HFM

Date: 14th July 2025. Global Markets Weekly: Trade Tensions, Bitcoin & Silver Surge. Asian Markets Mixed as Trade Tensions and Earnings Season Take Centre Stage Asian equities showed mixed performance on Monday, following a subdued session on Wall Street where the S&P 500 and Nasdaq Composite retreated slightly from last week’s record highs. Market sentiment remained cautious as investors assessed the impact of renewed trade tensions and prepared for a busy week of corporate earnings. Trump's Tariff Threats Stir Global Trade Concerns US President Donald Trump over the weekend announced plans to implement 30% tariffs on imports from Mexico and the European Union, starting August 1. Though the news created headlines, markets reacted calmly as analysts anticipate progress in negotiations before the deadline. In response, the Mexican peso slightly weakened, trading at 18.6 per US dollar. Further fueling tensions, Trump also hinted at raising tariffs on Canadian imports to 35%, along with potential 200% tariffs on pharmaceutical drugs and a 50% tariff on copper. The European Union has already prepared a retaliatory tariff package worth €21 billion ($24.52 billion), according to Italian Foreign Minister Antonio Tajani. Chinese Trade Surplus Hits Record Despite US Decline China ended the first half of the year with a record trade surplus of approximately $586 billion. June exports rose 5.8% year-over-year to $325 billion, while imports climbed 1.1% for the first time since February. Although exports to the US dropped 16.1%, Chinese firms offset the decline with a 17% surge in shipments to ASEAN nations. "China's trade resisted pressure and progressed in the first half of the year," noted Wang Lingjun, deputy head of the General Administration of Customs. However, he warned that rising protectionism continues to pose risks to global trade. Silver Nears 14-Year High Amid Supply Concerns Silver prices approached a 14-year peak, driven by strong investor demand and speculation over potential US tariffs on industrial metals. Spot silver rose as much as 1.6% in Asian trading, building on last week’s 4% surge. The one-month borrowing cost for silver spiked above 6%, signalling tight supply conditions. Analysts highlight silver’s appeal as both a safe-haven asset and an industrial input, particularly for solar panels. The metal is up 35% year-to-date, outpacing gold’s 28% rise, with 2025 likely marking the fifth consecutive year of supply deficits, according to the Silver Institute. Bitcoin Breaks Records as Crypto Momentum Builds Bitcoin soared to a new all-time high of $122,065, gaining 3.6% early Monday. The cryptocurrency has climbed 29% in 2025, bolstered by a bullish trend in risk assets and increased institutional interest. The rally coincides with Nvidia reaching a $4 trillion market cap and the launch of ‘Crypto Week’ in the US Congress, where lawmakers will debate new regulatory frameworks for digital assets. Wall Street Cautious Ahead of Earnings and CPI Data Friday saw US stocks end the week on a negative note, with the S&P 500 down 0.3% to 6,259.75, the Dow Jones Industrial Average falling 0.6% to 44,371.51, and the Nasdaq Composite slipping 0.2% to 20,585.53. The pullback followed record-setting highs earlier in the week. Investors are turning their attention to key inflation data and corporate earnings. The Consumer Price Index (CPI), due Tuesday, is expected to influence the Federal Reserve’s interest rate decision set for later this month. Big US banks, including JPMorgan Chase, Wells Fargo, and Citigroup, are scheduled to report quarterly results, providing insight into the IPO and M&A landscape. Netflix will kick off earnings for tech giants, while ASML and Taiwan Semiconductor Manufacturing are expected to offer updates on the AI chip boom. Other key earnings include PepsiCo, United Airlines, and American Express. Oil and Currency Markets Remain Stable In commodity markets, US crude edged up 9 cents to $68.54 per barrel, while Brent crude rose 10 cents to $70.46. On the currency front, the dollar dipped to 147.36 yen, and the euro fell to $1.1659. With escalating trade tensions, volatile commodity prices, and major corporate earnings ahead, markets are bracing for another eventful week. Investors will be watching for clarity on global trade policies and signals from the Fed as they navigate a landscape marked by uncertainty and opportunity. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 14th July 2025. Global Markets Weekly: Trade Tensions, Bitcoin & Silver Surge. Asian Markets Mixed as Trade Tensions and Earnings Season Take Centre Stage Asian equities showed mixed performance on Monday, following a subdued session on Wall Street where the S&P 500 and Nasdaq Composite retreated slightly from last week’s record highs. Market sentiment remained cautious as investors assessed the impact of renewed trade tensions and prepared for a busy week of corporate earnings. Trump's Tariff Threats Stir Global Trade Concerns US President Donald Trump over the weekend announced plans to implement 30% tariffs on imports from Mexico and the European Union, starting August 1. Though the news created headlines, markets reacted calmly as analysts anticipate progress in negotiations before the deadline. In response, the Mexican peso slightly weakened, trading at 18.6 per US dollar. Further fueling tensions, Trump also hinted at raising tariffs on Canadian imports to 35%, along with potential 200% tariffs on pharmaceutical drugs and a 50% tariff on copper. The European Union has already prepared a retaliatory tariff package worth €21 billion ($24.52 billion), according to Italian Foreign Minister Antonio Tajani. Chinese Trade Surplus Hits Record Despite US Decline China ended the first half of the year with a record trade surplus of approximately $586 billion. June exports rose 5.8% year-over-year to $325 billion, while imports climbed 1.1% for the first time since February. Although exports to the US dropped 16.1%, Chinese firms offset the decline with a 17% surge in shipments to ASEAN nations. "China's trade resisted pressure and progressed in the first half of the year," noted Wang Lingjun, deputy head of the General Administration of Customs. However, he warned that rising protectionism continues to pose risks to global trade. Silver Nears 14-Year High Amid Supply Concerns Silver prices approached a 14-year peak, driven by strong investor demand and speculation over potential US tariffs on industrial metals. Spot silver rose as much as 1.6% in Asian trading, building on last week’s 4% surge. The one-month borrowing cost for silver spiked above 6%, signalling tight supply conditions. Analysts highlight silver’s appeal as both a safe-haven asset and an industrial input, particularly for solar panels. The metal is up 35% year-to-date, outpacing gold’s 28% rise, with 2025 likely marking the fifth consecutive year of supply deficits, according to the Silver Institute. Bitcoin Breaks Records as Crypto Momentum Builds Bitcoin soared to a new all-time high of $122,065, gaining 3.6% early Monday. The cryptocurrency has climbed 29% in 2025, bolstered by a bullish trend in risk assets and increased institutional interest. The rally coincides with Nvidia reaching a $4 trillion market cap and the launch of ‘Crypto Week’ in the US Congress, where lawmakers will debate new regulatory frameworks for digital assets. Wall Street Cautious Ahead of Earnings and CPI Data Friday saw US stocks end the week on a negative note, with the S&P 500 down 0.3% to 6,259.75, the Dow Jones Industrial Average falling 0.6% to 44,371.51, and the Nasdaq Composite slipping 0.2% to 20,585.53. The pullback followed record-setting highs earlier in the week. Investors are turning their attention to key inflation data and corporate earnings. The Consumer Price Index (CPI), due Tuesday, is expected to influence the Federal Reserve’s interest rate decision set for later this month. Big US banks, including JPMorgan Chase, Wells Fargo, and Citigroup, are scheduled to report quarterly results, providing insight into the IPO and M&A landscape. Netflix will kick off earnings for tech giants, while ASML and Taiwan Semiconductor Manufacturing are expected to offer updates on the AI chip boom. Other key earnings include PepsiCo, United Airlines, and American Express. Oil and Currency Markets Remain Stable In commodity markets, US crude edged up 9 cents to $68.54 per barrel, while Brent crude rose 10 cents to $70.46. On the currency front, the dollar dipped to 147.36 yen, and the euro fell to $1.1659. With escalating trade tensions, volatile commodity prices, and major corporate earnings ahead, markets are bracing for another eventful week. Investors will be watching for clarity on global trade policies and signals from the Fed as they navigate a landscape marked by uncertainty and opportunity. