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US Dollar heading into a volatile week

The US Dollar (USD) almost pairs back all of its incurred losses at the start of the US trading session, as traders brace for a slew of events and macroeconomic numbers planned later this week. Important datapoints to have in mind for this week are the US Consumer Price Index (CPI) numbers on Tuesday, Industrial Production on Thursday and the Michigan Consumer Sentiment survey on Friday. The main stage is reserved for Wednesday with US Federal Reserve (Fed) issuing its June interest rate decision, including the press conference from Fed chairman Jerome Powell and new dot plot projections for the coming period. 

The Dollar Index (DXY) is trailing back higher after a depressed start of this trading week where the Greenback slid lower against most peers and nearly touched 1.08 in EURUSD. The DXY briefly broke below 103.25, and is now heading back to 103.50 as the US opening bell is seeing some demand for the US Dollar coming back online. Expect to see a sharp pickup in volatility his week versus last week as each economic datapoint will either confirm or contradict the view on the market where the US Dollar should be, and the DXY bound to see volatility pick up as this week gets underway. 

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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