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  • USD/TRY volatile in the near term – Danske Bank

    Vladimir Miklashevsky, Strategist at Danske Bank, assessed the prospects for the Turkish Lira in the next weeks. Key Quotes “Inflation remains sticky. High inflation and rising TRY volatility have erased hopes of near-term monetary easing and are keeping the central bank hawkish despite pres...

    2018-04-20

    Vladimir Miklashevsky, Strategist at Danske Bank, assessed the prospects for the Turkish Lira in the next weeks.

    Key Quotes

    “Inflation remains sticky. High inflation and rising TRY volatility have erased hopes of near-term monetary easing and are keeping the central bank hawkish despite pressure from President Recep Tayyip Erdoğan. In March 2018, the Turkish central bank kept all rates unchanged. We expect the benchmark repo rate to remain unchanged in 2018, given the current inflation outlook and the TRY’s turbulence. Inflation pressure remains high through rising EUR/TRY”.

    “We see more volatility in the TRY in the short term as the Fed is likely to hike in summer 2018, staying hawkish for the rest of 2018. We remain cautious in the medium to long term on pressure from a high oil price and widening current account deficit, which has hit its deepest level since late 2013. We raise our USD/TRY forecasts due to TRY’s vulnerability to shaky macro jeopardised by the high oil price and geopolitical risks: 4.10 (1M) versus 3.90 previously, 4.20 (3M) versus 3.95, 4.25 (6M) versus 4.00 and 4.30 (12M) versus 4.05”.

  • Brazil Mid-month Inflation below forecasts (0.25%) in April: Actual (0.21%)

    Brazil Mid-month Inflation below forecasts (0.25%) in April: Actual (0.21%)

    2018-04-20

  • BRL: Growing presidential election risks spells more downside trouble - ING

    BRL continues to trade on a weak footing, which ING’s Gustavo Rangel believes is a function of early uncertainty over the presidential elections in October. Key Quotes “The markets preferred candidate, Geraldo Alckmin, is polling poorly and there’s little clarity on the policies ...

    2018-04-20

    BRL continues to trade on a weak footing, which ING’s Gustavo Rangel believes is a function of early uncertainty over the presidential elections in October.

    Key Quotes

    “The markets preferred candidate, Geraldo Alckmin, is polling poorly and there’s little clarity on the policies of the other candidates. In the near-term, however, we think Brazilian agricultural exporters will take advantage of the >3.40 levels in USD/BRL to repatriate seasonal earnings. But we doubt any BRL rally lasts long and we now see greater risks of a move above 3.50 as we near the elections – fuelled by persistent political risk that could increase demand for hedging and exacerbate a sell-off in BRL towards previous all-time highs (ie, the 4.00 level).”

  • Canada: Retail sales likely to rise 0.3% in February – TDS

    Analysts at TDS suggest that Canada’s retail sales are forecast to rise 0.3% in February, matching their performance from the prior month. Key Quotes “We look for auto sales to make a positive contribution to the headline print but expect weaker growth in core retail sales, as a slowdo...

    2018-04-20

    Analysts at TDS suggest that Canada’s retail sales are forecast to rise 0.3% in February, matching their performance from the prior month.

    Key Quotes

    “We look for auto sales to make a positive contribution to the headline print but expect weaker growth in core retail sales, as a slowdown in the housing market and more modest labour market performance weigh on consumer sentiment. Gasoline station receipts should also make a muted contribution with prices little changed on the month.”

    “Real retail sales will come in slightly below the nominal print; even though an upside surprise in February CPI pushed inflation to a three-year high, prices were only 0.15% higher on a SA basis. This would leave volumes relatively stable near 3% y/y, though Q1 is shaping up to be weaker after a poor handoff from Q4 and soft 0.1% increase in January.”

  • USD/JPY creeps higher, upside faltered near 107.70

    The pair remains on a firm footing in the 107.80/70 area. Higher US 10-year yields sustaining the up move in spot. Japanese inflation figures matched forecasts in March. USD/JPY keeps the weekly march north unabated so far on Friday, now sidelined in the upper end of the range in the 107.70/80...

