OPEC+ confirms it will increase production and market output in 2025 despite prices declining for six consecutive weeks. The move from OPEC is primarily driven by pressure from the US administration to not purposely look to lower production in order to keep prices high. OPEC+ will boost oil production by 138,000 barrels per day starting in April, causing crude prices to drop. The move has become possible with Russia expecting the Ukraine-Russia conflict to end in 2025 and the US’s more favourable approach towards Russia and Saudi Arabia. This marks the first of several monthly increases, aiming to restore 2.2 million barrels per day by 2026 after a two-year pause. The higher output will increase supply and can significantly change the balance between supply and demand. As a result, Crude Oil prices have fallen, particularly as economic data globally has taken a hit over the past month. Over the past six weeks, Crude Oil prices have fallen by more than 10%. However, the move by OPEC is related solely to the supply within the market. Simultaneously, trade wars are also worrying traders about how demand may change in the upcoming months. US Turn Up The Heat on Trade Wars The US tariffs on Mexico and Canada are now officially active, taking the level of tariffs to its highest level since the 1980s. President Trump has also advised the US to add a further 10% tariff on China in addition to the 10% announced in January. As a result, experts believe the global economy is likely to witness shockwaves in the short to medium term. This can also be seen in the stock market which has fallen 5% over the past 3 weeks. The economic slowdown is catching up with rising inflation and tariffs which are put into place. Uncertainty over the Federal Reserve’s next moves is growing with some economists advising the Fed may be pressured into taking earlier. In response to the additional tariffs, China is vowing to take countermeasures to protect its producers. Warren Buffett called the tariffs an extra tax on people with little economic benefit. Weaker economic activity and a lower risk appetite within the market are known to pressure prices significantly. During the previous Trump administration and ‘trade tariff policy’ the price of Crude oil fell 13%. Crude Oil - Technical Analysis The price of Crude Oil in the longer term is obtaining indication the price may decline. On a monthly chart, the price forms a clear descending triangle which is known to hold a bearish bias. On the 2-hour chart, the price is also trading below the 75-bar Exponential Moving Average, below the VWAP and below the neutral areas of most oscillators. For this reason, momentum is indicating downward price movement. However, the main concern for bearish traders is the support level which is sitting at $66.70 per barrel. The support level is currently 1.50% points away from the current price. In order for sell signals to materialise in the short term, traders will be monitoring if the price can break below $67.69. Key Takeaway Points: OPEC+ plans to boost production in 2025, aiming to restore 2.2 million barrels per day by 2026, pushing crude prices lower. The US imposes record-high tariffs on Mexico, Canada, and China, raising concerns about global economic stability and market declines. Crude Oil prices decline as a result. Rising tariffs and inflation add uncertainty, with economists speculating the Fed may act sooner than expected. Technical analysis shows a bearish trend, but the price of Crude Oil is also nearing the key support levels at $66.70 per barrel. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 25th February 2025. Markets on Edge as Trump’s Tariff Plans Shake Global Trade and Investor Sentiment. Financial markets continue to experience heightened volatility as US President Donald Trump reaffirms plans to impose tariffs on goods from Canada and Mexico, a move expected to take effect next week. However, scepticism remains, as such tariffs on essential goods like propane and avocados would have an immediate and visible impact on US consumers. Current polls indicate only 32% of American voters approve of Trump’s handling of inflation, adding further uncertainty to market sentiment. President Donald Trump announced a one-month delay on tariff hikes for Canadian and Mexican imports, further escalating tensions. Additionally, a 10% tariff on Chinese imports linked to fentanyl production has heightened trade concerns. Market sentiment has been impacted, with the University of Michigan’s consumer sentiment index dropping by 10% in the past month due to fears over inflation and tariffs. Asian Markets and US-China Tensions Asian markets suffered significant declines, particularly in Japan, Taiwan, and Hong Kong, as Trump’s new directives on curbing Chinese investments raised