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 11th July 2025. Demand For Gold Rises As Trump Announces Tariffs! Gold prices rose significantly throughout the week as investors took advantage of the 2.50% lower entry level. Investors also return to the safe-haven asset as the US trade policy continues to escalate. As a result, investors are taking a more dovish tone. The ‘risk-off’ appetite is also something which can be seen within the stock market. The NASDAQ on Thursday took a 0.90% dive within only 30 minutes. Trade Tensions Escalate President Trump has been teasing with new tariffs throughout the week. However, the tariffs were confirmed on Thursday. A 35% tariff on Canadian imports starting August 1st, along with 50% tariffs on copper and goods from Brazil. Some experts are advising that Brazil has been specifically targeted due to its association with the BRICS. However, the President has not directly associated the tariffs with BRICS yet. According to President Trump, Brazil is targeting US technology companies and carrying out a ‘witch hunt’against former Brazilian President Jair Bolsonaro, a close ally who is currently facing prosecution for allegedly attempting to overturn the 2022 Brazilian election. Although Brazil is one of the largest and fastest-growing economies in the Americas, it is not the main concern for investors. Investors are more concerned about Tariffs on Canada. The White House said it will impose a 35% tariff on Canadian imports, effective August 1st, raised from the earlier 25% rate. This covers most goods, with exceptions under USMCA and exemptions for Canadian companies producing within the US. It is also vital for investors to note that Canada is among the US;’s top 3 trading partners. The increase was justified by Trump citing issues like the trade deficit, Canada’s handling of fentanyl trafficking, and perceived unfair trade practices. The President is also threatening new measures against the EU. These moves caused US and European stock futures to fall nearly 1%, while the Dollar rose and commodity prices saw small gains. However, the main benefactor was Silver and Gold, which are the two best-performing metals of the day. How Will The Fed Impact Gold? The FOMC indicated that the number of members warming up to the idea of interest rate cuts is increasing. If the Fed takes a dovish tone, the price of Gold may further rise. In the meantime, the President pushing for a 3% rate cut sparked talk of a more dovish Fed nominee next year and raised worries about future inflation. Meanwhile, jobless claims dropped for the fourth straight week, coming in better than expected and supporting the view that the labour market remains strong after last week’s solid payroll report. Markets still expect two rate cuts this year, but rate futures show most investors see no change at the next Fed meeting. Gold is expected to finish the week mostly flat. Gold 15-Minute Chart If the price of Gold increases above $3,337.50, buy signals are likely to materialise again. However, the price is currently retracing, meaning traders are likely to wait for regained momentum before entering further buy trades. According to HSBC, they expect an average price of $3,215 in 2025 (up from $3,015) and $3,125 in 2026, with projections showing a volatile range between $3,100 and $3,600 Key Takeaway Points: Gold Rises on Safe-Haven Demand. Gold gained as investors reacted to rising trade tensions and market volatility. Canada Tariffs Spark Concern. A 35% tariff on Canadian imports drew attention due to Canada’s key trade role. Fed Dovish Shift Supports Gold. Growing expectations of rate cuts and Trump’s push for a 3% cut boosted the gold outlook. Gold Eyes Breakout Above $3,337.5. Price is consolidating; a move above $3,337.50 could trigger new buy signals. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 10th July 2025. Will The Dow Jones Rebound Ahead Of Next Week’s Earnings? The second quarter's earnings season is likely to impact the Dow Jones most among US indexes during its first days. Earnings Season is due to start on July 15th, starting this the banking sector, which makes up almost 18% of the Dow Jones. Currently, the Dow Jones is trading significantly lower than other indices, only edging up 4.85% in 2025 so far. Investors are contemplating if this is likely to change in the upcoming week. Dow Jones And Earnings Season During the first week of earnings season, the Dow Jones will see quarterly reports from JP Morgan, Goldman Sachs and Johnson&Johnson. Investors are particularly focused on the quarterly earnings report from Goldman Sachs. Goldman Sachs is the most influential stock for the Dow Jones, holding a weight of 9.63%. Dow Jones 2-Hour Chart Goldman Sachs stocks have risen 21% in 2025 so far and have been one of the best-performing stocks for the Dow Jones. Zacks Investment Research, based on a survey of 7 analysts, forecasts a consensus earnings per share (EPS) of $9.37 for this quarter. The figure is up from the $8.62 EPS made public for the same quarter last year. The company has also beat its earnings expectations over the past 3 quarters. JP Morgan will be the first company to release its quarterly earnings report. JP Morgan stocks are currently up 18% in 2025 and have beaten its earnings expectations over the past 4 quarters. In addition to this, Johnson&Johnson will also release their quarterly report on Thursday, but only holds a weight of 2.19%. The performance of the Dow Jones will significantly depend on the performance of the 3 quarterly earnings reports. If all 3 companies confirm higher-than-expected earnings, the Dow Jones is likely to witness buy signals from both technical and fundamental analysis. FOMC And Trade Dampening Market Sentiment Even though earnings season and the upcoming reports from the banking sector may prompt a rebound, the Dow Jones is currently trading lower. This is largely due to trade tensions, which remain unchanged. More on this can be found in yesterday’s article. However, some positive developments could be seen from yesterday’s FOMC Meeting Minutes. According to the Meeting Minutes, the Federal Reserve is split between when they should cut and how frequently cuts should be in the second half of 2025. Some members of the committee believe refraining from cuts would be appropriate due to trade policy uncertainties. Their fear is that tariffs and supply disruptions will trigger higher prices and inflation. On the other hand, the number of members leaning towards a rate cut is increasing. Although it is also important for traders to note that the dovish members of the Federal Reserve are siding with rate cuts due to weaknesses within the employment sector. The meeting took place before last week’s US NFP