    2018-04-20
    • The pair remains on a firm footing in the 107.80/70 area.
    • Higher US 10-year yields sustaining the up move in spot.
    • Japanese inflation figures matched forecasts in March.

    USD/JPY keeps the weekly march north unabated so far on Friday, now sidelined in the upper end of the range in the 107.70/80 band.

    USD/JPY looks to US money markets

    The pair is up for the third session in a row so far today, although the bullish move seems to have run out of steam in the boundaries of the 107.80 region.

    The ongoing rally in the pair has been largely on the back of rising yields in the US money markets, particularly the key 10-year benchmark, which clinched multi-week peaks yesterday above the 2.93% level, easing a tad since then and looking to stabilize in the 2.91% region.

    The prevailing bias favouring the risk-associated space continue to encourage outflows from the Japanese safe haven, and therefore fuelling the upside in spot.

    In the data space, Japanese inflation figures tracked by the National CPI rising at an annualized 1.1%, while prices excluding Food and Energy costs rose 0.9% on a year to March.

    USD/JPY levels to consider

    As of writing the pair is up 0.21% at 107.59 and a break above 107.78 (high Apr.13) would aim for 107.92 (high Feb.21) and then 110.48 (high Feb.2). On the downside, the immediate support lines up at 107.18 (10-day sma) followed by 106.69 (21-day sma) and finally 105.66 (low Apr.2).

  • Austria: A fiscal gamble - ING

    Inga Fechner, Economist at ING, points out that after three days of parliamentary discussion, the Austrian budget for 2018 and 2019 has finally been adopted with the votes of the government parties as the new government is trying to square the circle by presenting fiscal plans which include expendit...

    2018-04-20

    Inga Fechner, Economist at ING, points out that after three days of parliamentary discussion, the Austrian budget for 2018 and 2019 has finally been adopted with the votes of the government parties as the new government is trying to square the circle by presenting fiscal plans which include expenditure cuts, tax relief and a fiscal surplus.

    Key Quotes

    “To reach its goal, the Austrian government seems to be relying on very (if not overly) optimistic growth scenario. A bit of a gamble.”

    Expenditure cuts and tax relief

    Major expenditure cuts will be made in the area of asylum and migration by reducing spending for integration measures and guaranteed minimum income for refugees. Administrative costs are to be reduced by tackling unused over-budgeted positions without curtailing public services. Also, previous initiatives like an employment scheme for people aged 50 or older and infrastructure investments will be scaled back (total planned reduction of up to 800mln euro).”

    Are the government's plans realistic?

    • While the government aims at a fiscal deficit of 0.4% GDP this year, 2019 should be the first year with a small fiscal surplus since 1974, at least according to the government’s plans.
    • However, as much as we like the idea of magically squaring a circle, the government’s plans to combine fiscal consolidation and tax relief is to a large extent built on wishful thinking. The sharp upward revision of the growth assumptions (from 1.8% to 3.2% for 2018 and from 1.7% to 2.2%) is clearly benefiting the government’s attempt to square the circle. A risky game as the new GDP forecasts are higher than consensus forecasts and our own assessment.
    • Given that the government’s forecasts are even a bit higher than the already optimistic European Commission forecasts, selling the new plans to Brussels will not be an easy task.”

  • India FX Reserves, USD rose from previous $424.86B to $426.08B

    India FX Reserves, USD rose from previous $424.86B to $426.08B

    2018-04-20

  • USD/CAD flirting with lows near 1.2650 ahead of CPI

    The pair is trading within a tight range around 1.2660 today. Upside appears limited so far at 1.2685, session tops. US Canadian inflation figures, Retail Sales next of relevance. The Canadian Dollar alternates gains with losses vs. its American neighbour on Friday, prompting USD/CAD to trade ...

    2018-04-20
    • The pair is trading within a tight range around 1.2660 today.
    • Upside appears limited so far at 1.2685, session tops.
    • US Canadian inflation figures, Retail Sales next of relevance.

    The Canadian Dollar alternates gains with losses vs. its American neighbour on Friday, prompting USD/CAD to trade within a narrow 30-pip range so far.