concerns. His administration is also pushing for stricter semiconductor export controls, a move that could further strain US-China relations. The latest measures include discussions with Japan and the Netherlands to limit maintenance support for semiconductor equipment used in China. Despite initial losses, Chinese technology stocks rebounded, with mainland investors injecting over $1 billion into Hong Kong stocks. This underscores Beijing’s commitment to achieving technological self-sufficiency, a priority for President Xi Jinping in the ongoing tech rivalry with the U.S. While Chinese internet giants had recently enjoyed a rally, Trump’s renewed restrictions introduced fresh geopolitical risks, weighing on investor confidence. US Stock Market Struggles Amid Tariff Uncertainty Stocks declined, and US Treasury yields fell to their lowest levels in over two months as concerns mounted over Trump’s tariff plans and investment restrictions on China. European equity index futures pointed to a weaker open following a selloff in US stocks. Meanwhile, Chinese shares experienced whipsaw movements, and the Dollar weakened for a second consecutive day. With only a month into his presidency, investors are increasingly cautious about Trump’s policies and their potential impact on economic growth. This uncertainty has driven a flight to safe-haven assets, with gold surging 12% since the start of the year. Federal Reserve Chairman Jerome Powell and other officials have reiterated their stance of maintaining current interest rates, citing persistent inflationary pressures. US stocks continued to slide on Monday following last week’s sharp losses. The S&P 500 dipped 0.5% to 5,983.25, while the Nasdaq Composite lost 1.2% to 19,286.92. However, the Dow Jones Industrial Average inched up 0.1% to 43,461.21. Berkshire Hathaway climbed 4.1% after reporting strong operating profits, yet Warren Buffett’s firm remains cautious, holding $334.2 billion in unused cash. Starbucks gained 1.3% after announcing 1,100 corporate job cuts to streamline operations under CEO Brian Niccol. In Japan, trading houses saw a surge in stock prices after Warren Buffett’s Berkshire Hathaway signalled plans to increase its holdings. Mitsubishi Corp. led the rally, climbing 9.2%—its biggest gain in a year—while Marubeni Corp. and Mitsui & Co. also posted strong advances. Buffett’s interest in Japanese trading houses underscores their diversification across industries, making them resilient to market fluctuations. Nvidia’s Earnings and AI Market Disruptions Nvidia, a major driver of the AI boom, is set to release earnings on Wednesday. The market is watching closely after China’s DeepSeek announced an AI model that rivals US technology without requiring high-end chips. This development has sparked concerns about demand for AI-related infrastructure, causing Nvidia shares to drop 3.1%, weighing on the S&P 500. Commodities and Corporate Movements The commodity sector also faced significant developments, particularly in the cobalt market. A surprise four-month export ban from the Democratic Republic of Congo, the world’s largest cobalt producer, sent shockwaves through the industry. The move aims to curb global oversupply, but it has also raised concerns about supply chain disruptions in the battery and alloy industries. Gold Prices Retreat as Investors Take Profits Gold prices eased after hitting fresh record highs, as investors took profits amid expectations of a Federal Reserve rate cut and growing haven demand. Spot gold fell 0.5% to $2,937.65 per ounce. Gold-backed ETFs saw their largest net inflows since 2022, fueled by market uncertainty surrounding US trade policies and economic outlook. Lower Treasury yields also contributed to gold’s strength after a well-received two-year note auction. Analysts from ANZ Banking Group noted increasing physical flows into gold ETFs as investors seek safe-haven assets. US crude oil gained 52 cents to $71.22 per barrel, while Brent crude climbed 0.7% to $74.75 per barrel. In currency markets, the US dollar weakened slightly against the Japanese yen at 149.50, while the Euro strengthened to $1.0473. Bitcoin, often viewed as a “Trump trade,” also slid amid the uncertainty. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets 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 Leveraged 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 February 2025. German Markets Surge as Friedrich Merz Set To Be Chancellor, Euro Gains on Fiscal Shift Germany’s stock index futures and the euro rallied after opposition leader Friedrich Merz secured victory. Investors expect a shift toward increased government spending. US-China trade tensions rise as Trump tightens restrictions on Chinese investments. AI optimism fuels Chinese tech stocks despite regulatory concerns. Nvidia’s earnings report on Wednesday is expected to impact market volatility. German Markets React to Election Results Germany’s stock market and currency experienced a sharp rally in Asian trading after conservative leader Friedrich Merz won the country’s federal election. This victory aligns with pre-election polls and signals a potential departure from Germany’s traditionally strict fiscal policies. Futures tied to the DAX Index surged as much as 1.5% on Monday, recovering from early losses in a session marked by thin trading volume. Meanwhile, the euro strengthened against most major currencies, climbing 0.7% against the U.S. dollar. Market analysts believe Merz’s leadership could mark the end of Germany’s tight fiscal stance, with expectations that his administration will prioritize economic stimulus. This shift comes at a critical time, as Europe’s largest economy grapples with sluggish growth, geopolitical uncertainties, and the threat of a global trade war under U.S. President Donald Trump. The euro’s strength also reflects optimism that Merz will form a government quickly, which wasn’t a widely held expectation before the election. US-China Trade Tensions Intensify While European markets gained, US-China trade tensions escalated as Trump ordered stricter regulations on Chinese investments in key sectors, including technology, energy, and infrastructure. The move is part of a broader strategy to limit China’s influence in strategic industries. Although not legally binding, the directive strengthens oversight by the Committee on Foreign Investment in the United States (CFIUS), a panel responsible for reviewing foreign acquisitions. JPMorgan strategists warned that this decision could reverse gains in Chinese tech stocks, which had rallied earlier in the year. Despite geopolitical headwinds, Chinese technology stocks have posted strong gains this year, largely driven by optimism in artificial intelligence (AI) and key policy shifts. The market remains under-owned by global investors, suggesting potential for further capital inflows. The growing AI industry has helped offset risks from US tariffs, with investor sentiment remaining bullish on leading Chinese firms like Alibaba and Tencent. Chinese officials reacted strongly, with Vice Premier He Lifeng raising concerns about Trump’s recent 10% tariff hike on Chinese goods in a call with US Treasury Secretary Scott Bessent. Additionally, sources revealed that Trump’s administration urged Mexico to impose tariffs on Chinese imports as part of broader trade negotiations. Despite these challenges, investor focus remains on Nvidia’s earnings report on Wednesday, a key event that could drive market volatility. Gold Nears Record Highs on Inflation and Central Bank Demand Gold prices held near $2,940 an ounce, just shy of last week’s record, as ETF inflows surged and the US dollar weakened. The precious metal is on its longest winning streak since 2020, fueled by rising inflation expectations and mounting geopolitical uncertainties under Trump’s administration. Lower US Treasury yields have also boosted bullion’s appeal, with traders now expecting the Federal Reserve’s first rate cut in July rather than September. Markets will closely watch Friday’s inflation data, a key indicator for Fed policy direction. Final Thoughts Markets are reacting to a mix of political and economic shifts, with Germany’s election outcome boosting European equities while US-China trade tensions create uncertainty for Asian markets. Investors will be closely monitoring fiscal policy changes in Germany, Nvidia’s earnings, and further trade developments for insights into market direction. For more financial market insights and updates, stay tuned. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets 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 Leveraged 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: 21st February 2025. European PMI Disappoint, Weighing on Euro Before German Elections The Euro is the first currency to witness the volatility on this month’s PMI reports. The French, German and British PMI data have resulted in the Euro being the worst-performing currency of the European Session so far. However, will the Euro continue to decline throughout the day? European Purchasing Managers’ Indexes The French Purchasing Managers Index was the first European index to be made public. The release resulted in the Euro instantly declining 0.24%. The main concern from the French data was the Services PMI which fell from 48.2 to 44.5. Previously the market was expecting the data to remain more or less unchanged. The weak data triggered the decline which came to a halt after Germany’s PMI was released. The German Manufacturing PMI read 0.5 points higher than previous expectations and the Services PMI was 0.2 