ArvinIG

July 20, 2022

APAC markets set to trade higher as risk assets rally; US dollar falls as traders look past recession fears and BTC/USD on track to break above confluent resistance.

Source: Bloomberg

Forex Commodities United States dollar Bitcoin BTC/USD European Central Bank

Wednesday’s Asia-Pacific outlook

Asia-Pacific Markets are set to open higher after stocks and other risk assets rallied in New York overnight. The benchmark S&P 500 rose 2.76% as traders brushed aside disappointing corporate earnings reports. A softening in Federal Reserve rate hike bets are supporting risk taking, with traders betting that the Fed may have to stop hiking sooner than previously expected.

The US dollar DXY Index fell for the third day despite the Atlanta Fed’s GDPNow update for Q2 posting a weaker number, falling to -1.6% from -1.5% after weak US housing data. The euro took advantage of the situation, benefiting further from strengthening rate hike bets for the European Central Bank’s meeting later this week. Overnight index swaps show a nearly 50% chance that the ECB will deliver a 50-bps hike. However, that leaves EUR/USD open to a pullback if the ECB disappoints.

European natural gas prices fell despite a crippling heat wave across much of Europe. A Reuters report, citing sources familiar, stated that the Nord Stream 1 Pipeline looks like it will resume operations as scheduled. The European Commission is set to deliver a proposal that would reduce natural gas demand across the European Union over the winter, according to Reuters.

Crude oil prices rose, benefiting from the risk-on tone across markets and a weaker US dollar. A report from the American Petroleum Institute (API) showed a 1.86 million barrel build in US stockpiles for the week ending July 15. Still, supply remains extremely tight around the globe, and prices may continue rising if recession fears fall further.

China’s one-year and five-year Loan Prime Rates (LPR) are due for an update today. The Bloomberg consensus forecast shows those LPRs unchanged at 3.7% and 4.45%, respectively. However, a cut to the five-year LPR wouldn’t be too surprising after a series of mortgage boycotts across the country in recent weeks. The Reserve Bank of Australia Governor Philip Lowe will speak from Melbourne at 9:10 am AEST. The Australian dollar stands to benefit if Mr. Lowe comes off with a hawkish tone.

Notable events for July 20:

Australia – Westpac Leading Index MoM (June)
China – Loan Prime Rates (July)
Japan – 6-Month Bill Auction

BTC/USD technical outlook

BTC/USD is on track to record a daily close above a level of confluent resistance made up of a resistance level from June, a descending trendline from March and the 50-day Simple Moving Average. Meanwhile, MACD is on track to cross above its midpoint, while the RSI oscillator strengthens above its midpoint. The next major obstacle for bulls is a support level that was in place from early May to early June.

BTC/USD daily chart

Source: TradingView

Thomas Westwater | Analyst, DailyFX, New York City
20 July 2022

This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

July 18, 2022

8 hours ago, Phil86869 said:

Hi

GSK demerger took place today on 18th July. Does anyone know when shareholder's will receive their HLN Haleon shares. I believe each eligible shareholder is set to receive 1 share for each share owned. I've held shares for a long time, so we'll before the cut off date. What is the normal delay expected here?

Hi @Phil86869,

We haven't received the spun off shares yet. Once we receive them they will be booked on your account with the 1 for 1 term.
They should be booked by the end of the week.

Thank you - Arvin

July 18, 2022

8 hours ago, shazamnick said:

Any idea why when about to trade any counter, there will be a error message: IG is not accepting opening trades on this market...."

Hi @shazamnick,

It is likely that the market is on closing only, meaning you can only close open positions and not open new ones. Could you please clarify which markets you were after?

Thank you - Arvin

July 18, 2022

10 hours ago, SKYTAN93 said:

i had receive an email about my account verify for passport incomplete.That need me to upload again.However in the app or website no this option.
How should i do?

Hi @SKYTAN93,

You can send your documents to helpdesk.en@ig.com.

Our team will forward your documents to the right department to be verified.

Thank you - Arvin

July 15, 2022

8 hours ago, R555THO said:

I see the pricing on demo accounts is starting to come online with EUR USD now tradeable BUT data ranges are incorrect and not showing true price activity for the day which obviously has implications across multiple time frames and also affects numerous indicators if data missing/incorrect.

I assume this will all be fixed and put right, if you could advise a likely timeframe it would be helpful. A lot of opportunity been lost with the downtime.

Thanks

Hi @R555THO,

Thank you for your feedback. The IT team is investigating on the earlier FX issue on the Demo account. I believe that they will work on the data to be rectified as well.

