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Date : 22nd January 2016. CURRENCY MOVERS OF 22nd January 2016. MACRO EVENTS AND NEWS FX News Today Euro weakness and commodity currency strength has been the central theme in forex markets in the wake of the ECB’s dovish guidance yesterday. The biggest mover has been the Russian rouble, which is up 3% against the dollar, and by more than this versus the euro as a 4%-plus rebound in oil prices sparked a rebound from record lows. EURAUD, EURNZD and EURCAD are also down notably today. AUDUSD climbed back above 0.7000 for the first time in eight days. EURUSD has remained above yesterday’s post-ECB low at 1.0777, but has remained heavy, giving back most of the rebound gains to 1.0900 in unraveling to the low 1.08s. The yen has mostly traded lower, except in the case against the euro, as its safe haven premium unwound. Japanese stock markets led Asian markets higher, closing 5.88% for the better — its second biggest one-day gain in the last five years, according to Bloomberg. Draghi gave markets what they wanted, a clear hint that the ECB may extend easing measures further in March when the QE program will be reviewed again and Draghi highlighted that this move towards an easing bias, was adopted unanimously, which means it is also backed by Bundesbank President Weidmann. Draghi said in the introductory statement that the downside risks that emerged since the start of the year mean that there is the “need to review and possibly reconsider” the policy stance in March, when the next set of forecasts are available. In the Q&A session he was keen to highlight this part of the statement, which confirms that Draghi’s message to markets is that the ECB can and will do more if necessary. The question is what the ECB can still do – and Draghi didn’t go into detail when quizzed about that, just reiterated again that the ECB is willing to use all “instruments available”. So we could see a further QE extension and in particular an extension to other papers, as the pool of eligible assets is limited under the current structure of QE. BoC Outlook: Rate cut bets that were unfulfilled have been moved ahead to March and April, according to Bloomberg, which cities futures pricing in roughly 50% odds for a cut by April. The globeandmail.com spotlights the contrast between the Bank’s optimism and the increasingly weaker domestic growth outlook. To review, the BoC’s lack of cut day before yesterday was accompanied by a still constructive growth outlook. Granted, 2016 GDP was slashed to 1.4% from 2.0%, but the return to full capacity growth was only delayed to the end of 2017 from 2017. We see a 1.3% growth rate in 2016, but downside risks abound. Main Macro Events Today EMU PMI:We are looking for broadly stable PMI readings in January, with the Eurozone manufacturing reading seen steady at 53.2 (med same) and the services reading to 54.1 (med 54.2). Even German ZEW investor confidence, which naturally is much more sensitive for market moves, came in somewhat better than expected and French national business sentiment yesterday also showed a slight improvement. With Draghi sending the ECB on course for further moves in March, even a better than expected PMI reading may have limited impact, although it would underpin the recovery in stock markets. Canada CPI Preview: We expect CPI to expand at a 1.8% y/y pace in December (median +1.7%), accelerating from the 1.4% rate in November. CPI is seen falling 0.3% month comparable basis in December after slipping 0.1% in November. Gas prices fell 5.0% in December compared to November, which is expected to weigh on month comparable CPI. The BoC’s core CPI index is seen falling 0.2% m/m in December after the 0.3% drop in November. US Existing Home Sales Preview: December existing home sales data is out Friday and should reveal a 11.3% headline increase to a 5.300 mln (median 5.120 mln) pace following the 10.5% drop to 4.760 mln in November. NZDUSD UPDATE, IS GLOBAL RISK APPETITE DRIVING KIWI? NZDUSD, Daily The latest global market theme driving markets is the “risk on – risk off” play. Although I do not like the term “risk on–risk off”, one will find it hard to disagree with the current market “theme”. The recent “risk on–risk off theme” has so far played out well for traders who are playing NZDUSD. As risk appetite swings day-to-day from “on/off”, those NZDUSD traders who are plugged into the current theme are swinging with the NZDUSD from going short (risk on day’s) to going long (risk off day’s) depending on which risk appetite mode the market is in. My strategy for the NZDUSD, since a double top is spotted from the October and December highs, and that for the short term I believe that the “risk on theme” will prevail before markets start to normalize, leads me with the view to Short the NZDUSD if prices stay below 0.6600 for a target at 0.6260. EURAUD UPDATE, EURAUD, Daily Given Mario Draghi’s dovish remarks during yesterday’s press conference about a review of monetary policy, weakness in the EUR has prevailed against higher yielding currencies. The AUD , as a higher yielding currency, should do well against the EUR over the long term. However, there is a risk that the EUR could bounce back in the short term if the current global risk sentiment spikes higher again. Current price remains within the upward sloping channel line , so I will look for prices to return towards the lower end of the channel before entering any new long positions. My strategy for the EURAUD pair in the short term is to play the short position for a 1.5180 target ( Target 1) , as trade 1 , ahead of potential support from buyers for a re-entry , trade 2, as a buy order around 1.5090 for a 1.5610 (Target 2). Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst & John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 21st January 2016. CURRENCY MOVERS OF 21st January 2016. MACRO EVENTS AND NEWS FX News Today The risk roller-coaster resumed in Asia where shares snapped back after Wall Street cut savage Wednesday losses into the close, with Japan’s Nikkei up 1.5% and Hong Kong Hang Seng +1.3%. China’s Shanghai Comp opened over 1.4% lower before rebounding 0.6% into the green after the PBoC injected a heavy dose of 110 bln yuan via 7-day reverse repos and 290 bln via 28-day reverse repos in the largest open market operation in 3-years. Commodities bounced back with crude oil back over $28 bbl, while copper and other industrial metals strengthened. The yen gave up some of its new-found strength as the dollar rose above 117.00 to highs of 117.47, while gold retreated below $1,100. The 0.111% December US CPI drop with a lean 0.127% core price increase undershot estimates despite the expected 2.4% energy price slip and 0.2% food price decline thanks to a 0.2% apparel price drop that marked a fourth consecutive decline, a 0.1% new vehicle price dip, and a lean 0.1% medical care service price rise. US housing starts declined 2.5% to 1.149 mln in December following the 10.1% jump in November to 1.179 mln (revised from 1.173 mln), while October’ pace was boosted to 1.071 mln from 1.062 mln. On an annual basis starts are up 6.4% y/y versus 17.1% y/y previously. Single family starts declined 3.3%. Multifamily starts slid 1.0%. Building permits fell 3.9% to 1.232 mln from a revised 1.282 mln (was 1.289 mln). Housing completions bounced 5.6% after two months of declines. The headline starts figure is disappointing, which won’t help investors’ shaky mindset. Bank of Canada Holds Rates Steady and maintains constructive Outlook: The Bank of Canada held rates steady at 0.50%, maintaining their constructive view on domestic growth as the ongoing adjustment to lower oil and commodity prices is facilitated by already implemented rate cuts and the decent in the loonie. The outlook for global and domestic growth was cautiously upbeat. Our base case remains for no change in rates through year end, although a continuation of rock-bottom oil prices will keep the conversation skewed toward the possibility of another reduction as soon as March. Main Macro Events Today ECB: Draghi likely to take wait and see stance for now,in line with other central banks. Even the doves at the ECB seem to think it is too early to react to the rout in global markets and that one needs to wait if current trends continue or if things settle down again. But even if the ECB is likely to stay on hold for now, Draghi will be very eager to keep the door wide open to additional measures later on and the tone of the press conference will almost certainly be more dovish than in December. The sharp drop in oil prices in particular will be a focus, but also the fact that Eurozone spreads are widening sharply again in line with the pickup in risk aversion, which highlights that the risk of a renewed flaring up of the Eurozone debt crisis has not been banned yet. March will be the next date to focus on as that will bring the updated set of staff projections. US Philadelphia Fed Index: January Philly Fed is expected to improve to -7.0 (median -5.5) from -10.2 in December and -5.7 in November. This compares to the already releasedEmpire State index which plunged to -19.4 in January from -6.2 in December. Overall, we expect producer sentiment to trend sideways in January with and ISM-adjusted average of all major measures holding at 50 where it has remained since September. US Initial Jobless Claims: Claims data for the week of January 16th are out today and are expected to show a decline to a 269k (median 272k) headline from 284k in the week prior. There is some downside risk to the release as post-holiday layoffs occur. January claims look poised to average 271k for the month, down from 277k in December. GBPUSD STILL TRENDING LOWER GBPUSD, 240 min Sterling, which has been under across-the-board pressure, was given a toehold by better than expected UK labour data yesterday. GBPUSD lifted to a 1.4219 high today, which put in a little space from the five-year low that was clocked just ahead of the data release. The unemployment unexpectedly dipped to 5.1% y/y in November, down from 5.2% at the previous reading and the lowest since August 2005. This takes the jobless rate farther below the BoE’s non-accelerating inflation rate of unemployment (NAIRU) at 5.5%, though the average household income in the three months to November ebbed to 2.0% y/y from 2.4% y/y in the previous month. The data follows dovish guidance from BoE’s Carney, who yesterday said that now wasn’t the right time to tighten policy, but should help