points lower. The data from Germany was a relief for Euro investors and the price rose 0.12% higher. However, traders should note that the price of the EURUSD continues to remain 0.20% lower than yesterday’s close. The price of the EURUSD will now depend on the PMI data from the US. The value of the US Dollar will depend on its PMI release this afternoon and the Consumer Sentiment Index. Analysts expect both the US Services and Manufacturing PMI data to remain above the 50.00 level in the expansion zone. German Elections 2 Days Away Germany is set to hold a general election this Sunday, February 23rd, following the collapse of the coalition of social democrats, liberals, and greens. Given the country's highly proportional electoral system, German polls provide a strong indication of potential government formations post-election. The main concern for Germany is the AFD party who are Far-Right Nationalists. Currently, ahead in the polls are CDU (centre-right), and AFD (far right), followed by the SPD (centre-left). Traders should note that the results of the elections are likely to trigger strong volatility on Monday, but also influence volatility today. Economists may become further concerned if the far-right gains power for the first time due to uncertainty. If the government, similar to France, is unable to form a coalition, this would also be a concern for the Eurozone. Furthermore, the Euro this week is also under pressure from comments from members of the European Central Bank. ECB Governing Council member Fabio Panetta said to journalists that officials need not slow interest rate cuts, as January's 2.5% inflation is still expected to reach the 2.0% target this year. He also advised the European economy is weaker than previously expected. EURUSD - Technical Analysis and Indicators The EURUSD is trading above the 75-bar Exponential Moving Average and 100-bar Simple Moving Average on the 2-hour chart. However, the price is moving away from the key resistance level at 1.05058 indicating the price is losing momentum. The short-term volatility is indicating the price is retracing downwards. On the 5-minute timeframe, the price is trading below the 200-bar SMA and is also forming clear lower lows and highs. Simultaneously, the US Dollar Index is trading above the 200-bar SMA on the 5-minute chart confirming no current conflicts. Currently, the US Dollar is the best-performing currency of the day attempting to regain losses from the past 2 weeks. Watch today’s Live Analysis Session for more signals as they develop! Key Takeaway Points: Weak French Services PMI triggered an initial Euro decline, but German PMI provide a slight relief. However, EURUSD remains lower than yesterday’s close. The Euro’s direction now depends on the US PMI reports, with analysts expecting US data to stay in expansion territory. Sunday's German election could drive volatility, especially if the far-right AFD gains power or if coalition formation proves difficult. ECB official Fabio Panetta suggested no need to slow rate cuts, citing weaker-than-expected economic performance and expected inflation decline. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 20th February 2025. The Yen Continues To Rebound, Investors Boost Bets Of Rate Hikes The Japanese Yen significantly increases in value against all currencies and the JPY Index is trading at a 2-month high. The primary factor supporting the Japanese Yen is the growing expectation of the Bank of Japan raising interest rates, along with its safe-haven appeal. Will the JPY be the best-performing currency of 2025? The Japanese Yen and the Bank of Japan The Japanese Yen is the best-performing currency of the year increasing by 4.20% so far. The second best-performing currency is the Australian Dollar which has risen 2.83% and the New Zealand Dollar which is up 2.20%. Here we can see the momentum of the JPY in 2025. The main supporting factors are the Bank of Japan’s interest rate hikes, expectations of further hikes and the currency’s safe haven characteristics. Investors were also quick to consider increasing their exposure to the Japanese Yen as the currency was trading at a price 33% lower than in 2022. The Bank of Japan over the past months has taken interest rates to a 17-year high. Currently, investors believe the Bank of Japan will adjust its main rate by a further 50 basis points to 1.00%. This would take the BoJ’s rate to the highest since 1995. Meanwhile, this week the Bank of Japan Governor Mr Takata stated that the central bank should further increase interest rates, warning that maintaining the current levels might cause the public to become too accustomed to the risks of rising prices and accelerating inflation. The Bank of Japan’s next interest rate decision will be on March 19th. One of the key concerns