data. Therefore, their fear may have cooled since the better-than-expected employment data, such as the unemployment rate declining to 4.1%. Nonetheless, the possibility of a September ‘pause’ has fallen from 35% to 28% according to the FedWatch Tool. This is positive for the Dow Jones and stocks in general. Dow Jones - Price Analysis Currently, the Dow Jones is trading lower during this morning’s Asia Session, but continues to remain higher than the 75-period moving average. The fact that the price is still above the moving average and the RSI is also forming higher lows will possibly indicate that buyers may still reenter the market. If the price increases above $44,398.45, buy signals may potentially materialise. Dow Jones 5-Minute Chart Key Takeaway Points: The Dow Jones’ rebound will heavily depend on strong Q2 earnings from major banks like JPMorgan and Goldman Sachs. Earnings to start on July 15th. Goldman Sachs, the Dow's most influential stock, has seen its shares rise 21% in 2025, and analysts project it will report strong Q2 earnings. The Federal Reserve is split on rate cuts, as inflation concerns weigh against arguments for cuts due to employment weakness. Despite current minor dips, the Dow's position above its moving average and positive RSI suggest potential buyer re-entry and a possible rally if it surpasses $44,398.45. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 9th July 2025. Symmetrical Triangle Support: Gold Rebound Imminent? Gold’s price comes under pressure for a fourth day, primarily due to positive US data and a stronger Dollar. The US employment data from the previous week is the main driver of a weaker price as rate cuts become less likely and sentiment rises. Though both technical and fundamental analysts are contemplating whether the trend will suddenly change. Gold Continues to Decline The bearish price movement came after surprisingly positive employment data on July 3rd. The latest employment report revealed robust growth, with the NFP change expanding by 147,000. This figure far surpassed the 111,000 forecast and even exceeded May's 144,000, largely attributed to significant hiring in the civil service (73,000) and healthcare (39,000). As a result, the Unemployment Rate edged down to 4.1%, though Average Hourly Earnings saw a marginal decrease. Gold has also come under pressure from the strengthening US Dollar and the Federal Reserve. The US Dollar Index has risen more than 1% over the past week, pressuring Gold due to its inverse correlation. The market also now expects a more hawkish Federal Reserve and this can be seen through indications available by stock exchanges. For example, the Chicago exchange previously stated a 6% possibility of an interest rate pause in September. That figure has now risen to 34%. Although traders should note that this may change depending on tonight's FOMC Meeting Minutes. Gold price movement will also depend on the current developments within the Oil market, geopolitics, earnings season and the US trade policy. What Could Trigger Gold to Rebound? While geopolitical tensions seem to be improving, other factors suggest potential for an upside. Crucially, ongoing geopolitical tensions, particularly concerning Iran's nuclear program, remain a significant wild card. Any escalation could swiftly push Gold prices higher, as seen in the first 2 weeks of June 2025. According to analysts, this remains an issue as experts believe Iran will continue to enrich uranium and no agreement has been made with the US so far. In addition to this, despite minor deadline extensions from July 9th, the Trump administration's ongoing pursuit of new 25% tariffs on imports from Japan and South Korea (effective August 1st). This continues to generate significant market volatility and uncertainty, which if continues, may support Gold’s rebound. These impending tariffs are particularly impactful given both nations' considerable trade deficits with the US. Another major issue is the EU, which is yet to make an agreement in principle with the US. The US has proposed a deal to the EU with a 10% baseline tariff on most goods, offering exemptions for sectors like aircraft, spirits, and cosmetics. However, the U.S. is currently unwilling to exempt sensitive industries like cars, steel, and aluminium, which the EU has strongly requested. If no agreement is made, the ‘risk-off’ sentiment can support another bullish trend for Gold. Commodity Futures Trading Commission and Technical Analysis Show Symmetrical Triangle There's a strong preference for buying in all types of contracts. Investors who use actual money hold significantly more ‘buy’ positions (167,386 thousand) than ‘sell’ positions (36,902 thousand). Last week, buyers increased their holdings by 4,217 thousand deals, while sellers increased theirs by 1,925 thousand, confirming a global trend towards investment. In terms of technical analysis, most indicators continue to signal downward price movement. However, on the daily chart, the price is forming a symmetrical triangle pattern and trading at the support level. Therefore, traders will monitor if the price reacts to this support level and if the US Dollar weakens throughout the day. XAUUSD Daily Chart Key Takeaway Points: Gold's price is falling, driven by strong US job data, a strengthening US Dollar and low rate cut expectations. Geopolitical risks and new US tariffs could trigger a Gold rally if this escalates to trigger a risk-off sentiment. Gold's technical charts show a symmetrical triangle pattern, and the price is trading close to its support level. However, trend indicators point towards bearish momentum. Despite Trump’s extensions for trade agreements, the market remains cautious as no agreement has yet been made with Korea, Japan and the EU. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 8th July 2025. AUD Rallies as RBA Chooses a Surprise Rate Pause. The Reserve Bank of Australia kept its official cash rate at 3.85%, surprisingly avoiding another interest rate cut. Previously, analysts were expecting Australia’s central bank to again cut interest rates by a further 0.25% to 3.60%. As a result, the Australian Dollar is the day’s best-performing currency so far. AUDUSD - RBA Keeps Rates Unchanged The Australian Dollar rose in value due to the surprisingly hawkish central bank; however, traders tend to speculate a bullish currency against a poorly performing currency. By doing so, traders can avoid two conflicting currencies. The worst-performing currencies over the past 30 days are the US Dollar and the Japanese Yen. Therefore, the AUDUSD and AUDJPY are particularly interesting. The AUDUSD rose up to 1.05% during this morning’s Asian Session and is forming its first bullish candlestick after 3 days of consecutive declines. The US Dollar continues to come under pressure from its trade policy. The latest developments are related to Japan and South Korea, which will see a 25% tariff imposed from August 1st. Japan has the 7th largest deficit with the US, and South Korea has the 8th largest. Furthermore, investors had been shorting the US Dollar over the past 2 weeks over expectations of a dovish central bank. According to experts, the US President is likely to put in place a chairman, which is known for his dovish nature and is in line with the current ‘Trump-economics’, but this idea has come under pressure from the latest employment data. The latest employment data read significantly stronger than previous projections. AUDJPY - JPY Struggles Due To US Tariffs The Japanese Yen is one of the worst-performing currencies of the day, primarily due to President Trump confirming 25% tariffs on Japan. The AUDJPY rose to its highest level since February 21st. Following May's surprisingly low inflation and a deceleration in first-quarter economic