Australian Dollar Could Wilt if Brexit Delayed, Growth Risks Hang

AUDUSD 2-Hour Price Chart

Australian Dollar Fundamental Forecast: Neutral

  • The Australian Dollar rose on Brexit deal expectations, local jobs data
  • If UK PM Boris Johnson fails to pass his deal at home, AUD may fall
  • Global growth slowdown could undermine near-term AUD/USD gains

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Australian Dollar Recap

The Australian Dollar spent most of last week rallying against major currencies such as the US Dollar and Japanese Yen but underperformed against the British Pound. Domestically, it could thank a drop in Australian unemployment which almost entirely took off bets of a November RBA rate cut. Meanwhile, hopes of a Brexit deal propelled equities, supporting the sentiment-linked AUD as GBP rose.

Australian Dollar Week Ahead

Looking to the upcoming week, there isn’t much for AUD/USD, AUD/JPY and GBP/AUD to look forward to on the domestic front. We will get Commonwealth Bank of Australia (CBA) measurements of manufacturing and services PMI, but these may do little to significantly calculate current estimates of near-term easing from Australia’s central bank.

Brexit Deal or Extension?

Rather, the focus will likely be on the external front, particularly at Monday’s market open. That is because over the weekend, the UK House of Commons will be voting on Boris Johnson’s Brexit agreement. Last week, a deal was reached between the United Kingdom and the European Union. Now, it heads to Parliament to see if the Prime Minister can gather enough votes to seal the deal.

This will be a daunting task. Mr Johnson and his government are over 40 seats short of a majority. This means that he will be relying on support from the Democratic Unionist Party (DUP) in order to get enough votes. Last week, the DUP made it well known that they would not support his Brexit deal. If Mr Johnson fails to get enough votes, he will most likely be forced to ask for an extension of the Brexit deadline.

If this ends up being the case, a reversal of some of the progress in risk trends and the S&P 500 could be due. This would in turn bode ill for the Australian Dollar. But, given the nature of unpredictability in these unprecedented negotiations, certainty is all but lacking. The Aussie may stand to lose the most in this case against the anti-risk Japanese Yen should adequate support fail to materialize.

Other Key Fundamental Themes – Trade Wars, Earnings, US Data

Some may also attribute the rosy progress in sentiment to the US and China reaching a “phase one” agreement in trade talks. But, risks still remain that the second go at a trade truce falls apart, as it did after the G20 Summit back in June. Keep a close eye on ongoing disputes/resolutions between the two economic powerhouses.

To stay updated on the latest US-China trade news and for market reaction in AUD/USD, follow me on Twitter here @ddubrovskyFX!

Last week, third quarter China GDP data undershot estimates with growth hovering around 30-year lows. As a China liquid proxy, the Australian Dollar is vulnerable to not just slowing growth from the world’s second-largest economy, but a deterioration in global expansion prospects – see chart below. This past week, the IMF lowered 2019 global GDP estimates to its weakest since the financial crisis.

As such, near-term gains in the Australian Dollar should be taken with a grain of salt as medium-term fundamental themes risk undermining its progress.

Global Economic Slowdown

Developed Global Growth Chart

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— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

US Dollar Price Volatility Report & Trading Ranges for Next Week

US DOLLAR PRICE ACTION EYES DURABLE GOODS DATA, ECB MEETING, TRADE WARS

  • Relentless US Dollar selling pressure has pushed the greenback 2.5% lower from this month’s intraday (also year-to-date) swing high
  • USD price action looks to fundamental forces like the release of US Durable Goods data, an ECB rate decision and looming trade war headlines expected next week
  • Enhance your market knowledge with our free Forecasts & Trading Guides available for download

The US Dollar continues to bleed and the latest technical development suggests that the greenback’s recent selloff will persist. Another day of US Dollar downside has dragged the USD price action through major technical levels yet again. The US Dollar’s sizable selloff this month – and over the last 5 trading days in particular – sent the DXY Index swooning below its rising wedge support line dating back to February 2018.

