Wednesday, December 21, 2011

EU courts approves the carbon tax

EU plans to impose tax on carbon emissions produced by airlines, reported the ECJ. The regulation envisages all airlines operating in the EU will have to pay levy on carbon emission starting from January 1, 2012. Foreign carriers oppose the decision citing the violation of aviation pacts and too high tax payments; for example, China's airlines will have to pay 95m euros under the scheme.

by Dukascopy Bank SA

Monday, December 12, 2011

US FOMC Interest Rate Decision - 13 December 2011

US FOMC Interest Rate Decision - 13 December 2011

Today’s FOMC Meeting will probably not impact the market as much, as the Fed probably ran out of new measures to stimulate the economy. As a matter of fact, most analysts agree that the Fed will be leaning towards providing a “clearer guidance” rather than a policy change, or in other words, inflation and unemployment targets for rate changes…

Read more

UK CPI Y/Y 13 December 2011

UK CPI Y/Y 13 December 2011

We´ll be trading the UK Consumer Price Index (CPI) release at 4:30am NY Time today. We´ll be looking at the yearly release figure and the market could react with lots of volatility as CPI is the basic measurement of Inflation, therefore expect to see more exaggerated moves if we get a huge surprise release. Here is the forecast:
4:30am NY Time UK CPI y/y Forecast 4.8% Previous 5.0%

The Trade Plan

We are looking for a variable deviation of 0.2~0.3%. If the Inflation number increases to 5.1%, which is even higher than last months and definitely above BOE´s inflation target, we will BUY GBP/USD. If the Inflation number decreases to 4.5% or less, we´ll look to SELL GBP/USD. Historically, even with a slight difference of 0.1%, market usually overreacts. If our deviation is hit, there is a strong possibility that the market will move 50 pips immediately.
We´ll be looking to trade this release using my after-news retracement method. We´ll wait for the release, wait for market spike, and then wait for a decent retracement before jumping in. Read more

Sunday, December 11, 2011

European Union Summit First Results

European Union Summit First Results

Only 23 out of the 27 EU nations agreed to join the new treaty which implies giving up some sovereignty of the fiscal policy and towards closer fiscal integration.
The main points of the statement produced after the night of negotiations are:
- Participants of the treaty will need to have balanced budgets with structural deficit which doesn’t exceed 0.5% of the GDP (this requirement must be included in the constitutions of the member states);
- In case the rule mentioned above is breeched, the unspecified “automatic correction mechanism” will be activated;
- Countries with deficits of more than 3% of the GDP will face sanctions;
- Member nations will have to submit their national budgets to the European Commission, which will have the authority to ask for revisions. Member states will have to report in advance how much they plan to borrow.

Read more

Thursday, November 24, 2011

Scotia Capital, BBH and Merrill Lynch favor loonie

Analysts at Scotia Capital recommend selling EUR/CAD. The specialists note that the single currency will stay under pressure due to the euro zone’s debt crisis, while Canadian dollar will be able to appreciate due to Canada’s top credit rating, stable government, rather strong economy and commodity base.

Strategists at Brown Brothers Harriman share this opinion. In their view, the pair will fall from the current levels in the 1.4000 area to the levels below 1.3800.

Economists at Bank of America Merrill Lynch advise investors to open shorts on AUD/CAD. According to the bank, Australian dollar will suffer more in case of the global growth slowdown. In addition, the Reserve Bank of Australia began easing its policy, while the Bank of Canada remains on hold.

published by FBS Holdings © 2011

BoA: Aussie will fall against the greenback

Technical analysts at Bank of America believe that Australian dollar may fall to more than 1-year minimum versus the greenback.

The specialists note that bears got more powerful after AUD/USD breached support of 2008 maximums in the $0.9927/0.9850 area. In addition, Aussie will likely be affected by the market’s risk aversion.

According to the bank, the pair is now on its way down to $0.9330. If it fails to hold at this point, it will be poised for a decline to $0.9000.

Australian currency lost 7.7% versus its US counterpart in November showing the second worst results among the major currencies after New Zealand’s dollar.

published by FBS Holdings © 2011

Tuesday, November 22, 2011

Credit Suisse: the climax for euro area is approaching

Analysts at Credit Suisse believe that in order to save the single currency European leaders –primarily, France and Germany – will have to reach by the middle of January “a momentous deal” to increase the degree of integration and transform the monetary bloc into the fiscal and political union.