    USD/CAD now looks to CA docket

    The pair is looking to add to the recent gains after two consecutive daily advances. The up move, however, met sellers just below the 1.2700 milestone – or session peaks – during early trade.

    CAD remains vulnerable following the dovish hold from the Bank of Canada at its meeting on Wednesday, where delivered an unexpected cautious message and left the door open for further data-dependent stance.

    On the USD-side, the upbeat momentum in the buck has been reinforced by a moderate rebound in yields of the key US 10-year reference to multi-week tops beyond the 2.93% handle.

    Later in the NA session, CAD will be in centre stage in light of Canadian inflation figures for the month of March and Retail Sales in February.

    USD/CAD significant levels

    As of writing the index is losing 0.06% at 1.2663 facing initial support at 1.2622 (200-day sma) followed by 1.2616 (10-day sma) and then 1.2525 (low Apr.17). On the upside, a breakout of 1.2685 (high Apr.20) would aim for 1.2710 (high Apr.10) and finally 1.2722 (38.2% Fibo of the 2017 drop).

  • Japan: CPI inflation slowing - BBH

    Analysts at BBH point out that Japan reported March CPI data and both headline (1.1% y/y) and core (0.9% y/y) measures were right at consensus, slowing from February.   Key Quotes “Next week, the BOJ will update its forecasts and include fiscal year 2020 for the first time.  It mus...

    2018-04-20

    Analysts at BBH point out that Japan reported March CPI data and both headline (1.1% y/y) and core (0.9% y/y) measures were right at consensus, slowing from February.  

    Key Quotes

    “Next week, the BOJ will update its forecasts and include fiscal year 2020 for the first time.  It must address the economic impact of the sales tax increase that is slated for October 2019.  A 2% inflation forecast when the effect of the sales tax is excluded will be understood as confirmation of the timing of the BOJ's exit from unconventional policies.”

  • ECB: Patience is a virtue – Nordea Markets

    Jan von Gerich, Global Fixed Income Strategist for Nordea, suggests that they expect an unchanged forward guidance from ECB next week as they think in the current environment, the ECB will want to postpone decisions on the future of its asset purchases for as long as possible. The balance of risks i...

    2018-04-20

    Jan von Gerich, Global Fixed Income Strategist for Nordea, suggests that they expect an unchanged forward guidance from ECB next week as they think in the current environment, the ECB will want to postpone decisions on the future of its asset purchases for as long as possible. The balance of risks in markets is tilted towards a dovish surprise, he further adds.

    Key Quotes

    “There have been several developments since the March meeting that if anything, should make the ECB more careful about taking the next steps towards an exit from its net asset purchases. Next week’s Governing Council meeting should thus not bring the ECB any closer to signalling the removal of monetary accommodation.”

    “Changing the guidance would be another step towards ending net asset purchases and thus also eventually raising rates. The ECB will probably not be ready to take such a step yet. The central bank still wants to emphasise patience, prudence and persistence. This was illustrated again earlier this month, when the ECB felt the need to clarify that the comments by Austria’s Nowotny about ECB’s deposit rate hike did not represent the view of the Governing Council.”

    “Forward guidance will thus likely be left unchanged next week, while Draghi’s tone should be relatively dovish.”

    “Changed guidance only in the summer

    • Going forward, we do not expect the ECB to change its forward guidance until the July meeting, unless the next few inflation numbers significantly surprise to the upside. This is also the meeting, when we expect the ECB to announce another 6-month extension to net asset purchases, but with a lower monthly volume of EUR 15bn.
    • Changing the guidance at the same time as announcing an extension would soften the significance of the change, but at the same time pave the way for ending the net purchases in the first half of 2019. The ECB may signal as early as in June, when the new macroeconomic forecasts will be available, that important decisions regarding the future of the asset purchases will be taken at the July meeting.”

