In less
than two weeks, the Finance Magnates Africa Summit (FMAS:23) will officially be
underway. The inaugural launch of FMAS:23 will be held in Johannesburg, South
Africa on May 8-10 at the prestigious Sandton Convention Centre, one of the
most luxurious and well-known districts country.

With the
event right around the corner, attendees are encouraged to take advantage of
exploring FMAS:23 detailed agenda. The 2.5-day event includes a robust slate of
sessions, panels, workshops, and much more.

If you
have not already done so, the full agenda for FMAS:23 is already live and can
be accessed by the following link. A total of
four industry verticals are being covered at length during the summit, focusing
on online trading, payments, fintech, and blockchain & digital assets.

Trade
GPT: AI and Innovation in Trading Technology

The latest breakthroughs in generative AI have taken the
world by storm, and the world of trading is no exception. With AI taking the
media and world by storm seemingly overnight, it’s natural that this trend be
covered at length at FMAS:

This includes one of the event’s most hyped panels this
May, Trade GPT: AI and Innovation in Trading Technology, taking place on May 10, 14:00-14:40 at
Centre Stage.

In this
session, seasoned experts will share the impact they see on the industry, and
reveal the tools, features, and platforms they are building to make brokers and
clients prosper. This panel for FMAS:23 will include the following talented speakers:

• Wassim
  Khateeb, Chief Commercial Officer, FXCUBIC
• Yakubu
  Teri Ishaku, CEO/ Founder, Kwakol Markets
• Ran
  Strauss, Founder & CEO, Leverate
• Cristian
  Vlasceanu, CEO, Centroid Solutions
• (Moderator)
  Ankit Shah, Global Head of Fintech, GTN

According to Mr. Khateeb, “I believe it is a very hot
topic these days following the rapid emergence of AI softwares and we will be
discussing the implications it can have on Financial trading.”

Indeed, “With the evolution of the ‘GPT’ side of AI,
democratising AI driven trading models to investors / traders can be a game
changer. There will initially be some fear followed by errors and then
stabilisation before eventually acceptance and integration. We have a long way
to go, but this is the direction the trading world is moving towards, and it
will only get more interesting from here,” explained Mr. Shah.

The panelists
will also look to answer the following questions: What chat GPT3 and 4 can, and
cannot, do for traders and industry participants? How can fintech firms utilize
the new AIs to increase efficiency? What has been achieved in automation and
what is yet to come? Which trends will define 2024 in retail trading?

“In today’s fast paced financial markets, AI brings
many new opportunities and advantages that empower investors and traders, by
automating solutions for brokers. Brokers should empower their traders by
integrating with a provider that offer the most advanced AI trading features,
so that on their website or mobile app, they can make more informed decisions,
reduce their risks, speed up their response time, and increase profitability,” noted
Mr. Strauss ahead of
the event.

Find out
the answers to these questions and much more this May.

FMAS:23 – The Event of the Year

The
largest event of the year in Africa is expected to draw upwards of 3000+
attendees, 70+ exhibitors, 100+ brokers, and 50+ speakers. Each attendee is also
available to discuss, engage, and network with during the duration of FMAS:23.

Of
course, the aforementioned panel is just one of several different sessions available
for attendees at FMAS:23. With such a diverse content track, there is truly
something for all attendees!

Join other
industry leaders, executives, brands, and traders to discuss the future of
trading on the continent, fintech opportunities, and much more.

“Since this is the first time this event is held in South
Africa, we are keen to explore cooperation opportunities, meet with partners
from the region and engage with new potentials,” stated Mr. Vlasceanu.

FMAS:23 will
be attracting the biggest talent, individuals, and brands in the industry. All
attendees are encouraged to mingle and engage with each other in what will be
an unforgettable event.

See you
in Johannesburg this May!

This article was written by ForexLive at www.forexlive.com.

• EUR/USD stays in the hunt for that upside break this week
• A warning signal on China’s post-Covid recovery
• Eurozone April final consumer confidence -17.5 vs -17.5 prelim
• SNB provided $121 billion in emergency liquidity to support UBS‘ takeover of Credit Suisse
• Goldman Sachs raises forecast for BOE rates to peak at 5%

Markets:

• NZD leads, CHF lags on the day
• European equities mixed; S&P 500 futures up 0.5%
• US 10-year yields up 3 bps to 3.46%
• Gold up 0.5% to $1,998.35
• WTI crude up 0.5% to $74.65
• Bitcoin up 1.9% to $28,950

It was a quiet session for the most part as headlines were few and far between in European trading today. A lack of key economic releases didn’t help with that as markets settled into a more sideways mood on the session.

