Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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Market mathematics suggests that as the real yield appreciates, pressure is felt by the growth side of the market e.g., NAS100. However, this has not been the case for 2023. On the contrary, the NAS100 had charted an uptrend by the end of January this year, when is completed a higher trough (HT) followed by a higher peak (HP), and continued moving higher, even after the real yield started moving…
Over the weekend, in an interview with the Yomiuri newspaper, Bank of Japan Governor Ueda expressed that the BoJ might possess sufficient data by the end of the year to decide regarding the possibility of ending negative interest rates.
Apple is expected to launch its iPhone 15 on 12 September. However, there are headwinds that have clouded the release. Yesterday, the Wall Street Journal reported that China has banned government officials from using iPhones for work purposes. Bloomberg then reported that the ban may be extended to government-backed agencies and state companies.
The FXCM Cannabis Stock Basket has been moving in a downtrend almost since inception. However, the downside momentum seems to be slowing. This is evident by the shift in trendline gradient from the green trendline to the shallower sloped orange trendline. In fact, the basket has positively broken above the orange trendline (black ellipse) in a recent show of strength.
The spread between the US 10-year bond and 10-year Japanese Government bonds (JGBs) is a key driver of the USDJPY.
Both UKOil and USOil have charted a higher trough followed by a higher peak, putting the CFDs into uptrend. UKOil is now trading over $90 a barrel and USOil at $87.20 per barrel. Moreover, their stochastics are also trading in their respective upper quintiles. This suggests that there is a strong underlying momentum that is supporting oil prices.
On Sunday, at the IAAA Mobility auto show in Munich, Mercedes-Benz introduced a new electric-sedan concept vehicle. Branded as CLA Class, the concept vehicle has a range of more than 466 miles, based on global industry standards. This is competitive and is superior to Tesla’s Model 3 long range version, which has a range of 391 miles on the same measure.
The US 10-year real rate is a key driver of FXCM’s USDOLLAR. The two instruments have a robust positive correlation coefficient of 79%, with the USDOLLAR generally tracking the real rate.
Friday saw Canadian GDP print at -0.2% m/m compared with the previous number of 0.2% m/m. The manufacturing PMI also came in lower at 48 compared with the previous 49.6. At the same time, Canadian unemployment is drifting higher to 5.5%. In response, the Canadian 2-year note decline by 2.02% on Friday.
FXCM’s CHN50 basket offers some suggestion of contrarian price action.
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