growth, forecasts for a rate cut became almost universal. In regards to the Reserve Bank of Australia, according to economists, the central bank is likely to pause rate cuts for 3-4 months before continuing to cut rates towards the end of the year. According to the Governor of the RBA, the committee is looking to wait for confirmation that indeed inflation has fallen and will remain low before cutting rates. This confirms that the RBA is looking to cut, but the timing will depend on inflation over the next months. The country’s inflation rate is currently 2.4%. If the rate remains at this level for a further 2 months or falls even lower at the next release, a rate cut will become more likely. In terms of technical analysis, the price of the AUDJPY is trading significantly higher than the main moving averages. This indicates the level of demand but also prompts caution as investors consider if the price is overbought in the short term. However, if the price declines back to the 95.291 support level, the AUDJPY will no longer be overbought. As a result, traders may take into consideration buying at the discounted price. The performance of the AUDJPY will also depend on tomorrow’s rate decision from the Reserve Bank of New Zealand, as well as the Federal Reserve’s FOMC Meeting Minutes. If the RBNZ decide to cut as per current expectations, the AUD may find further support. Key Takeaway Points: RBA surprisingly held interest rates at 3.85%, despite expectations for a cut, causing the AUD to strengthen significantly. The US Dollar (USD) and Japanese Yen (JPY) are under pressure due to renewed US trade tariff threats (25% on Japan/South Korea from August 1st) and expectations of dovish US monetary policy. AUDUSD and AUDJPY are favoured pairs as traders look to go long on the strong AUD against underperforming currencies. AUDJPY hit a high not seen since February 21st. The RBA needs further inflation confirmation before resuming rate cuts later this year, indicating a potential pause for 3-4 months. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 7th July 2025. Oil Prices Drop But Bullish Potential Remains! OPEC members confirm they will increase oil production and output in July and August. As a result, the price of Oil fell 1.40% on Monday, but almost regains its previous losses. According to reports, the higher output is an attempt by OPEC members to regain market share. Oil has largely been trading sideways since June 24th after the 16% decline. What’s next for Crude Oil prices? US Oil / Crude Oil Chart OPEC and New Oil Output! Members of OPEC have seen tensions rise as certain members have been producing more oil than others. As a result, the main topic for discussion during yesterday’s meeting was an increase across all members. This development was the main reason for the day’s bearish price gap. As Bloomberg reports, Riyadh is trying to win back lost market share by asking to continue the production quota adjustment of 411,000 barrels per day in August, and possibly in the months thereafter. Saudi Aramco has already lowered the price of Arab Light crude for Asian buyers by $0.20 in July. At the same time, eight OPEC+ countries, including Russia, Saudi Arabia, Algeria, Iraq, Kuwait, the UAE, Kazakhstan, and Oman, are slowly lifting their voluntary production cuts, raising output by another 386,000 barrels per day. Morgan Stanley analysts expect Brent Crude to fall to around $60.20 and Crude Oil to $58.80, with a supply surplus of 1.3 million barrels per day in 2026. Potential For Regained Bullish Momentum Regardless of the bearish price gap, traders should note that bullish momentum is being regained. According to many economists, the potential for higher oil prices continues to linger at the back of traders’ minds despite the US actively looking to bring prices lower. This includes stronger-than-expected economic data, particularly from the employment sector. The US latest employment report came as a shock to investors, and the country’s unemployment rate fell to 4.1%, the lowest since March and significantly lower than the market’s projections. In addition to this, the NFP Employment Change read 35,000 higher than expectations. Higher economic and employment data can justify a higher oil output and keep prices high. On the other hand, the economy and its outlook will significantly depend on global trade policy. Currently, investors look for confirmation on which countries will see higher tariffs imposed. The current deadline is July 9th. If the policy change triggers a bearish market, the price of Oil is likely to fall. Lastly, another factor which investors are contemplating is the ability of Iran to enrich and produce nuclear weapons. According to the Pentagon, the recent attacks on Iran set back the nuclear program by 6-12 months. Also, most experts believe the US, Israel and Iran will not be able to make an agreement on the country’s nuclear policy. As a result, is the conflict simply going to resume at a later point? If so, the geo-political tensions could push prices higher as they did in June 2025. Key Takeaway Points: OPEC+ is increasing oil output in July and August to regain market share, leading to an initial dip in prices. Despite the output increase, a potential for bullish momentum remains due to stronger-than-expected data, especially in the US employment sector. Upcoming global trade policy changes (July 9th deadline) could trigger a bearish market and cause oil prices to fall if new tariffs are imposed. Ongoing geopolitical tensions surrounding Iran's nuclear program could push oil prices higher again if conflict resumes. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 4th July 2025. European Markets Slip Ahead of Tariff Deadline, Wall Street Surges on Jobs Report and Fiscal Optimism. European Equities Slide on Trade Uncertainty European stock markets edged lower on Friday as investors grew increasingly cautious ahead of a looming US trade policy deadline. With the July 9 expiration of President Trump's 90-day pause on increased tariffs approaching, concerns over unresolved trade agreements weighed heavily on sentiment. The pan-European STOXX 600 index declined by 0.4% to 541.61 points in early trading, setting course for a weekly loss. Major regional benchmarks across the continent also moved into negative territory, driven by uncertainty over US-EU trade negotiations. US Markets Rally on Robust Jobs Data and Legislative Progress President Trump announced that Washington would begin sending formal tariff notifications to trading partners on Friday. These letters will detail the new duties—expected to range between 20% and 30%—on goods exported to the United States. Several key allies, including the European Union and Japan, have yet to secure final trade deals with the US, raising fears of a renewed trade war. Sector-wise, mining stocks led the losses with a 1.1% drop, followed by a 0.8% slide in technology shares. Meanwhile, France’s Alstom gained 1.1% after landing a €2 billion ($2.4 billion) contract from New York’s Metropolitan Transportation Authority. US equity markets surged as traders reacted positively to a stronger-than-expected June employment report and growing optimism over fiscal stimulus. The markets closed early on Wednesday ahead of the July 4 holiday, but not before notching record highs. NASDAQ rose 1.02% to 20,601 S&P 500 climbed 0.83% to 6,279 Dow Jones Industrial Average gained 0.77% to 44,828, near its January peak of 44,882 Investor confidence was further boosted by the passage of the One Big Beautiful Bill (OBBB) in the US House of Representatives. Approved by a narrow 218–214 vote, the sweeping pro-growth legislation is expected to be signed into law by President Trump on July 4, his self-imposed deadline. The OBBB aims to generate $500 billion in savings