    “Financial markets implications

    • As we anticipated a few months back, the market had gotten a tad ahead of itself in its judgment of the pace of the ECB exit. Accordingly markets have re-priced the scope for a swift rate hike as early as in late 2018 or early 2019. Only a rather minor chance of a rate hike 12 months from now is currently priced in to the EONIA curve.
    • EUR/USD has been surprisingly resilient to the recent re-pricing of the ECB outlook. Range-trading has been the name of the game over the past months, despite a firmer Fed outlook and a less firm ECB outlook. The scope for a further defensive repricing of the outlook for the first rate hike seems relatively small by now, but a QE extension could still prove EUR/USD negative at the meeting in July.
    • Hence, our base case is a relatively eventless ECB meeting next week, which is why EUR/USD should remain-range bound for now. We do see the balance of risks tilted towards a slight dovish surprise, which could send EUR/USD towards the lower part of the recent interval, while there is also some downside potential left in Bund yields that are back trading in the 2017 interval of 0.2% to 0.6%.
    • A potential second-round taper tantrum (after the first round in late 2017 and early 2018) is still two or three quarters away.

     

  • Canada: Focus on retail sales and CPI – BBH

    Analysts at BBH suggest that during the North American session, Canada reports February retail sales and March CPI and will be the key economic releases for today’s session. Key Quotes “Sales are expected to rise 0.4% m/m, while headline CPI is expected to rise 2.4% y/y.  The Loon...

    2018-04-20

    Analysts at BBH suggest that during the North American session, Canada reports February retail sales and March CPI and will be the key economic releases for today’s session.

    Key Quotes

    Sales are expected to rise 0.4% m/m, while headline CPI is expected to rise 2.4% y/y.  The Loonie remain on its back foot after the BOC’s dovish hold Wednesday.  While we still expect the next hike to come in Q3, the cautious tone from the BOC has led to some profit-taking in CAD.  Retracement objectives form the March-April drop in USD/CAD come in near $1.2755, $1.2825, and $1.2900.”

  • Germany: not much time left before EU exemption from US tariffs runs out - Reuters

    A spokesman for the German government said on Friday, there is not much time left before an exemption for the European Union from higher US import duties on steel and aluminum runs out on May 1, 2018, Reuters reports. Spokesman Steffen Seibert noted: “The European Union and the United St...

    2018-04-20

    A spokesman for the German government said on Friday, there is not much time left before an exemption for the European Union from higher US import duties on steel and aluminum runs out on May 1, 2018, Reuters reports.

    Spokesman Steffen Seibert noted: “The European Union and the United States must jointly find good solutions with us on tariffs issue.”

     

  • WTI catches bid above $ 68 mark ahead of US drilling report

    Bulls regain poise after the consolidation, fundamentals remain supportive. Will it regain the $ 69 mark ahead of the US rigs count data? WTI (oil futures on NYMEX) fluctuated between gains and losses so far this Friday, now seen breaking higher from the narrow trading range just ahead of the $...

    2018-04-20
    • Bulls regain poise after the consolidation, fundamentals remain supportive.
    • Will it regain the $ 69 mark ahead of the US rigs count data?

    WTI (oil futures on NYMEX) fluctuated between gains and losses so far this Friday, now seen breaking higher from the narrow trading range just ahead of the $ 68 mark.

    The black gold found support once again just below the 68 handle, as upbeat remarks from the OPEC and non OPEC countries’ Oil Ministers and the drawdown in the US crude stockpiles continued to underpin the sentiment around the commodity. The US crude inventories fell by 1.1 million barrels in the week to April 13, to 427.57 million barrels, the latest EIA data showed on Wednesday.

    Moreover, optimistic global oil demand forecasts from Goldman Sachs also aided the pullback in oil prices, as the bulls look to regain the 69 handle. Global oil demand growth to remain strong this year – Goldman Sachs

    Markets now eagerly await the US drilling sector activity report for fresh incentives on the prices.

    WTI Technicals

    At $ 68.43, the next resistances are aligned at $ 69 (round figure), $ 69.56 (multi-year highs) and $ 70 (key psychological levels). To the downside, supports are located at $ 68.01 (Fib S1), $ 67.60 (5-DMA) and $ 67.19 (10-DMA).