The specialists expect that in this case the ECB will agree to cut its benchmark rate and provide banks with longer-term funds and do all it can to prevent euro’s collapse.

In their view, during the most critical moment the Italian and Spanish 10-year bond yields may surge above 9% and French yields may bounce above 5%.

Bloomberg reports that for the hints on the euro zone’s future one should pay attention to the European Commission’s recommendations on euro-area debt which are to be published this week and by the French President Nicolas Sarkozy’s speech next month on the 20th anniversary of the Maastricht Treaty.

daily eurusd 16-25

published by FBS Holdings © 2011

Friday, November 18, 2011

Commerzbank : euro’s recovery will soon be over

Commerzbank : euro’s recovery will soon be over

Options market expects euro’s slump

Wall Street Journal reports that 1-month risk-reversal indicator, which measures the weight of the bearish options bets on the single currency on the bullish ones, surged to 4 volatility points overcoming the level of 3.5 volatility points where it was seen at the peak of the financial crisis in 2008. That means that investors expect a sharp fall in EUR/USD during the next month.

Analysts at ING underline that rising yields on European bonds stirs up the market’s concerns. Specialists at Brown Brothers Harriman think that euro will react to the growing concerns about France, Belgium, Austria and other core countries that threaten to take the sovereign debt crisis to a new level.

daily eurusd 12-58
Chart. Daily EUR/USD

writed by FBS Holdings © 2011

The BEST WAY to hope you'll make money investing?

Being right and sitting tight in gold might not be different things...

The BEST WAY to hope you'll make money investing?

Berkshire Hathaway legend Warren Buffett reckons it's "being right" – which is about as down-home as the "Sage of Omaha" could get. "Sitting tight" was the key for legendary "boy plunger" Jessie Livermore, whose personal depression drove him to suicide in 1940, apparently leaving $5 million behind him. Contemporary hedge-fund legend Hugh Hendry says your best shot comes from "contentious" positions – taking on trades that no one else dare back, because they can barely conceive of a world in which they might ever pay off.

And right now, what could be more contentious than gold?

"Without any contentious posturing in your portfolio, I suspect you're not going to make money," Hendry told an interviewer this summer."

"You're not guaranteed to make money by being contentious or controversial," he stressed. "But if you can get your mind around the most contentious viewpoints, I think you stand a better chance of making money."

Now, we know what Buffett thinks of gold, and we know that Hendry didn't buy the bull back in 2008, when gold made headlines amid Phase II of the global financial crisis to date.

"[People] fear financial anarchy. Gold coins are sold out. Everyone is in."

Contrarian investors, therefore, should have stayed out – or even gone short – at $800 per ounce. Because "everyone [was] in." Except for all those people who've been buying gold since, nudging it back up towards that all-time high – in real terms – hit at the start of 1980.

Hence the contrarian's quandary today. Because if you read only the financial pages, you might imagine everyone is "all in" as 2011 nears its end. Looking at our chart above, you might also think that gold returning to record levels – adjusted for inflation – means it is plainly nearing its top, too. Subject to the same "mania" that led investors over a cliff in the early Eighties, the bull market has been and gone. You missed it.

But if true, then so did pretty much every other private investor and saver in North America and Europe as well. Only a tiny proportion of Western households hold any real chunk of their savings in gold today. The continued surge in consumer demand is coming instead from Asia, a market driven by cultural affinity – and a recently released appetite for gold ownership – that finance professionals and advisors can barely imagine in the West.

Yes, central banks in the rich emerging economies are quietly buying gold at a record pace as well. But that only makes gold yet more contentious still – sitting right on the edge between them and the developed-world's sellers of a decade ago. The really contentious view might instead see gold instead causing a real shock, and going still higher again in just the way it didn't three decades ago.

As for Jessie Livermore, gold was money when he made the bulk of his trades over a lifetime ago – the end, not the means, of making a profit.

Can you imagine that?