over the next decade, defying the Congressional Budget Office’s projection of a $3.3 trillion deficit increase. Key provisions include: Raising the debt ceiling by $5 trillion Expanding standard deductions and child tax credit Reducing taxes on tips, overtime, Social Security, and auto loans Increasing the SALT deduction cap to $40,000 Blocking a planned $4.5 billion tax hike set for year-end As equities climbed, volatility dropped, with the VIX falling 1.56% to 16.38. However, US Treasury yields spiked amid strong data and diminished expectations for Federal Reserve rate cuts. The 2-year yield rose 9.5 basis points to 3.88%, while the 10-year yield climbed 7 basis points to 4.35%. DXY (US Dollar Index) surged to 97.422 before paring gains to close at 97.168, supported by US Treasury Secretary Bessent’s commitment to maintaining a strong-dollar policy. Oil Prices Ease on Diplomatic Hopes and OPEC+ Output Plans Crude oil prices retreated slightly on Friday, driven by easing geopolitical tensions and expectations of increased supply from OPEC+. Brent crude dipped 0.51% to $68.45 per barrel WTI crude dropped 0.37% to $66.75 per barrel Oil markets responded to reports that the US and Iran may resume nuclear talks next week, as disclosed by both Iranian officials and US media outlet Axios. Iranian Foreign Minister Abbas Araqchi reaffirmed Tehran’s commitment to the Non-Proliferation Treaty, despite recent tensions and legislation suspending cooperation with the International Atomic Energy Agency. Looking ahead, traders are closely watching the upcoming OPEC+ meeting, where an additional production increase of 411,000 barrels per day (bpd) for August is expected. Four delegates confirmed the proposed hike as the oil alliance continues efforts to reclaim market share. Additional Developments: Sanctions and Diplomacy Adding complexity to the geopolitical picture, the US Treasury imposed fresh sanctions on a network accused of smuggling Iranian oil disguised as Iraqi shipments. Another target included a Hezbollah-linked financial entity. At the same time, Saudi Arabia’s Defense Minister Prince Khalid bin Salman met with President Trump at the White House to discuss regional de-escalation strategies. Meanwhile, Barclays revised its oil price forecast upward, citing stronger demand outlooks. The bank now sees Brent crude averaging $72 per barrel in 2025, and $70 per barrel in 2026. Conclusion: Markets Brace for Trade Decision, but Optimism Lingers Global markets are at a crossroads, with investors balancing optimism over US economic momentum and fiscal policy against the potential fallout of escalating trade tensions. As the July 9 tariff deadline nears and nuclear talks with Iran possibly resume, both equity and energy markets may experience renewed volatility. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 3rd July 2025. Markets Soar as Vietnam Tariff Deal Eases Trade Tensions Ahead of Key Jobs Report. Global financial markets moved higher this week, with Wall Street hitting fresh record highs after President Donald Trump announced a last-minute trade agreement with Vietnam, easing concerns about aggressive tariff hikes. The deal, finalised just days ahead of a July 9 deadline, marks the third such trade accord under the administration’s push for ‘reciprocal tariffs’ and offers a temporary sigh of relief to investors navigating an increasingly volatile global outlook. But while the headline deal offered a near-term boost to equities, underlying tensions around fiscal policy, global debt burdens, and upcoming US jobs data kept markets on edge. Vietnam Trade Agreement Lifts Sentiment, but Tariffs Still High Trump’s announcement confirmed that Vietnamese exports to the US will be subject to a 20% tariff, significantly lower than the threatened 46%, but still more than double historical rates. In return, Vietnam will drop tariffs on US goods. The agreement arrives amid growing pressure on America’s trading partners to meet Washington’s demands. Dozens of economies, including Japan and the EU, are still racing to finalise similar deals before steep tariff increases take effect on July 9. Trump has already warned Japan that if negotiations fail, tariffs could spike to 30–35%, well above the temporary 10% rate introduced earlier this year. The broader message: the risk of global tariff escalation remains very real. Wall Street Breaks Records as Investors Bet on Policy Clarity US equities cheered the trade progress. The S&P 500 climbed 0.47%, the Nasdaq surged 0.94%, and both closed at new all-time highs. The Dow Jones edged slightly lower by 0.02%. Investors were also buoyed by renewed optimism around Trump’s proposed tax and spending package, which aims to make tax cuts permanent and scale back regulations. Yet, beneath the surface, uncertainty lingers. Treasury yields climbed as the Senate passed the OBBB bill, stoking fears about deficit spending. The 10-year Treasury yield rose to 4.277%, while the 2-year rate edged up to 3.785%. Bond markets remain sensitive to the growing national debt and the prospect of further supply. Tax Bill Faces Hurdles, Fuels Fiscal Concerns Trump’s ambitious tax and spending bill, valued at $3.3 trillion, is facing resistance in the House. While it proposes making earlier tax cuts permanent and includes deregulation efforts, critics warn it would significantly expand the national debt and cut social safety net programs. These concerns spilt into the bond market, with even Japanese government yields rising, despite a strong 30-year auction. Globally, investors are re-evaluating the balance between stimulus and sustainability. Dollar Pulls Back, Commodities Gain Currency markets reflected a mixed mood. The US dollar index (DXY) initially rallied to 97.152 but closed the day lower at 96.787, giving support to commodities. The British pound held firm at $1.3628 after nearly 1% losses the previous day. Political stability returned after UK PM Keir Starmer publicly backed Finance Minister Rachel Reeves, whose emotional parliamentary appearance followed controversy over welfare policy U-turns. The euro slipped to $1.1788, still near its recent high, while the yen weakened slightly to 143.84 per dollar. Gold prices firmed, and oil advanced sharply, with Brent crude nearing $69 and WTI above $67, following the Vietnam deal and ahead of this weekend’s OPEC+ meeting, where producers are expected to boost output quotas. Meanwhile, copper surged to a 3-month high, nearing $10,000 per ton on the London Metal Exchange, as traders scrambled to ship supplies to the US in anticipation of tariffs. LME inventories have fallen to their lowest since 2023, and the rush has pushed the market into what analysts call ‘an emotional frenzy.’ The LME recently stepped in with new rules to manage speculative positions. Asia Mixed as Tariff Risks and US Data Loom Asian stock markets were mixed on Thursday. Vietnam’s index rose 0.5% to a 2-year high, while the Vietnamese dong hit a record low of 26,229 per dollar. Japan’s Nikkei fell 0.1%, and Hong Kong’s Hang Seng dropped 1%, though China’s blue chips gained 0.5%. Investors remain cautious. AMP’s chief economist, Shane Oliver, warned that the Vietnam deal could set a precedent for similarly aggressive trade measures against Europe and Japan. South Korea’s President Lee Jae Myung also struck a pessimistic tone, saying US negotiations were ‘difficult’ and that a deal may not be reached in time. All Eyes on US Nonfarm Payrolls With the July 4 holiday approaching, markets are now laser-focused on Friday’s nonfarm payrolls report. While the consensus points to a 130,000-job increase, recent weakness in the ADP private payrolls, which showed a 33,000-job drop, suggests downside risks. The services sector bore the brunt of the losses, especially in professional, educational, and health services, while leisure and manufacturing saw modest gains. Bloomberg’s whisper number has already dropped to 98,000, indicating that expectations are being recalibrated. The data could prove decisive in shaping the Federal Reserve’s next move on interest rates. Conclusion: A Calm Before the Storm? While markets welcomed the easing of trade tensions with Vietnam, the bigger picture remains uncertain. The threat of broader tariff hikes, unresolved fiscal debates in Congress, and a pivotal US jobs report all loom large. Investors are watching closely, not just for short-term reactions but for clues about the direction of monetary policy, global trade, and commodity demand in the second half of 2025. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 2nd July 2025. Canadian Dollar Wobbles as US Tariffs, Weak Economy Hit Loonie. The threat of US tariffs and Trump’s halt to trade talks weighed on the CAD, with the Canadian economy projected to contract. Steady oil prices did little to help, and the Bank of Canada’s hawkish stance was not enough to stem the decline. On Monday, White House Economic Adviser Kevin Hassett announced that the United States would soon resume trade talks with Canada. The move followed Canada’s decision to suspend a digital services tax targeting US technology companies. The suspension came just hours before the tax was due to take effect, indicating Canada’s efforts to resume stalled trade talks. The Canadian Ministry of Finance confirmed that Prime Minister Mark Carney and US President Donald Trump would resume trade talks, with a target of reaching a deal by July 21. The positive developments provided a slight boost to the Canadian dollar (CAD). Oil Price Pressure, US Debt Outlook On the other hand, crude oil prices are facing pressure. Investors are weighing easing risks in the Middle East versus the prospect of a possible output increase by OPEC+ in August. This could potentially weigh on the Loonie, the commodity-linked Canadian dollar, and could limit further downside for the USDCAD pair. Meanwhile, if Trump’s ‘One Big Beautiful Bill’ is passed, it is expected to add about $3.8 trillion to the US federal deficit. This widening fiscal imbalance could further weigh on the US dollar (USD) and potentially boost demand for gold as a safe-haven asset. US Economic Data to Watch On the economic front, the ISM Manufacturing PMI for June is expected to edge up from 48.5 to 48.8, indicating a slight increase in factory activity. The ADP employment report is also projected to show an increase in private sector job creation, with 85,000 jobs added compared to 37,000 in the previous month. However, the main focus will shift to Friday’s Non-Farm Payrolls (NFP) report. Expectations point to a slowdown in hiring, with 110,000 jobs added in June, down from 139,000 in May. The unemployment rate is expected to edge up from 4.2% to 4.3%, reinforcing the narrative of a cooling labour market. What do you think, will the NFP report be the main determinant of the US Dollar’s movement this week? Canadian Dollar Under Pressure: US Tariff Threats, Weak Economy Hit Loonie The Canadian Dollar (CAD) recently weakened above $1.37 per USD, pressured by a combination of new US tariff threats and trade policy uncertainty. The CAD had previously strengthened, but market sentiment has now turned around. The weakness was triggered by President Trump's announcement that he was ending all trade discussions with Canada over Canada's new digital services tax. Trump also warned of retaliatory tariffs, which immediately rattled exporters and dented confidence in near-term economic growth. Domestically, the Canadian economy is expected to contract by a 0.1% monthly rate in April and May, highlighting Canada's vulnerability to potential US levies and dampening the outlook for trade-sensitive sectors. Although the Bank of Canada (BoC) kept its policy interest rate at 2.75%, citing strong core inflation and signalling that no further rate cuts are imminent, this hawkish stance has not been enough to counter the pressure from resurgent tariff fears. From a technical perspective, the intraday bias in USDCAD is neutral after a temporary rebound from 1.3590. Broadly speaking, the pair is still likely to move to the bearish side below 200 bar EMA. On the downside, with a break of the 1.3590 temporary low a retest of the 1.3538 low should be done first. A strong break there would resume a larger decline. For now, the risk remains on the downside as long as the 1.3797 resistance holds, in case of a recovery. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Ady Phangestu HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 1st July 2025. Markets Rally into Q2 Close – What’s Fueling the Momentum? Treasuries and Wall Street ended June – and the second quarter – with strong momentum, closing firmly in positive territory. A combination of quarter-end buying, investor FOMO, and supportive macro drivers helped fuel the rally. Hopes for Fed rate cuts, easing inflationary pressures, renewed tariff negotiations, reduced geopolitical tensions, and optimism around a potential tax bill all played into the bullish mood. In the bond market, yields fell notably. The 2-year Treasury yield dropped 3.3 basis points to 3.715%, while the 10-year declined 4.3 basis points to 4.234% — both hitting their lowest levels since May 1. For June, the 2-year yield fell 21 bps and was down 16 bps over the quarter. The 10-year yield matched the 21 bps monthly decline but rose 6 bps over Q2. Equities pushed higher into fresh record territory. The NASDAQ closed up 0.47% at 20,369, securing its third straight all-time high. The S&P 500 gained 0.52% to finish above 6,200 for the first time, while the Dow Jones rose 0.63% to 44,094 — reclaiming the 44,000 level last seen in February. June delivered over 4% gains for both the Dow and S&P, with the NASDAQ soaring 6.6%. For the quarter, the NASDAQ surged 17.75%, marking its strongest performance since Q2 2020. Volatility eased further, with the VIX inching up 0.4% to 16.73 but still well below its April 8 spike of 52.33. Meanwhile, the US dollar index (DXY) weakened to 96.802, its lowest since early 2022, slipping from an earlier high of 97.318. Gold rose 1% to $3,308.50 per ounce, while crude oil eased 0.69% to $65.07 a barrel. Markets reacted positively to news that Canada will withdraw its proposed tax on US tech firms, prompting a resumption of trade talks. President Trump had previously halted the negotiations, calling the tax ‘a direct and blatant attack.’ Investors now speculate that easing tensions could prevent further tariff hikes. Still, uncertainty lingers. Many of Trump’s tariffs are only temporarily suspended and are scheduled to resume on July 9. Analysts at Deutsche Bank warn that the market rebound could give the administration confidence to revive 2018–2019-style tariff escalations. Asian Markets Mixed as Global Rally Echoes Asian markets were mostly in the green on Tuesday, following Wall Street’s back-to-back monthly gains. However, Japan’s Nikkei 225 retreated 1.4% to 39,910.83 despite a better-than-expected Tankan survey showing improved sentiment among large manufacturers. In China, the Shanghai Composite edged up 0.4% to 3,458.56 as manufacturing and services PMIs both reached three-month highs (49.7 and 50.5 respectively). South Korea’s KOSPI climbed 0.8% to 3,095.67, lifted by rebounding exports, particularly in semiconductors, ships, health products, and electric vehicles — although analysts remain cautious on US auto exports due to tariff headwinds. Australia’s ASX 200 ticked up 0.1% to 8,545.10, and the Philippine PSEi rose 0.4%. Hong Kong’s markets were closed for the holiday. In corporate news, tech and M&A headlines fueled gains: Oracle jumped 4% after CEO Safra