Regional equities are mostly little changed but recovered after a mildly softer open, as US futures – tech in particular, again – are buoyed on the day. Bond yields are also holding slightly higher and that is keeping the calm ahead of the US Q1 GDP data later as well as some key risk events on Friday tomorrow.

The mood in FX was more lackadaisical with the euro, pound and yen all keeping little changed against the dollar.

The only decent movers were the antipodeans, which already came during Asia. AUD/USD is up slightly by 0.3% to 0.6615, recovering a bit from six-week lows. Meanwhile, NZD/USD is up 0.5% to 0.6150 as sellers lack some follow through to test the 0.6100 mark.

There’s not much else to comment as it was a bit of a placeholder session, so we shall see if markets will have any appetite to move after the US data later. If not, it might be a bit of a wait until tomorrow’s events.

This article was written by Justin Low at www.forexlive.com.

They lowered their forecast from 5% to 4.75% towards the end of last year but are now switching it back. A 25 bps rate hike for next month is almost a given now as inflation pressures continue to persist but will we see policymakers be able to keep tightening until 5%? The current market pricing is definitely suggestive of that potential, though less assured as it was last week:

This article was written by Justin Low at www.forexlive.com.

The amount was CHF 108 billion, so that roughly equates to $121 billion in dollars. Because of that, secured loans and loans under emergency law in Q1 surged to CHF 112.4 billion as opposed to just CHF 4.4 billion in the same period a year ago.

For some context, the liquidity provided here is mostly for loans against collateral under the SNB’s normal facilities but also emergency aid granted to the big banks after the run on Credit Suisse last month.

The numbers above may look scary but fret not, things have calmed down considerably as evident by the weekly sight deposits data.

This article was written by Justin Low at www.forexlive.com.

The dollar is little changed against most major currencies, with EUR/USD still sitting in a less than 30 pips range on the day. The pair is stuck around 1.1035-50 mostly on the session as traders continue to weigh up whether or not the euro has the potential to break out on the week.

USD/JPY is also flat at around 133.70 at the moment while GBP/USD is down 0.2% to 1.2445 but not really indicative of much on the week. For the latter, the 1.2500 threshold remains key for any upside breakout.

Elsewhere, AUD/USD is up 0.2% to 0.6610 but just off fresh six-week lows from yesterday while NZD/USD is up 0.4% to 0.6140 as sellers are not yet able to find added impetus to retest the 0.6100 mark from the March lows.

In other markets, we are still seeing more of the same as noted here earlier. It is quite the snoozefest until we get to the US Q1 GDP data later it would seem.

This article was written by Justin Low at www.forexlive.com.

• AUD/USD down to six-week lows after CPI data earlier
• Dollar teeters on the edge against the euro, pound again
• Advisors have lined up potential purchasers of new First Republic stock – report
• BOJ has no reason to move this week, says Japan’s former top currency diplomat
• Germany May GfK consumer sentiment -25.7 vs -27.9 expected
• France April consumer confidence 83 vs 81 expected
• UK April CBI retailing reported sales 5 vs 0 expected
• Switzerland April Credit Suisse investor sentiment -33.3 vs -41.3 prior
• US MBA mortgage applications w.e. 21 April +3.7% vs -8.8% prior

Markets:

• EUR leads, AUD lags on the day
• European equities lower; S&P 500 futures up 0.1%
• US 10-year yields up 3 bps to 3.425%
• Gold down 0.1% to $1,995.18
• WTI crude down 0.5% to $76.70
• Bitcoin up 3.5% to $28,959

There weren’t many headlines during the session but there were some decent market moves all around.

It started off with a bit of a mixed picture in equities, with European stocks looking heavy while US futures were buoyed by tech shares. Microsoft reported stronger profits than estimated while Alphabet announced a $70 billion stock buyback and that propped up Nasdaq futures before a bit of a pullback in gains.