Thank you - Arvin

July 15, 2022

8 hours ago, LeoTrader said:

I'd really like the ability to change the background colour of my charts on the web platform from the default white without having to enable the dark theme, as I prefer the light theme.

It's a pretty basic customisation that other trading platforms have. Will this ever come to the IG trading platform?

If there is a way that I've overlooked, please do enlighten me. 😀

Hi @LeoTrader,

Thank you for your post.

You can't change the background color at this point except from black and white.
If it helps you can change the candles colors by right clicking on the chart and select Customise appearance:

I will forward your feedback to the relevant team to be reviewed.

Thank you - Arvin

July 15, 2022

10 hours ago, mykedo said:

I logged on my demo account this morning and wasn't able to paper trade. The chart doesn't seem to be updating either. Does the demo account expires or has transactions limit? Attached are the screen shots:

10 hours ago, R555THO said:

Same issue here, awaiting response

10 hours ago, joker918 said:

same with mine, can anyone help with this issue?

Hi All,

Thank you for your feedback.

The IT team advised that the issue should be fixed now, they are investigating how the Demo server data was corrupted.

Both Live and Demo accounts have they own servers. Only the Demo server was affected.

Thank you - Arvin

July 14, 2022

Hi @TraderX100 Mike,

Thank you for sharing the screenshots. The chart is zooming out to display the your order level, limit and stop. As the limit is far from the current price it needs to zoom out to be visible.

You can remove the feature "Position Preview" by right clicking on the chart > Show :

I hope that it helps !

All the best - Arvin

July 13, 2022

6 minutes ago, DKJ said:

Thanks, I was hoping to get all trading history and open positions. It says that's what's available, but clearly not.

Hi @DKJ,

You should have statements available for trades you place, they might show in the "Daily" type.

Thank you - Arvin

July 13, 2022

7 minutes ago, Shermz said:

Hi! Could you explain how does the commission work? Doesn't seem to make sense to me on how I lost $3 but the commission is more then 10x the amount I lost. Thanks!

Hi @Shermz,

Your loss on the deal it self is not reflecting on Ledger but directly on your balance.

The commission is deducted per side, meaning if you buy and sell that equals to two sides. Hence the $21.22 x 2 roughly. Then the conversion as mentioned would be deducted twice, once from account currency to USD and once for USD back to account currency.
Your P/L is not reflecting on the Ledger.

I hope that it helps - Arvin

July 12, 2022

3 hours ago, Shermz said:

Hi guys, I just joined IG and I created a demo account to try things out. I bought Tesla stocks and sold it at a loss. But in my statement history, there are 2 statements which has a type "WITH". I bought just 1 stock of tesla and was supposed to incur a loss of $3.23. But these 2 "WITH" statements deducted $21.22 both at a total of $42.44 total. I couldn't find any topic with this WITH type hence I created a new topic for this! I was wondering if this was because I wasn't using USD currency and it was converted from my currency?

13/07/22

WITH

Tesla Motors Inc (All Sessions) COMM DIAAAAJ2K6DH2AW Converted at 1.4149

Hi @Shermz,

Thank you for your post.
The 21.22$ is the commission while the 3.23$ is the conversation back to your base currency.
The system will automatically convert back to your base currency. You can open a CFD account and change the base currency and have a USD account for example, in this case you won't incur conversion fee unless you are depositing and withdrawing in another currency than USD.
https://www.ig.com/sg/charges

I hope that it helps !

All the best - Arvin

July 12, 2022

14 hours ago, closeaccount said:

Thank you very much for your reply and explanation. My account is in my name and funded by myself but my husband has a gambling addiction and put huge pressure on me to open the account and add funds. He had the login details and bought stocks freely. Unfortunately I was young and under his control so I gave in. Thanks again - Nicole

Hi @closeaccount,

I am sorry to hear. You can return all your funds to your card or bank account. For that specific stock feel free to reach out to see if you can sell it at 0 and close the account.

All the best - Arvin

July 12, 2022

38 minutes ago, DKJ said:

When searching for an annual statement for the previous financial year (FY21), it says that there is no data available. I've selected the correct custom date, etc. Any idea how to extract my trading history?

Hi @DKJ,

It is most likely that you haven't receive dividends during last financial year. Therefore, no Annual Tax statement will be generated for this year.