the pound find a footing after a period of pronounced underperformance. On technical side the pair still looks weak. GBPUSD has dropped some 150 pips since my Tweet on the pair and has passed beyond my target. Important weekly support levels are not far away with the first one being at 1.4100 but this shouldn’t stop us from looking to sell the rallies as long as the market stays in a down trend. The 1.4232 – 1.4252 area has technical significance as it has a small Fibonacci cluster, a resistance level and 30 period SMA coinciding while the upper end of the bear channel isn’t that far either. If market rallies further the next potential level for short trades is between 1.4280 and 1.4300. We look for a rally to either of these levels and then sell signals to trigger short trades. Targets are: 1.4125 (T1) and 1.3850 (T2). Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date : 19th January 2016. CURRENCY MOVERS OF 19th January 2016. MACRO EVENTS AND NEWS FX News Today The yen is weaker amid improved risk appetite, while commodity currencies have firmed. This comes with oil and most other commodity prices gaining over 1% in the Asia session, and with stock markets rebounding, led by 3%-plus advances in the main China indexes. AUDJPY, which is the currency cross most correlative with China market sentiment, is up by 1.3% after Chinese YoY GDP numbers weren’t worse than expected. The AUD, meanwhile, is showing a 0.6% gain, and the CAD a 0.7% rise, against the USD. A further whittling in the yen’s safe haven premium has seen USDJPY climbed over 0.5% to the upper 117s. The EUR is mixed, down versus the USD but up versus the JPY. China growth was weakest in 25 years, as shown by the latest GDP figures. The Q4 growth disappointed slightly (1.6% instead of 1.7% consensus expectation) and was down by 0.2% from the previous quarter. The year on year GDP change was in line with the expectations at 6.8% but was 0.1% slower than the previous figure. Chinese government’s transition from infrastructure spending and export oriented economy to a consumer spending oriented economy hasn’t happened as quickly as was expected. Industrial production, retail sales and fixed asset investment all slowed in December but the overall growth in the Chinese economy is still encouraging. German Dec HICP was confirmed at 0.2% y/y, the national CPI rate at 0.3% y/y, weaker than originally expected, but in line with preliminary data. National prices were down -0.1% m/m, driven by a 14.5% m/m drop in oil prices and a -4.4% m/m decline in petrol prices. Oil still continues to drive overall inflation trends then and excluding household energy and petrol, the headline rate would have been 1.1% y/y. Still this is down from 1.3% y/y in the previous month and 1.4% y/y in October, which will back the arguments of the doves at the ECB, which already pushed for more easing measures in December against German resistance. The current market rout and the drop in oil prices since then, which lead to even more pressure on Draghi to top up the measures already announced in December. Main Macro Events Today German ZEW:The January set of confidence readings are likely to reflect the deterioration in global sentiment this year, especially ZEW Investor Confidence, which is seen falling to 9.0 (med 8.5) from 16.1 in December. Together with the ongoing rout on global stock markets and the pressure on oil prices, the numbers will likely see Draghi delivering a dovish press conference on Thursday, even if it seems the ECB will follow the BoE’s example and defer a final judgement of the impact of lower oil prices and slowing growth in China, to the next update of official forecasts and projections, which for the ECB is in March. BoE Governor Speech: Market participants are expecting the governor Carney to shed light on the Bank of England’s future monetary policy. We expect the BoE to hike interest rates by 25bp in Q2 2016, which would take the repo rate to 0.75%. This would be the first policy change since March 2009, and the first tightening since July 2007. US NAHB housing market index: is out today and forecast to rise to 62 in January from 61. NZDUSD UPDATE, SHORT TERM PRICE TO BOUNCE HIGHER NZDUSD, 4 Hour The macro backdrop for the Kiwi (NZD) remains bearish with recent data showing weak credit card retail sales in New Zealand, along with the risk off global sentiment that kicked off the start of the year, the currency has been kept under pressure. My expectation for the short term is that the NZD may attempt a short term price move higher since the NZDUSD price bounced higher at the 76.4% Fibo retracement level. This price bounce higher leaves me with the view that global risk taking might be attempting a switch back on. My conclusion supports long positions for a price target at 0.6540. In the long term picture WTI Crude is near 2003 lows with the next monthly support level at 24 dollars while there are significant resistance levels relatively close at 33.20 (year 01/2009 low) and 37.75 (08/2015). PAIR: NZDUSD SOPPORTS: 0.6400 RESISTANCES: 0.6490 Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Janne Muta Chief Market Analyst HotForex & John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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