Bond yields were also higher but gradually slumped during the session before a late jump after some potential good news for First Republic Bank. 2-year Treasury yields slowly trickled down from 3.95% to 3.89% before jumping up to 3.96% on the headline.

USD/JPY also got a jolt higher as such, erasing losses from 133.30 to around 133.70 levels at the moment.

There were other more interesting moves in FX though, with EUR/USD climbing all the way from 1.0990 in the handover from Asia all the way to 1.1060. There are plenty of large option expiries in the pair, with one layered around current levels at 1.1030-45 so just be wary of that.

The pound also capitalised on the dollar softness with GBP/USD rising from 1.2430 to a high of 1.2490 during the session.

The aussie and the kiwi failed to find much respite though, with sentiment in the former being more of a drag. AUD/USD slumped to 0.6600 and fresh six-week lows after markets are now convinced that the RBA will not raise rates in May, following softer CPI data earlier in the day.

This article was written by Justin Low at www.forexlive.com.

It looks like the big boys in the US may be called in for one last favour to First Republic. According to sources at CNBC, the supposed proposition will go something like this:

„Purchase bonds from First Republic at above-market rates for a total loss of a few billion dollars – or face roughly $30 billion in FDIC fees when First Republic fails.“

We are seeing bond yields jump on the headline, with 2-year Treasury yields now up to 3.95%:

Mind you, this is just a potential good news for First Republic. It is not a guarantee whatsoever that things will play out in this manner. But for now, it seems to be providing a brief respite for risk sentiment.

/US Dollar

This article was written by Justin Low at www.forexlive.com.

• Prior -8.8%
• Market index 216.9 vs 209.2 prior
• Purchase index 169.1 vs 161.6 prior
• Refinance index 457.6 vs 449.8 prior
• 30-year mortgage rate 6.55% vs 6.43% prior

Despite higher rates in the past week, US mortgage activity picked up slightly after a sharp fall in the week before that. Both purchases and refinancing were higher but overall, the levels are still very low following the massive slump last year.

This article was written by Justin Low at www.forexlive.com.

For dollar bulls, they have survived this instance a couple of times already in the past two weeks. I have been posting about these levels previously below:

• Dollar on the brink once again (13/4)
• Dollar pushed to the limit, narrowly holds its ground (17/4)

The dollar had recovered some poise in the past week but is seen slipping again this week and we are running up against the key technical points highlighted in the above posts.

EUR/USD is once again trying to hold on to a firm break above 1.1000 with key weekly resistance still seen around 1.1033 for now. Adding to that is the recent highs around 1.1067-75 that is helping to keep the dollar from breaking apart.

Meanwhile, GBP/USD is trading up by 0.5% to 1.2470 now (the high earlier clipped 1.2485) with buyer setting their sights on the 1.2500 mark once again. The figure level remains a key challenge on both the daily and weekly charts and it will require a firm break above that to really convince of a further upside extension towards the May highs from last year around 1.2660 next.

This article was written by Justin Low at www.forexlive.com.

On the daily chart below, we can
see that the big bullish momentum since the collapse of the Silicon Valley Bank
has ended. The market now is pulling back after such a strong rally and the
most likely support is the trendline where we will also find the 50%
and the 61.8% Fibonacci
retracement levels. The moving
averages are also on the verge of a cross to the downside as the consolidation
around the 2000 level has been going on for over a week.

XAUUSD technical analysis

On the 4 hour chart below, we can
see that the price has been diverging with the MACD trading within the rising
channel. Now that the price has broken out, we are likely to see a correction
to the base of the channel which comes exactly at the 50% Fibonacci level. At
the moment we are seeing a rangebound price action with the support at the 1982
level holding strongly.

On the 1 hour chart below, we can
see the current range between the support at 1982 and the resistance at 2022. The buyers will need to
see the price breaking above the top of the range and entering again within the
channel to pile in and target the high at 2087.

The sellers, on the other hand,
will want to see the price breaking below the support at 1982 to target the 50%
Fibonacci level. Tomorrow we will see the US Jobless Claims report, which has been a market
moving event lately. If the data miss expectations, we should see a rally in
gold while a beat should send the price lower.

This article was written by ForexLive at www.forexlive.com.