Thank you - Arvin

July 12, 2022

5 hours ago, TheProwler said:

The real reason is they the development team for the apps are not bothering to improve or even add basic sensible features as this problem has been around for years regardless of many feedback attempts.

Hi @TheProwler,

I would like to highlight the fact that we are actively reporting on a daily basis all the feedback to the user experience and development team. We are also conducting polls such as

To improve our platform. Over the past year we added indicators and new features on our platform based on feedback.

Eventually the team can't add all the features and prioritise some bigger projects but all feedback are reviewed.

Thank you - Arvin

July 12, 2022

7 hours ago, TraderX100 said:

Today I tested IG platform on my second PC. It has exactly the same issue described in my first post. Both are modern computers, running on Windows 10 and software kept up to date. Therefore, I have to conclude that the problem is with IG. Also, IG failed to answer my email so maybe this problem is by design, because it is a demo account. If this is so then I do understand why and will accept that explanation but thus far, nobody at IG has clarified the matter.

Yours confused

Hi @TraderX100,

Thank you for your post.

Our Demo platform is running on a different server as our Live Platform.

Could you please advise on which market you are facing this issue. If possible could you please attach a screenshot?

Thank you - Arvin

July 12, 2022

11 hours ago, yunushan said:

Im encountering below error when i try to fund my account with debit card (debit card brand qnb finansbank from turkey).Do you have restrication for certain countries to fund account,if not whey can't i fund my account.

Sorry, we are unable to accept this request at the moment. Please call us to fund your account.

Hi @yunushan,

Thank you for your post.

You might need to verify your card. You can do so on My IG > Live Accounts > Verification.

Thank you - Arvin

July 12, 2022

On 30/06/2022 at 03:29, tokeeffe said:

Evening,

On attempting to create a new live account, using the 'Add a live account' button, I get a blank popup. A loading icon, (spinner) appears before the attached screen. I'm using Chrome.

Hi @tokeeffe,

The IT team said that it should be fixed. Could you please try again and advise if it is working for you?

Thank you - Arvin

July 11, 2022

On 08/07/2022 at 11:40, plonks said:

Hi @ArvinIG

Is there any further update on the CIMIC compulsory acquisition? i.e. when will the settlement occur? do i need to do anything?

Thanks

Hi @plonks,

The Corporate action advised that there is nothing you need to do on your end. IG is waiting for the broker to credit the funds for IG to process the event.

Thank you - Arvin

July 8, 2022

On 07/07/2022 at 07:26, nickcamel said:

This week the API has been very shaky for me.

The REST-API

login,

handshake for retrieving CST and X-SECURITY-TOKEN tokens

and the STREAMING API

subscribing

all work pretty decent.

However, other REST-API calls, e.g. 'positions', 'prices', 'watchlists', most of the time return a connection error:

Concurrent calls, say 1 in 50, returns an OK response. Concurrent = call, get connection broken response, wait, same call again, i.e. without any new logout / login routines.

I've tried with both live and demo account. Same behavior.

Funny enough, 'positions/otc' seem to work most of the time.

Anyone know what's up?

Hi @nickcamel,

You can reach out to webapisupport@ig.com for assistance on API. Send them as much information as possible, they will come back to you accordingly.

All the best - Arvin

July 8, 2022

51 minutes ago, plonks said:

Hi @ArvinIG

Is there any further update on the CIMIC compulsory acquisition? i.e. when will the settlement occur? do i need to do anything?

Thanks

Hi @plonks,

I am following up with the Corporate Action for an answer.

Thank you - Arvin

July 8, 2022

10 hours ago, AidanMcCullough said:

Hi all,

How can I find out the reason for an order rejection? Example below. There is not much information as to why the order was rejected.

The symbol is URNM. The time was 14:45 BST (09:45 ET), so the market was open.

Hi @AidanMcCullough,

Thank you for post.

This ETF does not have a Key Information Document, therefore we are unable to open new positions with that ETF, it is on closing only.

Regulation (EU) No 1286/2014 (the PRIIPs) regulation states that all retail clients must be provided with a Key Information Document (KID) prior to the purchase on any security (PRIIP) within the scope of the regulation

I hope that it helps - Arvin

July 8, 2022

BRITISH POUND KEY POINTS:

GBP/USD rises after UK Prime Minister Boris Johnson announces his resignation
Although political uncertainty may cause volatility from time to time, it is unlikely to become the main driver of sterling in the short term
The Bank of England's monetary policy and the UK macroeconomic outlook should be more relevant for the pound during the second half of the year

Most Read: US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, USD/JPY

The British Pound traded moderately higher against the U.S. dollar on Thursday, up about 0.65% to 1.2000, despite heightened political uncertainty in the UK after Boris Johnson announced his resignation as Prime Minister following several scandals that plagued his administration over the past few months. Traders and investors had already anticipated this move after dozens of senior ministers stepped down in recent days in protest over Johnson's leadership and his handling of allegations of misconduct against a prominent ally, so the formal announcement did not spark FX turbulence.