Adrian Ash
Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK's leading financial advisory for private investors, Adrian Ash is head of research at BullionVault – winner of the Queen's Award for Enterprise Innovation, 2009 and now backed by the World Gold Council market-development and research body – where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.
(c) BullionVault  2011
Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Wednesday, November 16, 2011

Forex Daily Analysis - EUR/USD - 17 November 2011

The EURUSD is now nearing a short term downward sloping trend line (near 1.3415). This may provide interim support along with a former pivot at 13360.
Any sign of strength from here might encounter resistance from the trend line resistance (please be aware of the following levels as well: 13575, 13625 and 13670).
We might be seeing a topping process unfolding since November 2010 (head and shoulders). 
by David Frank, AVA FX

Gold Analysis - November 17, 2011

GOLD: The Yellow metal might have completed a bearish Evening Star candlestick formation near $1800.00 and has broken through rising channel support. This might end up testing the 38.2% Fibonacci retracement level at $1746.26. A move below that level could end up testing the 50% Fib at $1695.05.

Looking up, the channel bottom, at $1780.64, is now near term resistance.
by David Frank, AVA FX

Is Germany Eyeing the Exit?

German leaders talk about "more Europe"…but are they just buying time…?

THIS IS just an idea – but perhaps Germany is only pretending to want more European integration.

The rhetoric is real enough. German chancellor Angela Merkel told her party conference this week that the solution to the Eurozone crisis is "more Europe". At the same conference, finance minister Wolfgang Schaeuble said Europe needs "to build the political union that we didn't manage to achieve in the 1990s."

"That means fiscal union," he made crystal clear.

Schaeuble is echoing the words of Juergen Stark at a conference earlier this month:

"We need bold steps toward a fiscal union," said Stark – who resigned as European Central Bank in September over its decision to buy government bonds.

"We need to go beyond and create a financial union. In one word, the crisis has clearly shown us that we need 'more Europe.'"

This is heady stuff – especially when you consider that Merkel has said commonly-issued 'Eurobonds' are "not a sensible idea". How to interpret Germany's lurch towards such integrationist rhetoric?

One way is to take it at face value. An alternative interpretation is that Germany is simply buying time.

Let's take the face value interpretation first. Germany is terrified of the idea of the European Central Bank monetizing sovereign debt. Though it is forbidden from buying government bonds directly – by Article 123 of the Lisbon Treaty and elsewhere – this hasn't stopped it buying Greek, Portuguese, Irish, Italian and Spanish bonds on the open market, in the hope of forcing down their yields. This hasn't really worked, so the next logical step is to ignore the rules and buy the debt direct.

Advocates of such a move say it is the only way to credibly stop the rot, since the ECB has 'unlimited funds' (what they actually mean is it can put the debt it buys on its balance sheet and create the Euros to pay for it). Anything less than this will be an open invitation to speculative bond market attacks.

Germany doesn't like this idea – understandably, given the Weimar hyperinflation still casts its long shadow. In truth, neither does Germany like the idea of throwing its fiscal lot in with the rest of Europe. But it has come to realize that it faces a choice – fiscal integration or debt monetization. It has chosen the former.

This, at least, is the face value interpretation of Germany's position. But might there be another explanation?

The Eurozone is in serious danger of breaking up. Everybody knows that. What some may not realize is just how close that moment could be. 

Take a look at the following chart:

French-German 10-Year Yield Spread (last five years)


Source: Bloomberg

The chart shows the difference between the yields on French 10-Year government bonds versus their German equivalent – known as the spread over bunds. This spread hit a Euro-era high on Wednesday of 193 basis points (1.93 percentage points).

As you can see, this spread has risen sharply in the last month or so. This is what it looks like when a currency union starts to break apart. Bonds issued by the Eurozone's two largest countries are yielding very different returns.

It is clear the market no longer considers French government debt risk-free – despite its AAA rating (if you ignore Standard &Poor's somewhat Freudian accidental downgrade last week). This makes sense, especially when you consider how heavily exposed French banks are to Italy.

What is less obvious – at least, less obvious to many who are buying gold – is why German government debt is seen as such a safe haven. Yes, it offers a short-term bolt hole. Germany holds the Eurozone's checkbook, and it isn't going to let itself go under ahead of any other member.

And yes, many institutional investors are limited in what they can hold, and bunds do represent a AAA-rated, Euro-denominated, highly liquid asset.