US DOLLAR INDEX PRICE CHART: WEEKLY TIME FRAME (SEPTEMBER 18, 2017 TO OCTOBER 18, 2019)

DXY US Dollar Index Price Chart Technical Analysis

Chart created by @RichDvorakFX with TradingView

I pointed out in the daily publication of this US Dollar Price Volatility Report that the greenback’s selloff could continue to gain pace after the DXY Index plunged below the 98.00 price level, which has so far materialized. At the same time, the relentless drop in the US Dollar over the last couple days has pushed the DXY Index to another major technical level that could catapult the greenback higher.

This area of confluence around the 97.00 handle is underpinned by the US Dollar’s 23.6% Fibonacci retracement of its trading range since 2018 in addition to its 50-week simple moving average. If this zone of technical support fails to buoy the US Dollar headed into next week, USD price action could continue to edge lower and potentially target the 100-week EMA and 200-week SMA around the 96.00 price level before eyeing the 38.2% Fib.

US DOLLAR IMPLIED VOLATILITY & TRADING RANGES (1-WEEK)

US Dollar Implied Volatility and Trading Ranges for Next Week EURUSD, GBPUSD, USDJPY, USDMXN, AUDUSD, USDCNH

Next week’s fundamental backdrop with US Durable Goods data on deck, which has potential to materially sway FOMC rate cut expectations priced in by traders, could give the US Dollar a much needed jolt if the report tops market estimates. Also, in light of the upcoming ECB meeting and US tariffs taking effect on imported European goods, recent USD price action could quickly reverse higher – or equally extend lower – considering that EUR/USD performance comprises nearly 60% of the popular DXY US Dollar Index.

Nevertheless, GBP/USD is expected to be the most volatile major US Dollar currency pair next week in the wake of British Parliament’s vote on PM Boris Johnson’s brokered Brexit Withdrawal Agreement. Also worth mentioning on the opposite end of the spectrum is USD/MXN 1-week implied volatility of 7.52%, which is its lowest reading in the last 12-months.

US DOLLAR RISK REVERSALS (1-WEEK)

US Dollar Price Risk Reversal SKEW Table for Major USD Pairs

A risk reversal reading above zero indicates that the demand for call option volatility (upside protection) exceeds that of put option volatility (downside protection). For additional insight on market positioning and bullish or bearish biases, traders can turn to the IG Client Sentiment data, which is updated in real-time and covers several currency pairs, commodities, and equity indices.

— Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

US Dollar Price Volatility Report & Trading Ranges for Next Week

US DOLLAR PRICE ACTION EYES DURABLE GOODS DATA, ECB MEETING, TRADE WARS

  • Relentless US Dollar selling pressure has pushed the greenback 2.5% lower from this month’s intraday (also year-to-date) swing high
  • USD price action looks to fundamental forces like the release of US Durable Goods data, an ECB rate decision and looming trade war headlines expected next week
  • Enhance your market knowledge with our free Forecasts & Trading Guides available for download

The US Dollar continues to bleed and the latest technical development suggests that the greenback’s recent selloff will persist. Another day of US Dollar downside has dragged the USD price action through major technical levels yet again. The US Dollar’s sizable selloff this month – and over the last 5 trading days in particular – sent the DXY Index swooning below its rising wedge support line dating back to February 2018.

US DOLLAR INDEX PRICE CHART: WEEKLY TIME FRAME (SEPTEMBER 18, 2017 TO OCTOBER 18, 2019)

DXY US Dollar Index Price Chart Technical Analysis

Chart created by @RichDvorakFX with TradingView

I pointed out in the daily publication of this US Dollar Price Volatility Report that the greenback’s selloff could continue to gain pace after the DXY Index plunged below the 98.00 price level, which has so far materialized. At the same time, the relentless drop in the US Dollar over the last couple days has pushed the DXY Index to another major technical level that could catapult the greenback higher.

This area of confluence around the 97.00 handle is underpinned by the US Dollar’s 23.6% Fibonacci retracement of its trading range since 2018 in addition to its 50-week simple moving average. If this zone of technical support fails to buoy the US Dollar headed into next week, USD price action could continue to edge lower and potentially target the 100-week EMA and 200-week SMA around the 96.00 price level before eyeing the 38.2% Fib.