Catz revealed multiple multi-billion-dollar cloud deals in the pipeline. GMS soared 11.7% after agreeing to a $5.5 billion cash buyout from a Home Depot subsidiary at $110/share. Rival bidder QXO, which previously offered $95.20/share, saw its stock rise 3.9%, while Home Depot slipped 0.6%. Hewlett Packard Enterprise rose 11.1%, and Juniper Networks gained 8.4% after both companies reached a DOJ agreement that could clear the path for HPE’s $14 billion acquisition of Juniper. Bank stocks also advanced after the Fed affirmed that major institutions could weather a potential downturn. JPMorgan rose 1%, and Citigroup added 0.9%. In the bond space, Treasury yields fell ahead of Thursday’s critical nonfarm payrolls report, released a day early due to the July 4th holiday. In early Tuesday trading, US crude dipped 22 cents to $64.89 a barrel, and Brent lost 21 cents to $66.53. The US dollar edged lower to 143.69 yen, and the euro strengthened slightly to $1.1778. Gold Prices Surge on Fed Rate Cut Hopes, Dollar Weakness Gold rallied for a second day as investors positioned for possible Fed rate cuts and trade volatility. August futures climbed 1.09% to $3,343.60 on COMEX. Spot gold was last seen at $3,322.64 in Singapore, up 0.6%. Traders have priced in increased odds of two rate cuts in 2025. If upcoming jobs data disappoints, Treasury yields could slide further — a scenario typically favourable for gold. Bullion is now up over 25% year-to-date, trading less than $200 below its record high from April. Trade concerns also remain in focus. The July 9 deadline for resuming suspended US tariffs is drawing closer, adding a layer of uncertainty to the outlook. The dollar’s recent weakness — down nearly 11% in H1 2025, its worst first-half showing since 1973 — has also supported gold’s advance. Analysts continue to see an upside for gold. ‘Despite some recent softness, gold has the clearest upside potential if the dollar continues to weaken,’ wrote Vivek Dhar of the Commonwealth Bank of Australia. Elsewhere in precious metals: Platinum dipped after a stellar 29% rally in June, driven by supply tightness and speculative demand. Silver and palladium both edged higher. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 23th June 2025. The USD Benefits From Middle East Escalations UK and European Purchasing Managers’ Indexes have been made publicly available but so far are not supporting either currency. So far, the best-performing currency is the US Dollar. The US will release its own PMI report at 13:45 GMT+0. The price of the US Dollar continues to witness the impact of the hawkish Federal Reserve and new escalations within the Middle East. UK and EU PMI Data The European PMI reports were the first to be made public. Both French PMI reports fell below expectations and below the previous month’s release. Particularly investors were concerned with the Manufacturing PMI which fell from 49.8 to 47.8. The German Manufacturing PMI read as expected while the Services PMI rose to a 2-month high. A similar story for the UK, Manufacturing PMI data read higher than expectations while the Services PMI read as expected. However, the Great British Pound index still fell in value despite the report. In addition to this, the Pound also continues to remain under pressure from the Bank of England which held its interest rate at 4.25%, supported by six of the nine governing board members, in response to improved trading conditions following the agreement with the US. The Euro Index is currently trading at 0.56% lower and the Pound at 0.63%. The Bank of England Governor’s speech tomorrow afternoon, along with Thursday’s address, will play a major role in driving the British Pound. Meanwhile, the Euro will see limited releases, with the German IFO Business Climate standing out as the key focus. US Dollar And Middle East Escalation The best-performing currency of the day is the US Dollar which is currently trading 0.69% higher so far today. The first reaction of the US Dollar after the US bombing of Fordow, Natanz and Isfahan was a downward price movement, however, the market since then has significantly risen in value. The US Dollar is currently trading at its highest price on June 11th. The US Dollar strengthened as geopolitical tensions escalated after US strikes on Iranian nuclear sites triggering a lower risk appetite. However, traders will be closely monitoring the release of the US Manufacturing and Services PMI. Investors expect both PMI reports to be slightly weaker than the previous month, however, this cannot be certain until the release is made public. EURUSD - Technical Analysis EURUSD 2-Hour Chart The EURUSD is currently trading below the 75-period EMA and is currently forming a descending triangle pattern on the 2-hour chart. The descending triangle pattern is known to provide a bearish bias as it trades below the 75-period EMA. However, the price is also trading at the support level. On smaller timeframes, the price continues to trade below the 200-period SMA but is retracing higher. However, the retracement is unable to maintain momentum and is forming lower highs. Key Price Takeaways: USD leads as geopolitical tensions and Fed hawkishness boost demand; up 0.69% today. UK and EU PMIs failed to support GBP and EUR despite some stronger readings. BoE and ECB speeches/data remain key drivers; markets await US PMI release. EUR/USD shows bearish signals, trading below key EMAs in a descending triangle. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 03rd February 2025. What do Trump's Tariffs Mean for the Financial Trading Markets? The announcement of the first Trump tariffs sends volatility through the roof. The market’s first reaction is to sell stocks and buy the US Dollar. The first countries to be hit by tariffs are Canada, Mexico and China. However, the US President also gave interesting indications on the government’s next moves. SNP500 - Tariffs on China, Canada and Mexico Send Stocks Lower! The SNP500 opens on a bearish price gap measuring 1.54% but trades 1.76% lower than Friday’s close. The decline is driven by a sharp drop in risk appetite from tariffs on Mexico, Canada, and China. The VIX, a risk sentiment indicator, is up over 8%, reflecting the fall in market confidence. Today’s sharp decline is one of the strongest seen in 2025 so far, but up to now remains weaker than the 2.95% decline from January 27th. The previous decline was due to the global repercussions of Chinese AI companies gaining momentum. However, this recent decline indicates that today’s downward trend may still gain momentum when the European and US sessions open. The only concern for traders is the price is trading close to the SNP500’s recent support level. The SNP500’s support level at $5,920 in the previous week triggered an upward correction, partially fueled by earnings data. Alphabet is due to release its quarterly earnings report tomorrow after market close and Amazon on Thursday. Therefore, traders should be cautious that while the downward risk remains great, the earnings data may prompt demand similar to the week before. China has also made a statement advising they are currently working on a trade proposal with the US in order to avoid tariffs. If an announcement is made indicating an agreement with China, the SNP500 could potentially gain bullish momentum. However, no such announcement has yet been made. The US 10-ear Bond Yields increase in value during the Asian session and the VIX index continues to rise as the European session edges closer. If bond yields and the VIX continue to increase throughout the day, the bearish bias is likely to strengthen. According to price action and price momentum indicators, the SNP500 is likely to witness sell signals at $5,924 and below. Euro - The Day’s Worst Performing Currency! The Euro