for the Bank of Japan is the country’s inflation rate which has risen to 3.6%. Inflation is currently at its highest level since January 2023. Another key influential factor is potential tariffs not only on Japan but also on the main global economies. In 2018, when tariffs were previously introduced, the Japanese Yen rose in value due to its safe haven nature. However, traders will evaluate upcoming tariffs and its domino effect on the Japanese Yen day by day. The US Dollar and Its Risks To The Japanese Yen The US Dollar continues to struggle in February 2025, however, fundamental factors continue to indicate the currency can rebound. Traders should note that a strong US Dollar can have a negative effect on the Japanese Yen. Market optimism is bolstered by the Senate's confirmation of financier Howard Lutnick as Secretary of Commerce. A former Cantor Fitzgerald director and supporter of Donald Trump’s trade policies, Lutnick has dismissed concerns that high tariffs fuel inflation and advocates for stronger sanctions to reduce export barriers. His appointment raises the risk of strained US trade relations. Meanwhile, San Francisco Fed President Mary Daly emphasized the need for restrictive monetary policy until inflation slows, citing economic and labour market stability. The Federal Reserve seeks ‘further progress on inflation’ before cutting rates, according to FOMC Meeting Minutes. Some members of the committee suggested a limited need for further reductions. Meanwhile, economists advise the Federal Reserve is not likely to cut interest rates unless inflation falls to at least 2.7%. USDJPY - Technical Analysis The US Dollar Index is currently trading 0.16% lower ensuring there are no current conflicts while the Japanese Yen is increasing in value. In the 2-hour timeframe, the USDJPY is trading comfortably lower and below all major Moving Averages. The USDJPY is also trading below 30 on the Relative Strength Index again indicating sellers are driving the price lower. However, traders will be cautious the price action does not change as the Asian session comes to an end. Currently, the price has retraced upwards as the close edges nearer. Bearish momentum will need to be regained in order for sell signals to again materialize. The price movement will also depend on today's US news releases. Key Takeaway Points: Japanese Yen Strength – The JPY is the best-performing currency of 2025 so far, gaining 4.20%, driven by expectations of Bank of Japan (BoJ) rate hikes and its safe-haven appeal. Japanese Inflation - Japan’s inflation rate which has risen to 3.6%. Inflation is currently at its highest level since January 2023 Bank of Japan's Monetary Policy – The BoJ has raised rates to a 17-year high and may hike further by 50 basis points to 1.00%, the highest level since 1995. US Dollar Influence – A stronger US Dollar could pressure the Yen. The Fed is maintaining a restrictive policy, and rate cuts are unlikely unless inflation falls to at least 2.7%. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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: 19th February 2025. Is the DAX Overbought After Rising For 7 Weeks Straight? The DAX rose by 20% in 2024, however, in 2025 so far the DAX has risen more than 15% in only 50 days. The DAX has risen for seven straight weeks, driven by rate cuts and strong earnings reports. Can the DAX maintain momentum or is the price overbought? DAX 40 - What’s Driving the Bullish Trend? Three factors are driving the price of the DAX higher. The first is the European Central Bank which has cut for 2 consecutive months and is likely to adjust a further 0.75% in 2025. The lower interest rates and expectations of further cuts are known to support the DAX due to higher consumer demand. The second factor driving prices higher are the positive earnings data. SAP SE is the most influential stock and has risen by 18% so far this year. SAP’s latest quarterly earnings report saw the company beat revenue expectations by 2.60% and earnings by 1.40%. The second most influential stock for the DAX is Siemens AG which has risen almost 20% in 2025 so far. All of the seven most influential stocks have risen in value this year so far and only 17% of the whole DAX have declined this year so far. However, traders should note that not all companies within the DAX have made public their quarterly earnings reports. The third factor is the expectation that the Ukraine-Russia conflict will end or reach a ceasefire in the first half of the year. Traders should note that an end to the conflict is more crucial for European indices in comparison to Asian or US indices. This is due to the nature of Europe and European geopolitics. Is the German DAX Overbought? When analyzing the price movement the index is trading in the overbought zone on most