But surely, sooner or later, Germany will be on the hook for all this? One way to understand the 'contagion' aspect of the Eurozone crisis is to think of a vast swarm of capital losses – most incurred years ago, during the boom – looking for someone to take the hit. German leaders must have noticed that these losses are heading their way.


Unless there's an alternative interpretation for Germany's integrationist stance. Maybe – behind all the rhetoric about "more Europe" and "fiscal union" – maybe Germany is quietly preparing to leave the Euro. 

This may seem an odd idea – especially when you consider how much Germany's export sector has benefited from the Euro (something that Beijing-based economist Michael Pettis does an excellent job of demonstrating in his latest blog).

Germany leaving the Euro would create a great big mess – economically, legally and politically. But a great big mess looks unavoidable at this point. 

A German decision to unilaterally abandon the single currency must now at least be considered a possibility. Going back to the Deutsche Mark would be difficult – and would almost certainly hit Germany's export model as the currency appreciated. But domestic and international politics may make it impossible to save the Euro – and Germany's leaders may already have realized this.

Schaeuble said this week he would like to see a change to the Lisbon Treaty by the end of 2012, to enable greater fiscal integration. Some European Union members – most notably Britain – are opposed. 

Fine, says Schaeuble.

"In that case, we would ask them not to stop the 17 of us [in the Euro] from proceeding."

A European 'inner core' has long been a desire of French president Nicolas Sarkozy. Now, it would appear, he has Germany's backing. But it may be a feint – a ploy to buy time before a dash to the exit.

Ben Traynor

Editor of Gold News, the analysis and investment research site from world-leading gold ownership service BullionVault, Ben Traynor was formerly editor of the Fleet Street Letter, the UK's longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics.

(c) BullionVault 2011

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Tuesday, November 15, 2011

Will the Japanese Government Intervene to Weaken the JPY?

In a speech earlier today, Japanese Finance Minister Azumi suggested the BoJ will respond in an appropriate manner to continued JPY strength. 

Azumi was also quoted last Friday as saying, “We have responded to excessive currency market moves to protect our national interest”.

He added that he is watching the market closely for speculative moves. The Japanese Ministry of Finance has increased their comments regarding a strong JPY, something the government has previously done before intervening in the foreign exchange market.
The JPY continues to strengthen versus both the EUR and the USD with the EUR/JPY falling to a one month low near 104.00. There is currently a lack of support on the daily chart and the pair could test the October low of 100.75. The USD/JPY has come under pressure and has an initial support at Monday’s low of 76.80 followed by the all-time low at 75.50.