While the process of selecting the next head of government may trigger volatility from time to time, it will not be the main driver of sterling. It is true that a new prime minister could open the door to some fiscal stimulus in the form of tax cuts later in the year and pave the way for a more aggressive central bank, but this will be a theme for the fall.The new resident of 10 Downing Street could also adopt a less confrontational stance toward the European Union, creating a more favorable environment for sterling; but again, there are too many unknowns at this point to draw any major conclusions.

Looking ahead, growing headwinds on the macro front for the UK and monetary policy divergence between the Fed and BoE will continue to be the main price action catalysts in the foreign exchange market. To provide context, UK activity is decelerating rapidly, raising the probability of a recession in 2023. Recognizing these risks, policymakers have kept a “steady-handed approach”, raising borrowing costs in small increments to avoid adding unneeded stress to an economy at the brink of a cliff.

With annual CPI on its way to exceed 11% in the fall, BoE may temporarily abandon its cautious stance and raise interest rates by half a percentage point to 1.75% at its August meeting, but this will likely be a one-off measure before returning to the standard 25 bps hike. The Federal Reserve, for its part, has retained a hawkish bias, signaling a rapid tightening path to restore price stability. While Wall Street doubts that the Fed will stick to its plans to remove accommodation forcefully, the institution has shown no willingness to pivot; in fact, the June FOMC minutes revealed that a more restrictive stance may be appropriate if elevated inflationary pressures were to persist.

In the current environment, the U.S. dollar should remain supported against the pound. This means that the path of least resistance for GBP/USD is lower, at least from a fundamental standpoint. The outlook could change, especially if the Fed blinks, but we don't yet have strong evidence to suggest that will happen soon.

GBP/USD TECHNICAL ANALYSIS

After hitting a multiyear low near 1.1875 yesterday, GBP/USD has staged a moderate rebound, guided higher by a short-term rising trendline, as shown in the 30-minutes chart below. If cable continues its trek upwards, initial resistance appears at 1.2022, the 50% Fibonacci retracement of the July high/July low move. On further strength, the focus shifts to 1.2056, followed by 1.2085/1.2090 and then 1.2125. On the flip side, if sellers return and push prices lower, trendline support comes around 1.1960. If this floor were to be breached, GBP/USD could be on its way to retest its 2022 lows.

GBP/USD TECHNICAL CHART

British Pound Outlook: GBP/USD Up as Traders Look Past UK Political Turmoil. Now What?

GBP/USD Chart Prepared Using TradingView

EDUCATION TOOLS FOR TRADERS

Are you just getting started? Download the beginners’ guide for FX traders
Would you like to know more about your trading personality? Take the DailyFX quiz and find out
IG's client positioning data provides valuable information on market sentiment. Get your free guide on how to use this powerful trading indicator here.

Diego Colman, Market Strategist for DailyFX
08 July 2022

July 8, 2022

CRUDE OIL PRICE TALKING POINTS

The price of oil appears to be reversing course head of the 200-Day SMA ($92.62) as it holds above the April low ($92.93), and crude may stage a larger rebound over the coming days as US production holds steady at the start of July.

CRUDE OIL PRICE REBOUND EMERGES AS US OUTPUT HOLDS STEADY COMING INTO JULY

The price of oil extends the rebound from the weekly low ($95.10) even as US inventories unexpectedly increase for the first time in three weeks, and crude may attempt to retrace the decline from the monthly high ($111.45) as the Relative Strength Index (RSI) bounces back ahead of oversold territory.

Image of DailyFX Economic Calendar for US

However, indications of slowing consumption may produce headwinds for crude as US inventories jump 8.235M in the week ending July 1 versus forecasts for a 1.043M decline, and current market conditions may keep a lid on crude prices as the Organization of Petroleum Exporting Countries (OPEC) plan to “adjust upward the monthly overall production for the month of August 2022 by 0.648 mb/d.”

It remains to be seen if OPEC will retain the current production schedule over the remainder of the year amid the weakening outlook for demand, and developments coming out of the US may influence crude prices as the recent rise in oil output appears to be stalling.