oscillators and on most timeframes. However, price action and previous impulse waves indicate the price will not be overbought unless the price increases above 23,250EUR. However, the intrinsic value of the DAX will also depend on US tariffs. If Germany is able to avoid harsh US tariffs, German stocks may continue to increase higher as sentiment improves. However, harsh tariffs are likely to apply downward pressure on the index and increase the likelihood of being overbought in the short-to-medium term. If the price indeed declines, traders may first target the support level at $22,437.58, which will likely fall in line with the 75-period Moving Average. The main bullish breakout point is at the 22,724.30 mark. Tariffs on Foreign Cars A key risk for the DAX as mentioned above is US tariffs, particularly on cars. The DAX index includes Mercedes-Benz, Porsche AG, BMW, and Volkswagen. Total new cars sales in the US from these 4 companies make up almost 10% of the overall sales. Donald Trump remained defiant despite warnings that his proposed trade war could disrupt the US economy, stating that his administration might impose tariffs of approximately 25% on foreign cars within weeks. He also announced that semiconductor chips and pharmaceuticals would soon face higher tariffs, speaking at a news conference on Tuesday. Key Takeaway Points: The DAX has surged over 15% in 2025, driven by ECB rate cuts, strong earnings, and optimism over the Ukraine conflict. SAP SE and Siemens AG are the top-performing stocks and 83% of the DAX has witnessed gains. However, some earnings reports are still pending. Despite trading in overbought territory, the index may continue rising unless it faces harsh US tariffs. Potential US tariffs on foreign cars pose a key risk, impacting major DAX-listed car makers. This includes Mercedes-Benz, Porsche AG, BMW, and Volkswagen. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 February 2025. UK Unemployment Rate Falls and The Pound Spikes Upwards. The British Pound spikes upwards against all currencies as the UK releases its employment data. However, the latest employment data release does not give long-term confidence as the UK continues to see a higher possibility of economic stagnation in 2025. Can the GBP maintain momentum? UK Releases Latest Employment Data! The UK employment data had its positive and negative points. The Monthly Unemployment Claims rose 22,000 which is at a 3 month high, and higher than analysts’ previous expectations. This is known to be negative for the British Pound. However, the UK also saw some positive data which investors are clinging onto. The UK Unemployment Rate fell for the first time since October 2024. The UK Unemployment Rate, to the surprise of analysts, fell from 4.5% to 4.4%. Lastly, the Average UK Salaries Index rose to 6.00%, the highest in 13 months and higher than previous expectations. This is the main reason why the GBP is increasing in value. That said, the Bank of England and economists continue to expect the UK to witness stagnation in 2025. The British Pound The British Pound is now one of the best-performing currencies of the day so far. The US Dollar and Japanese Yen are also strongly increasing in value. The Governor of the Bank of England, Mr Bailey, is due to speak at 09:30 GMT and is likely to comment on the latest employment data. Previously, Bailey described the UK’s economic growth as “static,” despite stronger-than-expected Q4 2024 data—0.1% growth instead of the forecasted –0.1% quarterly and 1.4% annually versus the expected 1.1%. Meanwhile, the BoE revised its 2025 GDP growth forecast down to 0.75% from 1.0% in November. Traders are also hoping Governor Bailey will comment on the possible future rate cuts. Tomorrow at 09:00 (GMT+2), the UK will release January inflation data. Analysts expect the annual CPI to rise from 2.5% to 2.8%, while monthly prices may drop by 0.3% after a similar increase in December. The Core CPI is projected to climb from 3.2% to 3.6%. When evaluating the GBP Index, the GBP is currently trading 0.95% higher in 2025. However, the upward price movement is largely due to last week’s Gross Domestic Product which beat expectations. The performance of the GBP will also depend on whether the US imposes tariffs. Additionally, pressure on the UK to increase defence spending could further strain the country's already scrutinized budget. GBPUSD - Technical Analysis and Price Condition The GBPUSD is trading above the main moving averages on the 2-hour timeframe and is trading high on most oscillators. These factors indicate that the buyers are currently controlling momentum, but traders are concerned about two factors. The first is that the GBPUSD is struggling to break above the 1.26300 level and the fact that both the USD and GBP is simultaneously