Hi Everyone,

It’s not every day we get to see the most cutting edge tactics and tools of the world’s largest spy organization but here they are on display for all to see.

The findings are pretty scary. It seems that our smartphone cameras are being watched by the government and even televisions can be used to listen in to our every word.

I have already reset my phone to its factory settings and I recommend you do the same, and change your passwords regularly if you have anything you don’t want them to see.


Today’s Highlights

  • Train Slowing Down
  • Budget & Brexit

Please note: All data, figures & graphs are valid as of March 8th. All trading carries risk. Only risk capital you can afford to lose.

Market Update

The immense momentum that we’ve been seeing in the stock market has tapered off over the last few day. The declines have been slow but steady so far this week. If not a pullback, the market is at least taking a breather.

Some sour trade data from China put a damper on the Asian stocks and the Renminbi is weaker as well as the US Dollar gains strength. Here’s a chart of the USDCNH, check out what’s happened in the last few hours.

At the moment, the Aussie Dollar, Japanese Yen, and British Pound are all bowing to the Buck.

Snapchat also put a damper on investors spirits’ as it fell by 10%, reaching its lowest price ever.

Gold has firmly broken below $1220 level and is now trading at $1213 an ounce, Silver is following suit.

Bitcoin, not to be outdone by its physical counterpart took a big dip yesterday that it never fully recovered from and now finds itself back on the lows. Support at $1160.

…but what about the SEC decision?

The deadline for the decision is on March 11th, which falls on a Saturday. Usually, the SEC like to make their rulings before the deadline but there is a popular blog circulating at the moment that points to a clause in the SEC charter that if the deadline is on a holiday or the weekend, they have the option to make their announcement on the following business day, in this case, Monday.

So we could potentially get the yea or nay today, or anytime from now until Monday night.

Trading on Bitcoin in eToro will be open this weekend so that our clients may take advantage of the highly anticipated volatility.

Our star Bitcoin trader @jaynemesis posted on his wall this morning saying that he has an incredibly good feeling that the ETF will indeed pass. You can read his full comments and supporting arguments at this link.

Budget & Brexit

It’s a big day in the UK today as we receive the new government’s much anticipated annual budget release. Chancellor of the Exchequer Philip Hammond, or as his friends call him ‘Spreadsheet Phil’ is known to be the kind of guy who plays it safe, and in the face of two hard years of EU negotiations we’re expecting to see an incredibly defensive budget today.

The House of Lords yesterday voted overwhelmingly to amend Theresa May’s Brexit Bill and added a clause giving themselves the right to vote on any potential deal with the EU before it is struck. If this clause is indeed implemented, it will severely hurt the UK’s position for the negotiations.

The Bill will go back to the House of Commons on Monday where May hopes to overturn the Lord’s decision. If the Commons does indeed shoot it down, the Lords will get another crack but are expected to be less bold.

All this ping pong politics is threatening May’s March deadline to trigger Article 50 and the uncertainty has sent the GBPUSD to dangerous lows.

With the Pound Sterling under pressure at the moment, Mr. Hammond will certainly do his best to deliver exactly what the markets want. The only question at this point is if he is able to accurately gauge the market expectations.

Trade with others. Join eToro community and use experience of other traders!

Mr. Wayne Ryan has been trading the Pound like a pro ever since the referendum and currently has four buy positions in anticipation of further stability in the UK.

Let’s have an amazing day!

Best regards,
Mati Greenspan
Senior Market Analyst

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