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Dollar retreats from 2-month high, yuan turns higher

The dollar fell from a two-month high on Monday following five straight weeks of gains, as risk sentiment improved in Europe, with attention already turning to the Federal Reserve’s Jackson Hole symposium which kicks off on Friday.

The dollar index, which measures the currency against six other majors, was last down 0.2% at 103.18, but still close to Friday’s two-month high of 103.68.

“Risk appetite seems a lot steadier than it has done in the last few weeks which seems to be weighing on the dollar,” said Michael Brown, market analyst at Trader X, noting that European shares are higher and Wall Street futures point to a positive open.

“In the grand scheme of things, moves are pretty limited … I’m loathed to read too much into today’s trade before Jackson Hole,” Brown added

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Important Notice Regarding Regulatory Requirements Imposed on MCI Global Investment Advisors Limited

The Financial Conduct Authority (FCA) has granted MCI Global Investment Advisors Limited’s (FRN 948996 (MCI) application to place requirements on it, which will impact the management of Novus Black Fund Ltd (NBF). These regulatory actions are intended to protect the interests of investors.

Key Details of the Requirements:

Novus Black Fund UK Ltd:

  • No new activity will be conducted on any broker accounts held for NBF.
  • All open positions at brokers will be closed, including the netting off of any fully hedged positions.
  • Daily reporting of the broker account balances will be provided to the FCA until further instructions are received.
  • Broker balances will be transferred in accordance with FCA written instructions.

More details of these requirements are available on MCI’s Financial Services Register entry
at:  https://register.fca.org.uk/s/firm?id=0014G00002fd8htQAA

A further update will follow in due course.

MCI Global Investment Advisors Limited