increasing in value. As both currencies are increasing in value, technical analysts view the price action as conflicting. On the 5-minute chart, the GBPUSD is trading at the 200-bar average price movement indicating a neutral signal. This also follows the concerns of traders that the price action is conflicting. If the price breaks above 1.25918, the GBPUSD may witness sell signals materialize. However, if the price breaks above 1.26200, buy signals may arise which will also be in line with the indications on the 2-hour timeframe. Key Takeaway Points: GBP rises as the UK employment data lifts GBP, but stagnation concerns remain. UK Salaries hit a 13-month high, boosting the Pound. The Bank of England Governor, Mr Bailey may hint at future rate cuts and advises the UK will witness economic stagnation. The key risks for the GBP remain inflation data, US tariffs, and UK defence spending pressure. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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 February 2025. The AUD Surges as Foreign Buyer Ban Hits & Rate Cuts Nears! In 2025 the Australian Dollar has been one of the best-performing currencies increasing by 2.85% so far. Analysts expect the AUD to be one of the most volatile currencies of the week due to policy changes. The Reserve Bank of Australia is due to cut its interest rates by 0.25% and has announced a ban on foreigners purchasing homes for 2 years. What does this mean for the Australian Dollar? RBA To Cuts Rate For First Time Since 2025 Analysts expect the Reserve Bank of Australia to cut interest rates from 4.35% to 4.10% tomorrow morning. This would mark the first time that the RBA has cut interest rates since November 2020. Lower interest rates tend to pressure the currencies, however, the value of the AUD will largely depend on how frequently the RBA will cut in 2025. Tomorrow’s press conference at 04:30 GMT will be key for further indications. Meanwhile, the Commonwealth Bank of Australia reported a 2.0% year-on-year profit increase, reaching $5.13 billion for the six months ending December 31. The bank also posted a 7.0% profit increase for the second half of its 2024 financial year, surpassing analysts' expectations of $5.06 billion. It announced an interim dividend of $2.25 per share, a 5.0% increase from the previous year. Following the earnings release, the bank's shares surged 2.4%, making them the top gainers on the ASX 200 and hitting a record high of $165.98. While Australian households and businesses continue to face rising living costs, experts note a decline in loan defaults and fewer customers seeking financial assistance, largely attributed to low unemployment. Australia Ban Foreigners from Buying Homes for 2-Years Australia restricts foreign home purchases for two years to help balance supply and demand. At first, the price of the currency index opened at a lower price (bearish price gap). However, the price has since risen in value and is currently one of the better-performing currencies of the day. So far, the currency has not negatively reacted to the news, but investors remain on the lookout. Starting April 1, 2025, Australia will ban foreign buyers, including temporary residents and foreign-owned companies, from purchasing homes until March 2027. Housing Minister Clare O’Neil announced the move to address soaring property prices and support local buyers, especially young voters. EURAUD - Indications and Price Analysis. The Euro is the day's worst-performing currency and may face further pressure this week amid scrutiny over the German elections. For this reason, the EURAUD currently is witnessing less conflicting price action elements and indications. The EURAUD on a 2-hour timeframe is currently trading below both trend-lines and Moving Averages and below the neutral level of the RSI. Simultaneously, the EURAUD is also trading lower on the 5-minute timeframe. On the 5-minute timeframe the price is trading below the 200-period SMA and may see sell indications strengthen if the price falls below 1.64452. The next significant support level can be seen at 1.63895. Key Takeaway Points: Australia Ban Foreigners from buying homes for 2 years in an attempt to balance the current supply and demand. The Australian Dollar increases in value on Monday. Analysts expect the Reserve Bank of Australia to cut its main Cash Rate by 25 basis points tomorrow morning. The Japanese Yen, US Dollar and Australian Dollar are the best-performing currencies of the day so far. The Euro is the day's worst-performing currency and may face further pressure this week amid scrutiny over the German elections. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets 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 Leveraged 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.