Monday, November 14, 2011

Dollar Rally sees Gold Fall - Merkel calls for More Europe

Dollar Rally sees Gold Fall, Merkel calls for "More Europe", Chinese Gold Demand hits "New Levels"
U.S. DOLLAR gold bullion prices dropped to $1775 an ounce Monday morning London time – a 0.7% drop from Friday's close.
"We see very light volume today," says one Hong Kong gold bullion dealer.
"Gold could test $1800 soon, while the $1750 level provides good support."
On the currency markets, the Dollar gained along with UK and German government bond prices, while European stock markets fell.
Silver bullion fell to $34.20 per ounce – a 1.5% drop from the end of last week – while other industrial commodities were mixed.
Over in Leipzig, German chancellor Angela Merkel repeated calls on Monday for a "new Europe" with greater "political union".
Merkel – who this weekend described as "shameful" a series of murders that have been linked to a group calling itself the National Socialist Underground – said today that Europe is facing its biggest crisis since the end of World War Two.
The solution is "more Europe and not less Europe" Merkel told her CDU party's annual conference.
"The Euro is a failed project that has costs barrels full of money," reckons Dutch politician Geert Wilders. Wilders, whose Party for Freedom is known for its anti-Islam stance, has said he is looking at the implications of the Netherlands returning to the Guilder – the currency it had before joining the Euro.
Spain's Socialist government meantime is set to lose Sunday's general election, according to latest opinion polls, which predict a win for the center-right Popular Party.
Yields on Spanish 10-Year government bonds this morning breached 6% for the first time since the European Central Bank began buying Italian and Spanish debt in early August.
Over in Athens, Greece formally appointed Lucas Papademos as prime minister on Friday, while in Italy Mario Monti – former European Competition Commissioner and adviser to Goldman Sachs – was asked last night to form a new government, following the resignation of Silvio Berlusconi.
"Monti's appointment is clearly a positive for markets," reckons Emmanuele Vizzini, chief investment officer at Milan-based asset management firm Investitori Sgr.
Italy's Treasury successfully sold €3 billion in 5-Year government bonds on Monday. The average yield was 6.29% – up from 5.32% for last month's 5-Year auction.
The ECB stepped up its buying of Italian debt towards the end of last week, according to newswire Reuters. During the crisis it has intervened on the open market to buy government bonds of troubled sovereigns – including Greece, Italy and Spain.
The ECB "must stick to [its] mandate" Jens Weidmann, president of the Bundesbank and a member of the ECB Governing Council, says in an interview published in today's Financial Times.
"[It] must not be a lender of last resort for sovereigns because this would violate Article 123 of the EU treaty" – which prohibits central banks directly funding governments.
"[Europe is having] an absurd debate in which we are telling institutions: don't care about the law...if we now overstep [our] mandate, we call into question our own independence."
The Euro fell nearly 1% against the Dollar on Monday morning, hitting $1.34. The Euro gold bullion price rose to €1304 per ounce – 0.2% up on Friday's close.
"Doubts and uncertainty over the Eurozone are sure to resurface which could see renewed interest in precious metals, especially gold and silver," says Marc Ground, commodities strategist at Standard Bank.
"However, we continue to warn that should the Eurozone debt crisis result in a severe drying up of money markets in Europe, we could see all commodities fall rapidly, even gold."
China meantime should "operate by the same rules as everyone else," US president Barack Obama told reporters Sunday – referring to the alleged undervaluation of the Yuan against the Dollar.
"Enough is enough."
"[It depends] whose rules we are talking about," responded Pang Sen, deputy director general at China's Foreign Ministry.
"If the rules are made collectively through agreement and China is a part of it, then China will abide by them. If rules are decided by one or even several countries, China does not have the obligation to abide by that."
Chinese gold bullion demand meantime continues to show signs of strength.
"There's a lot of material going into China, and New Year demand hasn't even started yet," said a senior executive in the secure logistics industry to BullionVault today from Switzerland.
"This is new, regular and additional traffic [in gold and silver] – levels we haven't seen before."
Ben Traynor
Editor of Gold News, the analysis and investment research site from world-leading gold ownership service BullionVault, Ben Traynor was formerly editor of the Fleet Street Letter, the UK's longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics.
(c) BullionVault 2011
Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Saturday, November 5, 2011

Forex Trading 100% Deposit Bonus - November 2011 Promotion

Grab your 100% trading bonus today

Just fund your account with USD500 or more by 30 November 2011 (23:59:59 MT4 Time GMT +2) to be eligible to participate. Open your account here

Here's how the Funding Frenzy works:

1. 100% trading bonus when you fund USD500 or more
You get a 100% trading bonus when you register for the promotion inside your FXPRIMUS member area and then fund USD500 or more in your account by 30 November 2011 (23:59:59 MT4 Time GMT +2) to be eligible.
2. Now only USD500 to qualify for an ECN Premier account
Just for this promotion, we've lowered the minimum funding requirement for an ECN Premier account from USD1,000 to USD500.

It's never been easier for you to profit from the tightest spreads and true Interbank price feed of our ECN Premier account!
If you don't yet have a Live account with FXPRIMUS:
Just select ECN Premier Spread from the spreads pull-down on the Live account registration form on this website.
3. Withdraw your entire 100% trading bonus
With your ECN Premier account, once you trade your funded amount / 6 in lots between now and 31 January 2012 (23:59:59 MT4 Time GMT +2), your entire 100% bonus is yours to keep. *


You fund USD1,000.

Once you trade 1,000/6 = 167 standard lots by 31 January 2012 (23:59:59 MT4 Time GMT +2), you keep your entire 100% bonus. * Terms and conditions apply
Don't want a Live ECN Premier account?

No problem.