     

  • EUR/NOK points to further downside along the road – Rabobank

    Jane Foley, Head of FX Strategy at Rabobank, remains constructive on the outlook for the Norwegian Krone. Key Quotes “The Norges Bank turned hawkish in December. However, a more restrained fiscal position and modest wage growth suggest that the pace of rate changes is likely to be moderate, ...

    2018-04-20

    Jane Foley, Head of FX Strategy at Rabobank, remains constructive on the outlook for the Norwegian Krone.

    Key Quotes

    “The Norges Bank turned hawkish in December. However, a more restrained fiscal position and modest wage growth suggest that the pace of rate changes is likely to be moderate, suggesting that upside potential for the NOK vs. the EUR is likely to be contained”.

    “Broadly speaking, the Norges Bank is very sensitive to the outlook for its currency. However, its soft import weighted krone is posing little obstruction to a firmer policy. The Norges Bank has signalled it is on course for a rate hike in H2”.

    “That said, the market is likely to be highly sensitive to the next round of economic data given a spate of recent disappointments”.

  • Oil: Markets eyeing OPEC+ meeting for hints - Rabobank

    The OPEC+ meeting continues today and markets will keep a close eye on hints whether the countries involved are able to maintain their joint approach, suggests the research team at Rabobank. Key Quotes  “Now that the “global glut” has nearly vanished according to its officia...

    2018-04-20

    The OPEC+ meeting continues today and markets will keep a close eye on hints whether the countries involved are able to maintain their joint approach, suggests the research team at Rabobank.

    Key Quotes

     “Now that the “global glut” has nearly vanished according to its officials and one of the group’s key members (Russia) may be under some pressure to produce more. After all, if you can’t sell your aluminium you have to sell your oil, right? Russia’s oil minister Alexander Novak said this morning that it “cannot rule out an output increase” this year and that it “may discuss a gradual output increase in June if needed.” No major decisions are expected today, however.”

  • BOE’s Saunders: Pace of further UK rate increases likely to be "gradual", not "glacial"

    The Bank of England (BOE) Monetary Policy Committee (MPC) member Michael Saunders is on the wires now, via Reuters, making his scheduled speech at the University of Strathclyde's Fraser of Allander Institute, in Glasgow. Key Headlines: The UK no longer needs as much stimulus as befor...

    2018-04-20

    The Bank of England (BOE) Monetary Policy Committee (MPC) member Michael Saunders is on the wires now, via Reuters, making his scheduled speech at the University of Strathclyde's Fraser of Allander Institute, in Glasgow.

    Key Headlines:

    The UK no longer needs as much stimulus as before, due to little slack and rising cost pressures.

    Pace of further UK rate increases likely to be "gradual", not "glacial".

    "Gradual" does not imply BOE cannot raise rates more than once a year or faster than market expects.

    "Quite a wide range" of tightening paths would count as gradual vs past average of 100 bps over 8 months.

    UK interest rates "probably need to move over time to something more like neutral”.

    Neutral interest rate in UK is not static, likely to be around 2% over next few years.

    Do not need to return to neutral rates too quickly.

    Expects labor market inflation pressures to be a bit greater than BOE forecast in February.

    Significance of data pointing to soft q1 growth is "questionable" due to weather, history of upward revisions.

    Annual growth over next year or two will remain at 1.5-2.0%, marginally above potential.

  • ECB: Too early to sound the alarm bells - ING

    When the ECB gets together next week, the Eurozone’s central bankers will look at an economy which is currently showing signs of a slowdown and very little evidence that the latest inflation projections are more than only wishful thinking, suggests Carsten Brzeski, Chief Economist at ING. Key...

    2018-04-20

    When the ECB gets together next week, the Eurozone’s central bankers will look at an economy which is currently showing signs of a slowdown and very little evidence that the latest inflation projections are more than only wishful thinking, suggests Carsten Brzeski, Chief Economist at ING.

    Key Quotes

    “In fact, the first two months of the year were two months to forget. While the weakening of several confidence indicators could still be filed away as a leveling off from record-high levels, the slide in hard data is more worrisome. It would already need very strong March readings to avoid a disappointing first quarter. Still, despite this short-term weakening, it is far too early for the ECB to sound the alarm bells. The optimistic tone of recent months should be continued, albeit with somewhat more emphasis on downside risks and uncertainty.”