US DOLLAR IMPLIED VOLATILITY & TRADING RANGES (1-WEEK)

US Dollar Implied Volatility and Trading Ranges for Next Week EURUSD, GBPUSD, USDJPY, USDMXN, AUDUSD, USDCNH

Next week’s fundamental backdrop with US Durable Goods data on deck, which has potential to materially sway FOMC rate cut expectations priced in by traders, could give the US Dollar a much needed jolt if the report tops market estimates. Also, in light of the upcoming ECB meeting and US tariffs taking effect on imported European goods, recent USD price action could quickly reverse higher – or equally extend lower – considering that EUR/USD performance comprises nearly 60% of the popular DXY US Dollar Index.

Nevertheless, GBP/USD is expected to be the most volatile major US Dollar currency pair next week in the wake of British Parliament’s vote on PM Boris Johnson’s brokered Brexit Withdrawal Agreement. Also worth mentioning on the opposite end of the spectrum is USD/MXN 1-week implied volatility of 7.52%, which is its lowest reading in the last 12-months.

US DOLLAR RISK REVERSALS (1-WEEK)

US Dollar Price Risk Reversal SKEW Table for Major USD Pairs

A risk reversal reading above zero indicates that the demand for call option volatility (upside protection) exceeds that of put option volatility (downside protection). For additional insight on market positioning and bullish or bearish biases, traders can turn to the IG Client Sentiment data, which is updated in real-time and covers several currency pairs, commodities, and equity indices.

— Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

Commodities wrap up: Mixed geopolitical headlines keep commodities in foc…

  • Commodity traders looking for more clarity on trade wars.
  • Gold and Silver are stuck below the 21-DMAs, with technicals leaning bearish.
  • The price of oil is trading within familiar ranges, closing back below the $54 handle. 

Commodities were mixed in the week, although the price of oil and precious metals were on the back foot, for the most part, ending lower into the Friday close. In the main, prices continued to consolidate below a cluster of daily moving averages as investors weighed the various signs of easing geopolitical tensions vs softer economic growth data. 
 
Gold and Silver futures settled lower on Friday, while spot Gold ended, -1.98% travelling from a high of $1,493.51 to a low of $1.484.96. Silver prices on a spot basis were ending pretty much flat, travelling from a high of $17.60 to a low of 17.41, closing at 17.55. Gold for December delivery on Comex lost $4.20, or 0.3%, to settle at $1,494.10 an ounce while December Silver dropped 3.4 cents, or 0.2%, to end at $17.578 an ounce, for a weekly rise of 0.2%. 
 
Meanwhile, West Texas Intermediate crude finished -0.7% lower, losing the $54.60 handle to score a low of $53.34 as data showing slower Chinese economic growth fed worries about weaker demand for oil.WTI dell by 15 cents, or 0.3%, to settle at $53.78 a barrel on the New York Mercantile Exchange, posting a 1.7% weekly decline.

US / China trade up in the air

With respect to US and China trade relations, it feels we are still a mile away from gaining a convincing breakthrough – since last week’s announcements from Trump that a Phase-1 deal had been forged, China is seeking clarification on a number of issues before moving to contract – meanwhile, demanding that the US cancel new tariffs for a trade deal to take place – Indeed, there has not been any confirmation as to when a ‘phase-1’ agreement would be signed or whether the leaders of both countries planned to meet.

“We hope both sides can continue to work together to advance the negotiations and, as soon as possible, reach a phased agreement and make new progress on cancelling tariffs,” said China’s Ministry of Commerce spokesman Gao Feng. 

Gold levels

Gold bulls struggle at the 21-DMA and a bearish follow-through could be on the cards for next week. Bears will seek out the  50% mean reversion of the late June swing lows to recent highs level around 1460/70 initially. On the other hand, bulls are just a break of the 50-DMA away from a close through the psychological 1500 level ahead of the 1520 area and the1535 resistance target. 

Silver levels

The price is in consolidation on the 17 handle. Bulls fear a re-run to the downside at this juncture with repeated failifn at the 21-DMA. The trend-line support will remain a focal point ahead of the  61.8% Fibonacci level down at 16.10, guarding the 200-day moving average which is resting in the 15.99s.

WTI levels 

The GMMAs remain bearish and WTI remains below the 50 and 21-day moving averages, with bulls losing sight of the 57 handle around the 200 DMA. Bears will seek a break below the 50 handle which will bring the prospects of a run down to the Nov 2018 lows at 49.39 again. the 46.90 level ahead of the 18th Dec lows down at 45.77 will then be in focus. 