You can still participate in the Funding Frenzy promotion with a Live Fixed or Variable spread account but you'll need to trade your funded amount / 5 in lots before you can withdraw your entire bonus. Open your account and get your 100% bonus

The Funding Frenzy Trading Bonus Promotion allows select clients to receive a 100% bonus on new fundings starting 19 September 2011 with the ability to withdraw this bonus provided a certain amount of lots are traded.
Please see below for the complete terms and conditions of this promotion.
Bonus and Withdrawal Terms:
Minimum Deposit Amount:
USD500.00 or equivalent
Maximum Deposit Amount:
USD10,000 or equivalent
Funding deadline to be eligible to qualify for your 100% bonus:
Fund by 30 November 2011 (23:59:59 MT4 Time GMT +2)
Maximum trading deadline to be eligible to qualify for withdrawal after funding:
Trade until 31 January 2012 (23:59:59 MT4 Time GMT +2)

Terms & Conditions
  1. This promotion is only applicable for self-directed ECN Premier, Fixed and Variable spread-type accounts.
  2. You are entitled to a ONE-TIME 100% bonus during the promotion period. You may choose to fund the account more than one time during the promotion period but only the registered deposited amount that matches with the latest single deposit will be used to calculate your 100% bonus.
  3. The amount of this bonus will be based on your next deposit after accepting the terms & conditions and registering for this promotion inside the FXPRIMUS Member Area.
  4. Leverage follows normal guidelines as determined by FXPRIMUS Management.
  5. The bonus is variable and is based on your net deposit and is for the purpose of increasing leverage and providing extra capital for you to trade. The bonus is for deposits in new accounts and for existing account holders. Funds transferred between your live accounts do not count as qualifying new deposits for the purposes of the promotion. This bonus cannot be combined with another existing promotion or bonus.
  6. The bonus will be automatically withdrawn should your equity reach a deficit which is 60% of the sum of the initial deposit plus your bonus. To calculate the point at which your bonus will be automatically withdrawn, simply multiply your trading credit by 1.2. For example, a USD5,000 deposit will qualify for a USD5,000 credit. USD5,000 multiplied by 1.2 is USD6,000. In this example, should your equity reach USD6,000 or below, the USD5,000 credit will be withdrawn from the account, all positions affected by the withdrawal will be closed, and ONLY your equity will remain. We strongly recommend that you do not use this withdrawal in your risk management due to the fact that when volatile market conditions persist, it may not always be possible to withdraw the bonus at exactly 60%. The normal margin call levels will remain in effect at all times whether the bonus is still in your account or not.
  7. For self-directed ECN Premier accounts:
    You can withdraw the bonus once the number of lots you trade equals your bonus amount divided by 6 on or before 31 January 2012 (23:59:59 MT4 Time GMT +2). For example, if you receive a USD1,000 bonus, you would need to trade USD1,000/6 = 167 lots to be able to withdraw the USD1,000 bonus. Please note if your MT4 Account is in a currency other than USD, you must convert the bonus amount into USD and then divide by 6.
  8. For self-directed Fixed and Variable spread accounts:
    You can withdraw the bonus once the number of lots you trade equals your bonus amount divided by 5 on or before 31 January 2012 (23:59:59 MT4 Time GMT +2). For example, if you receive a USD1,000 bonus, you would need to trade USD1,000/5 = 200 lots to be able to withdraw the USD1,000 bonus. Please note if your MT4 Account is in a currency other than USD, you must convert the bonus amount into USD and then divide by 5.
  9. The bonus credit will post within one full business day of your deposit. Please allow the credit bonus to post prior to trading or the bonus credit will reflect the deposit amount minus any floating losses.
Additional Terms:
  • FXPRIMUS reserves the right, at our sole discretion, to disqualify and/or withdraw a bonus at any time should it be deemed that an individual is tampering with or attempting to tamper with the operation of the promotion, or breaches the promotion terms or the FXPRIMUS Terms & Conditions.
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  • All disputes or situations not covered by these Promotion Terms will be resolved by FXPRIMUS management in a manner it deems to be the fairest to all concerned. That decision shall be final and/or binding on all customers. No correspondence will be entered into.
  • If these Promotion Terms are translated into a language other than English, then the English version of the rules shall prevail where there is an inconsistency.
  • FXPRIMUS prohibits the trading style of "churning" a trading account for the sole purpose of being able to withdraw the bonus. FXPRIMUS reserves the right to deem an account as being "churned" at its sole discretion, and reserves the right to disqualify and/or withdraw the bonus at any time should it be deemed an individual is using such a trading style. Visit FXPrimus Website