    “As regards inflation, there is very little evidence that the ongoing divide between wish and reality will change any time soon. While the ECB remains confident that inflation should pick up, hard data are telling a different story. March inflation only accelerated due to seasonal effects and core inflation remained unchanged at extremely low levels. Also, there seems to be very little price pressure in the production pipeline as producer price inflation has come down significantly from its early 2017 highs. If it was not for traditional cyclical and survey indicators, which still point to an acceleration in headline inflation, there would be very few arguments supporting the ECB’s own projections of headline inflation at 1.7% in 2020.”

     

  • EUR/USD drops further, challenges 1.2300

    EUR weakness accelerates and drags the pair to lows near 1.2300. USD firmer, tests and surpasses the critical 90.00 mark. Chicago Fed C.Evans due to speak later in the NA session. The single currency is seeing its downside intensified at the end of the week and is dragging EUR/USD to test the ...

    2018-04-20
    • EUR weakness accelerates and drags the pair to lows near 1.2300.
    • USD firmer, tests and surpasses the critical 90.00 mark.
    • Chicago Fed C.Evans due to speak later in the NA session.

    The single currency is seeing its downside intensified at the end of the week and is dragging EUR/USD to test the key support in the 1.2300 neighbourhood.

    EUR/USD lower on USD-buying

    Spot has accelerated the weekly leg lower and is now navigating multi-day lows in the vicinity of the ley support at 1.2300 the figure, always amidst a solid performance of the greenback.

    In fact, the buck clinched levels above the psychological 90.00 milestone when gauged by the US Dollar Index (DXY) against the backdrop of rising yields of the key US 10-year note, which are trading above the 2.90% area for the first time since mid-March.

    EUR remains on the downside amidst prevailing risk-on sentiment and somewhat alleviated upside pressure following speculations of a dovish ECB next week and disappointing readings from this week’s docket in the euro area.

    EUR/USD levels to watch

    At the moment, the pair is losing 0.31% at 1.2308 facing immediate contention at 1.2300 (low Apr.12) seconded by 1.2214 (low Apr.6) and finally 1.2153 (low Mar.1). On the upside, a break above 1.2414 (high Apr.17) would target 1.2478 (high Mar.27) en route to 1.2538 (high Jan.25).

  • UAE OilMin Al Mazrouei: must include further countries in OPEC, non-OPEC pact

    The Handelsblatt, a German newspaper, quoted the UAE oil minister Suhail Mohamed Al Mazrouei as saying that more oil producing nations should join the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC production cuts deal. Al Mazrouei noted: “OPEC members and non-OPEC prod...

    2018-04-20

    The Handelsblatt, a German newspaper, quoted the UAE oil minister Suhail Mohamed Al Mazrouei as saying that more oil producing nations should join the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC production cuts deal.

    Al Mazrouei noted: “OPEC members and non-OPEC producers over-delivered on the supply cuts they promised... But we must include further countries in the pact.”

  • USD/JPY finds bids near 107.50 as Treasury yields regain poise

    Bounces-off lows near 107.50 on renewed buying in Treasury yields. Will it take-out the key 107.78 resistance ahead? The USD/JPY pair caught a fresh bid-wave in tandem with Treasury yields across the time horizon, now pushing the rates back towards two-month tops of 107.73. 10-year Treasury yi...

    2018-04-20
    • Bounces-off lows near 107.50 on renewed buying in Treasury yields.
    • Will it take-out the key 107.78 resistance ahead?

    The USD/JPY pair caught a fresh bid-wave in tandem with Treasury yields across the time horizon, now pushing the rates back towards two-month tops of 107.73.

    10-year Treasury yields reversed a dip to 2.904 percent and turned positive to head back towards four-week tops of 2.934 percent while 2-year Treasury yields also erased losses to trade near the highest levels since September 2008 at 2.441 percent,

    Meanwhile, easing global trade war concerns combined with ongoing peace talks on the Korean peninsula continues to dampen the demand for the Yen as a safe-haven, with Yonhap now reporting that North and South Korea have opened the hotline between the leaders.