Wall Street plunges and the DJIA ends down -0.9%

  • The S&P 500 index ended 0.4% lower at 2,986.
  • The Nasdaq Composite Index finished 0.8% lower at 8,090.
  • The DJIA ended lower by 255 points, or 0.9%, at 26,770.

US benchmarks ended on the back foot, barley off from their lows on Friday while earnings took the limelight as well as a pluge in the shares of Johnson and Johnson (J&J) as well as Boeing sinking. At the same time, market sentiment was slightly downbeat as slower Chinese GDP growth weighed on global equities

Subsequently, the DJIA ended lower by 255 points, or 0.9%, at 26,770 with Boeing 1 shedding about 70 points from the price-weighted average – The news was that the Federal Aviation Administration said the aviation and defence contractor withheld “concerning” messages from 2016 between employees about a flight-control system tied to two fatal crashes of the 737 MAX. J&J and shares knocked off around 57-points from the index. The S&P 500 index ended 0.4% lower at 2,986, while the Nasdaq Composite Index finished 0.8% lower at 8,090.

Chinese data and Fed speakers:

China slowed to just a 6% in the third quarter from a 6.2% pace in the second quarter – this was the slowest pace since the early 1990s, as business investment weakened. 

Meanwhile, remarks by Fed Vice-Chair Clarida provided no real new signals coming ahead of the Fed’s media blackout. “Clarida reiterated that the Fed will act as appropriate to sustain the expansion and that the US economy is in a good place but faces “evident risks”. He also said the economy is “muddling through” the recent uncertainty,” analysts at TD Securities explained.

DJIA levels

DJIA plunged below the 27000s and a close below the trendline support was guarding a run to the 200-day moving average, (DMA), down in the 26000s. First up, however, the 21-DMA and the 50-DMA will likely be the first test for the bears. The bulls need to advance to the 27500s targets on a break of the 27200s – Trend-line resistance guards the July highs. 

Assembly Biosciences Stock Sizzles Following Phase 2a Announcement and Buy Rating from Mizuho

By The Life Science Report

Source: Streetwise Reports   10/16/2019

Good news is piling up for this healthcare stock engaged in the treatment of hepatitis B as it trades at 5X its average volume with a 30% stock price gain over previous close.

Assembly Biosciences Inc (ASMB:NASDAQ) announced in a press release on October 16, 2019, “Phase 2a studies of ABI-H0731 + nucleos(t)ide analogs (Nrtl) in HBeAg+ patients show faster and deeper declines in HBV DNA and RNA with combination than Nrtl alone, as well as subsequent declines in the surrogate markers of cccDNA with long-term treatment.”

It’s good news for the company, which seeks to improve cure rates for individuals with chronic hepatitis B (HBV).



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The announcement also highlights that data from the company’s two lead core inhibitor programs will be featured at the AASLD (American Association for the Study of Liver Diseases) Annual Meeting, considered to be the premier conference in the U.S. for hepatitis B and other liver diseases.

Investors liked what they heard this morning, as they rewarded Assembly Biosciences with a 30% increase in its share price on trading volume reaching nearly 500% of average. Shares closed the previous day at $9.30 and have reached as high as $12.45 today.

How much room does this hot biotech stock have left to run? According to Mizuho Securities analyst Salim Syed, perhaps quite a bit more. The analyst initiated coverage today with a Buy rating and a price target of $20. The target may not be as aggressive as it appears at first glance, considering ASMB is still far from its all-time high of $100.80 in 2011, as well as its more recent high of $58.43 in 2018.

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Disclosure:
1) Kevin Jaillet compiled this article for Streetwise Reports LLC and is an employee of Streetwise Reports. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professional for medical advice.

( Companies Mentioned: ASMB:NASDAQ,
)

Energy Company ‘Shaking Things Up With Royalty, Infrastructure Spinout’

The Energy Report

Source: Streetwise Reports   10/16/2019

The transaction details are relayed in a CIBC report.

In an Oct. 10 research note, CIBC analyst Dave Popowich reported that Tourmaline Oil Corp. (TOU:TSX) intends to spin out, into a new private royalty and infrastructure company called Topaz Energy, a gross over-riding royalty interest across its properties plus a nonoperated 45% working interest in two of its gas plants.

