Important Information

You are visiting the international Vantage Markets website, distinct from the website operated by Vantage Global Prime LLP
( ) which is regulated by the Financial Conduct Authority ("FCA").

This website is managed by Vantage Markets' international entities, and it's important to emphasise that they are not subject to regulation by the FCA in the UK. Therefore, you must understand that you will not have the FCA’s protection when investing through this website – for example:

  • You will not be guaranteed Negative Balance Protection
  • You will not be protected by FCA’s leverage restrictions
  • You will not have the right to settle disputes via the Financial Ombudsman Service (FOS)
  • You will not be protected by Financial Services Compensation Scheme (FSCS)
  • Any monies deposited will not be afforded the protection required under the FCA Client Assets Sourcebook. The level of protection for your funds will be determined by the regulations of the relevant local regulator.

If you would like to proceed and visit this website, you acknowledge and confirm the following:

  • 1.The website is owned by Vantage Markets' international entities and not by Vantage Global Prime LLP, which is regulated by the FCA.
  • 2.Vantage Global Limited, or any of the Vantage Markets international entities, are neither based in the UK nor licensed by the FCA.
  • 3.You are accessing the website at your own initiative and have not been solicited by Vantage Global Limited in any way.
  • 4.Investing through this website does not grant you the protections provided by the FCA.
  • 5.Should you choose to invest through this website or with any of the international Vantage Markets entities, you will be subject to the rules and regulations of the relevant international regulatory authorities, not the FCA.

Vantage wants to make it clear that we are duly licensed and authorised to offer the services and financial derivative products listed on our website. Individuals accessing this website and registering a trading account do so entirely of their own volition and without prior solicitation.

By confirming your decision to proceed with entering the website, you hereby affirm that this decision was solely initiated by you, and no solicitation has been made by any Vantage entity.

I confirm my intention to proceed and enter this website Please direct me to the website operated by Vantage Global Prime LLP, regulated by the FCA in the United Kingdom

By providing your email and proceeding to create an account on this website, you acknowledge that you will be opening an account with Vantage Global Limited, regulated by the Vanuatu Financial Services Commission (VFSC), and not the UK Financial Conduct Authority (FCA).

    Please tick all to proceed

  • Please tick the checkbox to proceed
  • Please tick the checkbox to proceed
Proceed Please direct me to website operated by Vantage Global Prime LLP, regulated by the FCA in the United Kingdom.


Are you long or short on indices?

Trade Indices Now >
Long Or Short On Indices?


View More
  • All
  • Search
  • Forex Trading
  • Vantage Rewards
  • Spreads
  • facebook
  • instagram
  • twitter
  • linkedin
  • youtube

Quiet, cautious trade ahead of major risk events

Vantage Updated Updated Tue, 2024 June 4 09:59


* Mixed US jobs data with soft headline but unchanged internals

* US Dollar trades in a narrow range after prior day breakdown

* BoC set to restimulate economy with June rate cut

* Gold dips but still holds recent support above $2300

FX: USD rebounded but the recent technical breakdown remains intact. Job vacancy (JOLTS) data showed that the number of job openings shrank for the second month in a row, setting a new three-year low amid further signals of the labour market cooling. But the quits rate – which is known as a good leading indicator of wage inflation – stayed unchanged at 2.2% for the sixth straight month.

EUR made a fresh six-week high at 1.0916 before pulling back below the figure. German unemployment rose, modestly hurting the single currency. Focus is on Thursday’s ECB meeting. A rate cut is baked in so what President Lagarde says about July and after the summer will be key for markets.

GBP hit a new cycle high at 1.2817, a level not seen since the middle of March. But prices fell and eventually settled below 1.28. There is little UK news apart from election noise.

USD/JPY turned lower again as the 10-year Treasury yield continued down into strong support around 4.33%. The major has lost over 1.5% in two days as a big squeeze on funding currencies turns. USD/JPY has hit the 50-day SMA at 154.76. It hasn’t closed below this indicator since March.  

AUD struggled again at resistance around 0.67. USD/CAD moved above its 50-day SMA at 1.3664. Attention is on the BoC meeting today.

US Stocks: Indices closed mixed again in relatively rangebound markets. The S&P 500 finished higher by 0.15% at 5,291. The Nasdaq 100 settled 0.29% up at 18,655. The Dow closed in the green by 0.36% at 38,711. Markets were fairly cautious with some choppiness around the US jobs data. Tesla CEO Musk said his current best guess for Nvidia purchases by Tesla is $3-4 billion this year. Nvidia closed on its highs at another fresh record high. Tesla continues to struggle below $180.

Asian Stocks: APAC futures are mixed. Asian stocks traded mixed with the tone moderately lower. The ASX 200 saw gains in gold names but losses in energy.  The Nikkei 225 underperformed with energy and autos falling. The latter fell after a safety test scandal. China stocks were mixed with Hong Kong holding modest gains. The mainland was flat trading in a tight range.

Gold fell over 1%. The 50-day SMA sits at $2334.

Day Ahead – Australia GDP, BoC Meeting

Economic activity in Australia is expected to have slowed to 1.2% in Q1 from the prior 1.5% y/y and 0.2% q/q. Consumption was likely subdued reflecting the ongoing constraints from high inflation, interest rates and increased taxes. Retail sales figures show consumers continuing to curtail spending. Economists say that residential investment is also likely to have contracted, given the supply constraints facing Australia’s housing market. That said, resilience in business investment and public spending might offset the above. Prices in AUD/USD have tracked sideways between 0.66 and 0.67 for the last three weeks. The major recently hit resistance again around 0.67.

The Bank of Canada is now expected to cut rates by 25bps to 4.75%. This follows weak Q1 growth and solid signs of disinflation continuing. Unemployment has risen above 6% while wage growth is contained and core CPI below 3%. Attention will be on any guidance the BoC and Governor Macklem give on future rate cuts. Data since the last meeting does point to multiple cuts through the second half of the year.

Chart of the day  – USD/CAD sideways for now

The nagging doubt is that the BoC hasn’t explicitly signalled its intention to cut rates at today’s meeting. The markets have priced in a move, but it seems holding rates steady would support the bank’s aim to be transparent and keep up their effort on forward guidance.

USD/CAD tested minor support in the low 1.36s yesterday but shied away from a push to test key support just below the figure. Prices have moved higher with bulls hoping to break decisively above themed-1.37s on a more dovish than expected BoC. Strong support sits around 1.36 with the 200-day SMA at 1.3577.