    The pair awaits the sentiment on the Wall Street for the next push higher while the dynamics around Treasury yields will keep the USD/JPY traders busy in the day ahead.

    USD/JPY levels to watch

    FXStreet’s Analyst, Omkar Godbole noted: “The relative strength index (RSI) is trending north in favor of the bulls, having formed a base above 50.00 in the last two weeks. The Bollinger bands (+2, -2 standard deviation from the 20-day moving average) has adopted a bullish bias.”

    “The pair looks set to close above 107.78 and extend gains to 108.50 (38.2% Fib R of Nov high - Mar low). The base seems to have shifted higher to 106.50. A close below 106.50 would signal a short-term bullish-to-bearish trend change."

     

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string(24) "Central African Republic" [33]=> string(4) "Chad" [34]=> string(5) "Chile" [35]=> string(5) "China" [36]=> string(7) "Colombi" [37]=> string(7) "Comoros" [38]=> string(19) "Congo (Brazzaville)" [39]=> string(5) "Congo" [40]=> string(10) "Costa Rica" [41]=> string(13) "Cote d'Ivoire" [42]=> string(7) "Croatia" [43]=> string(4) "Cuba" [44]=> string(6) "Cyprus" [45]=> string(14) "Czech Republic" [46]=> string(7) "Denmark" [47]=> string(8) "Djibouti" [48]=> string(8) "Dominica" [49]=> string(18) "Dominican Republic" [50]=> string(24) "East Timor (Timor Timur)" [51]=> string(7) "Ecuador" [52]=> string(5) "Egypt" [53]=> string(11) "El Salvador" [54]=> string(17) "Equatorial Guinea" [55]=> string(7) "Eritrea" [56]=> string(7) "Estonia" [57]=> string(8) "Ethiopia" [58]=> string(4) "Fiji" [59]=> string(7) "Finland" [60]=> string(6) "France" [61]=> string(5) "Gabon" [62]=> string(11) "Gambia, The" [63]=> string(7) "Georgia" [64]=> string(7) "Germany" [65]=> string(5) "Ghana" [66]=> string(6) "Greece" [67]=> string(7) "Grenada" [68]=> string(9) "Guatemala" [69]=> string(6) "Guinea" [70]=> string(13) "Guinea-Bissau" [71]=> string(6) "Guyana" [72]=> string(5) "Haiti" [73]=> string(8) "Honduras" [74]=> string(7) "Hungary" [75]=> string(7) "Iceland" [76]=> string(5) "India" [77]=> string(9) "Indonesia" [78]=> string(4) "Iran" [79]=> string(4) "Iraq" [80]=> string(7) "Ireland" [81]=> string(6) "Israel" [82]=> string(5) "Italy" [83]=> string(7) "Jamaica" [84]=> string(5) "Japan" [85]=> string(6) "Jordan" [86]=> string(10) "Kazakhstan" [87]=> string(5) "Kenya" [88]=> string(8) "Kiribati" [89]=> string(12) "Korea, North" [90]=> string(7) "Lebanon" [91]=> string(12) "Korea, South" [92]=> string(6) "Kuwait" [93]=> string(10) "Kyrgyzstan" [94]=> string(4) "Laos" [95]=> string(6) "Latvia" [96]=> string(7) "Lesotho" [97]=> string(7) "Liberia" [98]=> string(5) "Libya" [99]=> string(13) "Liechtenstein" [100]=> string(9) "Lithuania" [101]=> string(10) "Luxembourg" [102]=> string(9) "Macedonia" [103]=> string(10) "Madagascar" [104]=> string(6) "Malawi" [105]=> string(8) "Malaysia" [106]=> string(8) "Maldives" [107]=> string(4) "Mali" [108]=> string(5) "Malta" [109]=> string(16) "Marshall