In exchange, Tourmaline will receive CA$135–185 million in cash and retain a 75–81% equity share of Topaz. Existing Tourmaline staff members will manage the new entity under a contract. “Topaz expects to seek a public liquidity event in H1/20,” Popowich indicated. “The company will initially pay out about 75% of its expected $90 million of annual revenue.”



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Popowich commented that the “transaction allows Tourmaline to monetize a fairly low-risk portion of its cash flow base while retaining some upside in an investment vehicle that should value it at a higher multiple in the public market.” Previously, management indicated several times that its infrastructure has consistently been undervalued in the past.

The expected changes to CIBC’s estimates on Tourmaline as a result of the transaction are minimal, Popowich noted, and no major impacts to the investment thesis are predicted in the short term. However, that could change, he added, were Tourmaline “able to use Topaz as a platform to roll up additional royalty and/or facility interests in a basin that is clearly ripe for consolidation.”

Looking to this winter, AECO and/or NYMEX prices should improve, thus benefitting this Canadian gas-weighted energy firm, the analyst wrote.

CIBC has an Outperformer rating and a CA$25 per share target price on Tourmaline, whose stock is currently trading at around CA$12.06 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from CIBC, Tourmaline Oil Corp., October 10, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Tourmaline Oil Corp. (TOU)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Tourmaline Oil Corp. in the next 3 months.

( Companies Mentioned: TOU:TSX,
)

OANDA Market Insights – Episode 87 (Podcast)

OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821. Please refer to the NFA’s FOREX INVESTOR ALERT where appropriate.

OANDA (Canada) Corporation ULC accounts are available to anyone with a Canadian bank account. OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC’s online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request or at www.cipf.ca.

OANDA Europe Limited is a company registered in England number 7110087 limited by shares with its registered office at Tower 42, Floor 9a, 25 Old Broad St, London EC2N 1HQ and is authorised and regulated by the Financial Conduct Authority, No: 542574.

OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore and is also licenced by the International Enterprise Singapore.

OANDA Australia Pty Ltd is regulated by the Australian Securities and Investments Commission ASIC (ABN 26 152 088 349, AFSL No. 412981) and provides and is the issuer of the products and/or services on this website. It’s important for you to consider the current Financial Service Guide (FSG), Product Disclosure Statement (‘PDS’), Account Terms and any other relevant OANDA documents before making any financial investment decisions. These documents can be found here.

OANDA Japan Co., Ltd. First Type I Financial Instruments Business Director of the Kanto Local Financial Bureau (Kin-sho) No. 2137 Institute Financial Futures Association subscriber number 1571.

DeepWell Names Joseph Acosta Head of FX Sales and Execution

London-based DeepWell Liquidity Management, an agency broker owned by Swiss interdealer Tradition, has appointed Joseph Acosta to take on the role of head of foreign exchange (FX) sales and execution.

Joseph has joined DeepWell last month, coming from Elenion Capital Management where he served as global macro execution trader and relationship manager. He has more than 25 years of experience in sales, trading, structuring and portfolio management in fixed income and FX cash and derivatives.

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Joseph Acosta

Before Elenion, where he worked for 16 months, Acosta was with R.J. O’Brien & Associates LLC, the oldest and largest futures brokerage and clearing firm in the United States.

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From 1999 to 2012, Joe worked at QFS Asset Management, trading their FX, global macro and fixed income models for over 13 years, his Linkedin shows. Prior to QFS, he worked as a senior trader on the foreign exchange desk at The Bankers Trust company.

Colin George parts ways with DeepWell

Acosta is the latest senior appointment for DeepWell’s FX business as it looks to bolster product, operational and execution expertise in currency trading. Last year, the company made seven senior managers to spearhead its push into global forex and fixed income trading.

Colin George, who previously served in institutional sales at Standard Chartered Bank, was named head of forex and commodity sales and execution where he was tasked with setting up DeepWell’s US operations. However, George is reportedly leaving the firm, per an FXweek report.

Founded in 2017, Deepwell Liquidity Management was set up by Richard Leighton, who also established TP ICAP-owned FX agency brokerage firm Mirexa Capital. Working as part of Tradition’s family, the unit offers global coverage across a range of OTC and exchange traded FX products that includes spot, forwards, options and futures. DeepWell also maintains presence across Europe, Americas and Asia Pacific with global offices based in London, New York, Singapore and Sydney.