Image of EIA Weekly US Field Production of Crude Oil

A deeper look at the figures from the Energy Information Administration (EIA) show weekly field production printing at 12,100K for the second week, and signs of limited supply may lead to a near-term rebound in the price of oil as it appears to be reversing course head of the 200-Day SMA ($92.62).

With that said, failure to test the April low ($92.93) may keep the price of oil within a defined range ahead of the next OPEC Ministerial Meeting on August 3, and crude may attempt to retrace the decline from the monthly high ($111.45) as the Relative Strength Index (RSI) bounces back ahead of oversold territory.

CRUDE OIL PRICE DAILY CHART

Source: Trading View

The price of oil appears to be reversing course ahead of the 200-Day SMA ($92.62) amid the failed attempt to break/close below the Fibonacci overlap around $93.50 (61.8% retracement) to $95.30 (23.6% expansion), and crude may stage a larger rebound as long as it holds above the April low ($92.93).
The Relative Strength Index (RSI) highlights a similar dynamic as it bounces back ahead of oversold territory, but need a close above the $104.20 (50% expansion) region to bring the $108.10 (61.8% expansion) area back on the radar.
A move above the 50-Day SMA ($110.10) may push the price of oil towards the monthly high ($11.45), with the next area of interest coming in around $112.80 (161.8% expansion) to $113.70 (78.6% expansion).
However, failure to close above the $104.20 (50% expansion) region may keep the price of oil within a defined range as the 50-Day SMA ($110.10) no longer reflects a positive slope, with a move below $100.20 (38.2% expansion) raising the scope for another run at the overlap around $93.50 (61.8% retracement) to $95.30 (23.6% expansion).

David Song, Currency Strategist, DailyFX
Follow me on Twitter at @DavidJSong
08 July 2022

July 7, 2022

On 05/07/2022 at 20:16, M4an1_l said:

Hello Everyone, i was wondering if someone could help explain the below to me (sent to me by the Corporate Action team).

I was told i have 3 options with the Warrant A (+144 shares currently at 11.25) and Warrant B (+72 shares currently at 11.5) available. The current Whiting Petroleum shares stand at 68.03.

Any help or advice would be appreciated as i'm unsure what i should do with these warrants or if there's any benefit in then.

Kind Regards

Please be informed that the below warrants have 3 options:
1. Exercise
2. Exercise - Cashless
3. No Action(Take no action)

Terms:
Warrants A: 1 WARRANT PLUS USD 73.44 EQUALS 1 COMMON SHARE OF WHITING PETE CORP (Deadline 26th Aug 2024)
Warrants B: 1 WARRANT PLUS USD 83.45 EQUALS 1 COMMON SHARE OF WHITING PETE CORP (Deadline 26th Aug 2025)

Please submit your instructions before the deadline if you wish to exercise.

Hi @M4an1_l,

You can reply to that email asking for further information from the Corporate Action team on your options. Make sure that you reach out to them before the deadline.

All the best - Arvin

July 7, 2022

16 minutes ago, Vayor said:

Hi,

I'm in Australia and there really aren't any decent trading platforms that offer Options trades. The market is ripe for a Robinhood clone to take over here. IG is so far the best platform I've found but there are still some very significant shortfalls to what Robinhood offers US users.

The biggest change to Options I would suggest are:

Reduce the margin requirement of purchasing options to the face value of the option itself. The purchaser of a call or put can't lose more than the value of the premium so requiring margin sufficient to be assigned is redundant. Especially true if you simply modify the platform to cash settle all options contracts on expiry rather than assigning the underlying asset.

Set up the platform to permit multi-leg trading. Creating a call or put spread by buying and selling a call or a put on the same asset at different strike prices caps the maximum potential loss as long as entering and exiting the spread has to occur with the long and short positions being entered and closed simultaneously. At the moment if I sell a put and then buy a further out of the money put I have to provide double the margin despite significantly reducing my maximum loss exposure. Robinhood would greatly reduce my margin requirement but IG greatly increases it! You're preventing users from taking less risky trading strategies because of higher margin requirements which is the opposite of the outcome you want.

Also I second some other users indicating a limit or stop loss function with options could be quite useful but I'm less fussed about whether that's ever implemented.

Just my two cents.

Hi @Vayor,

Thank you for you post.

We appreciate your feedback. It will be forwarded to the relevant department to be reviewed. IG is always looking for ways to offer the most instruments and markets in the best possible way.

All the best - Arvin

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