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

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

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

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

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

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

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

Date : 22nd December 2015. CURRENCY MOVERS OF 22nd December 2015. MACRO EVENTS & NEWS FX News Today German and U.K. GfK consumer confidence unexpectedly improved with the EURUSD seeing a minor rally from lows under 1.0850 to near 1.0940 in Monday’s trade. However, price still remains below the 10 day moving average. Meanwhile, the GBPUSD price trades just above the 1.4880 support level at the time of writing. Crude oil prices remain fragile in the face of unrelenting supply; USOil price is trading higher today with prices just under $36 at the time of writing, the lower USD this morning has supported oil prices. Gold has been moving higher as a softer U.S. dollar activated short covering. Global stock markets are mixed with strong gains in the U.S., Japan’s Nikkei 225 closing slightly lower, while European stock exchanges closing lower by 1%+. Asian stock markets have closed mostly higher, as U.S. and U.K. stock futures did. This points to gains on European markets at the open after the Monday European market sell off, as the traditional Christmas rally continues. The U.S. calendar data reports today aren’t likely to have much impact, as attention turns to Christmas and the New Year holidays. Main Macro Events Today • U.S. Richmond Manufacturing Index: Analyst expect an improvement to 0.0 from -3.0 in November. The Empire State and Philly Fed are already out and showed mixed headline performance which would indicate another month of depressed sentiment. • USD Final GDP: Analyst expect Q3 GDP to be revised down to 1.8% from 2.1% in the final report, following 3.9% growth in Q2. Forecast risk: downward, given the huge inventory boost that is being unwound with data revisions. Market risk: downward, as weakness may delay Fed tightening assumptions for 2016.Inventories are expected to be revised down by $10 bln. • USD Housing Price Index: Analyst expect existing home sales to rise 0.7% to a 5.400 mln unit rate in November following the 3.4% October decrease to 5.360 mln units. Forecast risk: downward, as NAHB declined in November. Market risk: downward, as a run of weaker data could impact rate hike time lines. The pending home sales index should grow by 0.3%. Please note that times displayed based on local time zone and are from time of writing this report. Click HEREto access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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

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

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

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

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

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

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

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

Date : 2nd December 2015. CURRENCY MOVERS OF 2nd December 2015. MACRO EVENTS & NEWS FX News Today The USD traded mostly softer in Monday trade losing some ground following the November ISM missed expectations, while the U.S. stock market rallied in response to the weakness in the ISM index. The November figure dropped to 48.6, below the 50 break-even for the first time since 2012, and is the lowest since 2009. The November U.S. ADP employment survey will be the key event today, while the main market focus will be the scheduled speech from Fed Chairwomen Janet Yellen. However, the Fed Chairwomen will not commit to any specific timing on any interest rate hike, especially ahead of Friday’s jobs report and the FOMC meeting. Notable U.S. Fed speak from Chicago Fed voter Evans reiterated that he favors later liftoff than his peers and that a gradual pace of hikes is required given downside inflation risks. He thinks it may be appropriate for rates to be below 1% by the end of 2016. He is not optimistic on a quick pick up in inflation as he judges core inflation will be just under 2% by the end of 2018. This is probably the most likely scenario. The European calendar has prelim Eurozone Nov HCIP, and PPI, UK construction PMI, the main focus will be on the preliminary Eurozone HICP reading for November. The German and Spanish inflation ticked higher, and if confirmed, a 0.3% y/y reading in the overall Eurozone number would still be higher than the 0.2% y/y reported for October. This would then confirm the uptrend that has been visible in the last couple of months. EU core inflation also has been trending higher. Main Macro Events Today • AUD Australia’s Q3 GDP: grew 0.9%on a real basis (q/q, sa) , slightly better than expected after a revised 0.3% gain in Q2 (was +0.2%). But it was largely an exports story, as shipments abroad surged as projected, rebounding 4.6% in Q3 after port closures in Q2 held back shipments abroad. Exports fell 3.3% in Q2. Household spending grew 0.7% in Q3. Non-dwelling construction fell 5.3% while M&E investment dropped 4.6%, consistent with an ongoing drag from the resource sector. Governor Stevens said the result was “not a bad outcome.” He said ongoing moderate growth remains their projection for Australia’s economy. • EUR Eurozone Nov Inflation: EU core inflation has been trending higher and the ECB’s preferred gauge for inflation expectations, the five year, five year break even rate has moved above 1.80%. November Eurozone HICP today (a rise to 0.3% y/y is expected after October’s 0.2%). • USD The November ADP: private employment survey is expected to show a 190k increase in jobs. • CAD Interest Rate Decision: rate seen unchanged at 0.50% Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! John Knobel Senior Currency Strategist HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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

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