Islands" [110]=> string(10) "Mauritania" [111]=> string(9) "Mauritius" [112]=> string(6) "Mexico" [113]=> string(10) "Micronesia" [114]=> string(7) "Moldova" [115]=> string(6) "Monaco" [116]=> string(8) "Mongolia" [117]=> string(7) "Morocco" [118]=> string(10) "Mozambique" [119]=> string(7) "Myanmar" [120]=> string(7) "Namibia" [121]=> string(5) "Nauru" [122]=> string(5) "Nepal" [123]=> string(11) "Netherlands" [124]=> string(11) "New Zealand" [125]=> string(9) "Nicaragua" [126]=> string(5) "Niger" [127]=> string(7) "Nigeria" [128]=> string(6) "Norway" [129]=> string(4) "Oman" [130]=> string(8) "Pakistan" [131]=> string(5) "Palau" [132]=> string(6) "Panama" [133]=> string(16) "Papua New Guinea" [134]=> string(8) "Paraguay" [135]=> string(4) "Peru" [136]=> string(11) "Philippines" [137]=> string(6) "Poland" [138]=> string(8) "Portugal" [139]=> string(5) "Qatar" [140]=> string(7) "Romania" [141]=> string(6) "Russia" [142]=> string(6) "Rwanda" [143]=> string(21) "Saint Kitts and Nevis" [144]=> string(11) "Saint Lucia" [145]=> string(13) "Saint Vincent" [146]=> string(5) "Samoa" [147]=> string(10) "San Marino" [148]=> string(21) "Sao Tome and Principe" [149]=> string(12) "Saudi Arabia" [150]=> string(7) "Senegal" [151]=> string(21) "Serbia and Montenegro" [152]=> string(10) "Seychelles" [153]=> string(12) "Sierra Leone" [154]=> string(9) "Singapore" [155]=> string(8) "Slovakia" [156]=> string(8) "Slovenia" [157]=> string(15) "Solomon Islands" [158]=> string(7) "Somalia" [159]=> string(12) "South Africa" [160]=> string(5) "Spain" [161]=> string(9) "Sri Lanka" [162]=> string(5) "Sudan" [163]=> string(8) "Suriname" [164]=> string(9) "Swaziland" [165]=> string(6) "Sweden" [166]=> string(11) "Switzerland" [167]=> string(5) "Syria" [168]=> string(6) "Taiwan" [169]=> string(10) "Tajikistan" [170]=> string(8) "Tanzania" [171]=> string(8) "Thailand" [172]=> string(4) "Togo" [173]=> string(5) "Tonga" [174]=> string(19) "Trinidad and Tobago" [175]=> string(7) "Tunisia" [176]=> string(6) "Turkey" [177]=> string(12) "Turkmenistan" [178]=> string(6) "Tuvalu" [179]=> string(6) "Uganda" [180]=> string(7) "Ukraine" [181]=> string(20) "United Arab Emirates" [182]=> string(14) "United Kingdom" [183]=> string(13) "United States" [184]=> string(7) "Uruguay" [185]=> string(10) "Uzbekistan" [186]=> string(7) "Vanuatu" [187]=> string(12) "Vatican City" [188]=> string(9) "Venezuela" [189]=> string(7) "Vietnam" [190]=> string(5) "Yemen" [191]=> string(6) "Zambia" [192]=> string(8) "Zimbabwe" } ["language"]=> array(7) { [1]=> string(7) "English" [2]=> string(14) "Русский" [3]=> string(8) "Español" [4]=> string(14) "العربية" [5]=> string(8) "Francais" [6]=> string(9) "日本话" [7]=> string(6) "中文" } ["sendto"]=> array(2) { [1]=> string(13) "IB Department" [2]=> string(16) "Customer Service" } ["videoconference"]=> array(4) { [1]=> string(18) "Introducing Broker" [2]=> string(11) "White Label" [3]=> string(15) "Senior Partners" [4]=> string(16) "Franchise Scheme" } ["subject"]=> array(6) { [1]=> string(15) "Technical Issue" [2]=> string(14) "Platform Issue" [3]=> string(11) "Trade Issue" [4]=> string(13) "Deposit Issue" [5]=> string(14) "Withdraw Issue" [6]=> string(5) "Other" } ["data"]=> NULL ["needsmscode"]=> bool(false) }