is coming under pressure due to Trump’s latest interview as he was walking off Airforce One. President Donald Trump commented on the first tariffs on Mexico, Canada and China, but also said that tariffs “will definitely happen with the European Union”. Whereas, with the UK he was less concrete in his response. With the UK Trump advised there will likely be tariffs but they “may be able to work” something out. In terms of the European economy, December retail sales dropped 1.6% month-over-month (MoM) and slowed from 2.9% to 1.8% year-over-year (YoY). This reinforces the expectations of further interest rate adjustments by European Central Bank (ECB) officials. In the Eurozone’s largest economy, conditions for this shift are in place, as inflationary pressures ease and economic growth weakens due to sluggish demand and lower household activity. Additionally, Bank of Finland head Olli Rehn and Bank of Estonia governor Madis Müller emphasized the priority of a dovish policy stance in his speech on Friday. The Euro is currently the worst-performing currency of the day. The US Dollar - Safe Haven Status Increases Investor Demand! The US Dollar is currently the best performing currency due to its safe haven status. The USD Index is currently trading 1.25% higher and is the only currency index witnessing gains. The currency is witnessing the strongest gains against the Euro and the New Zealand Dollar. Consumer inflation in the country remains well above the 2.0% target, and some analysts believe it has stabilized at this higher level, raising the chances of a pause in monetary easing. This is likely to continue supporting the US Dollar, particularly if this week’s employment data beats expectations. Key Takeaways: Trump's announcement of tariffs on Mexico, Canada, and China sparks a sharp market decline, with the S&P 500 down by 1.76% and risk appetite falling. As the US 10-year bond yields increase and the VIX climbs, bearish momentum strengthens, signaling further declines in the S&P 500. The Euro weakens after Trump hints at potential tariffs on the European Union, with December retail sales and ECB policies adding to downward pressure. The US Dollar benefits from its safe haven status, rising 1.25% as investors seek stability amid tariff-related uncertainty. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 29th January 2025. Market Recap: Treasury Yields Rise as Tech Stocks Rebound. Asia & European Sessions: Markets had largely recovered from Monday’s selloff triggered by fears over AI competition from China’s DeepSeek. Dip buyers took advantage of the NASDAQ’s sharp decline, leading to a rebound of 2.03%, which erased much of Monday’s 3.07% drop. The S&P500 climbed 0.92% after shedding 1.46% the previous day, while the Dow inched up 0.31%. Asian stocks and European equity futures increased following Wall Street’s tech-driven recovery. Japanese, Australian, and Indian markets saw gains, though many regional exchanges remained closed for Lunar New Year celebrations. Nvidia regained nearly half of its 17% plunge, which had marked the largest single-day market cap loss in history. As investor anxiety eased, the VIX volatility index dropped 8.66% to 16.35, after briefly touching 21 on Monday. Positive earnings from Visa, Royal Caribbean, and Boeing helped lift sentiment, though JetBlue and General Motors disappointed. Market attention is now turning to the Federal Reserve’s interest rate decision and earnings reports from major tech firms. The Fed is universally expected to leave rates unchanged at a 4.375% mid-range, taking a pause after three consecutive easings totalling -100 bps since the jumbo -50 bps in September. The resilient economy and still sticky inflation do not give the Fed room to credibly continue with its policy course. And we do not expect any surprises from Chair Powell's press conference where he should stress the economy remains solid, with risks to inflation and employment generally in balance. Upcoming earnings: Microsoft, Tesla, Meta, IBM, ASML, ADP and Apple on Thursday. Financial Markets Performance: USOIL rose 0.97% to $73.50 per barrel, while gold climbed 0.88% to $2,764 per ounce. Aussie weakened, while 3-year bond yields dropped 5 bps on expectations of monetary easing. Australia’s core inflation cooled more than expected in the Q4 2024, prompting speculation that the RBA may soon pivot to rate cuts. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 27th January 2025. Mild Risk-Off Sentiment: Stocks Slide, Yen Gains, and Bitcoin Dips Amid Tariff Tensions and Fed Anticipation. Asia & European Sessions: European stock market indexes are lower in early trade, after a mixed session in Asia, where concern over the weaponization of tariffs and a possible tech shakeup put mainly China bourses on the back foot. Trump’s threat to impose tariffs on Colombia, citing the country’s refusal to accept military flights carrying deported migrants, prompted Bogotá to threaten retaliatory measures. However, the White House later announced Colombia had agreed to accept the flights, defusing immediate tensions. Trump also signalled potential tariffs on Canada and Mexico starting February 1. The Hang Seng is up 0.6%, while the Nikkei dropped as central bank action remains in focus and the yen rallied. DAX and FTSE100 are down -1.2% and 0.4% respectively in early trade and a -2.8% correction in the NASDAQ is leading US futures lower. Bonds meanwhile are rallying as risk aversion picks up. The Yen rose against the US dollar during Asian trading hours, as investors sought its safety amidst concerns about President Donald Trump’s tariff. On Friday, the yen briefly climbed 0.8% after the BOJ raised its policy rate to the highest level since 2008 but later retreated. BOJ Governor Kazuo Ueda indicated the central bank would maintain rate hikes as wage and price growth broadened but gave few hints on the pace of future increases. Bitcoin saw a sharp decline as traders took profits just days followed Trump’s Friday announcement of a long-anticipated executive order establishing a working group to guide the White House on cryptocurrency policy. This group has been tasked with drafting a regulatory framework for digital assets within six months, while also exploring the idea of creating a national crypto stockpile. Earnings reports from over 100 S&P500 companies will dominate headlines, featuring major players like Meta (META), Microsoft (MSFT), Apple (AAPL), and Tesla (TSLA). Wednesday is shaping up to be the busiest day, with additional reports from Starbucks (SBUX), Exxon (XOM), and Chevron (CVX). The Federal Reserve will also be in focus on Wednesday, announcing its latest policy decision. While rates are expected to remain unchanged, investors will closely monitor Fed Chair Jerome Powell's remarks for clues about monetary policy for the rest of 2025. Financial Markets Performance: The USDIndex is little changed at 107.40. Expectations of widespread tariffs on imports from countries like China, Canada, and Mexico have fueled inflation fears, driving US Treasury yields higher and bolstering the dollar. The USDJPY traded at 155.88 after the BOJ raised rates and revised inflation forecasts higher. The Mexican peso, often sensitive to tariff news, fell 0.7% to 20.409 per dollar, while the Canadian dollar weakened to 1.4385 per dollar. The euro edged down 0.2% to $1.0455 ahead of an ECB meeting expected to lower borrowing costs. The British pound traded lower at $1.2428. Bitcoin slipped below $98,300. Other tokens like Solana and Cardano, which had surged following Trump’s election victory, experienced even steeper losses, according to Bloomberg data. Oil prices are down -0.4% at $74.28 per barrel. Gold is down -0.6% at a still-high $2753.80 per ounce. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.