Exclusive: Giles Coghlan, HYCM, Shares His Expertise on What’s Driving the Forex MarketGiles Coghlan is the Chief Currency Analyst at HYCM, an established global forex and CFD broker and part of the Henyep Capital Markets Group, an international conglomerate with a heritage of over 40 years, first established in 1977.
Giles is a contributor to major forex and financial media and a forex educator conducting regularly HYCM webinars, seminars, and trading workshops across the globe. He is a trader himself with more than 10 years of experience in the field. We met with Giles to speak about what’s currently driving the forex market.
Giles, HYCM has just hosted two educational events in both Dubai and Kuwait. In your opinion, what topics are traders typically most interested in?
Forex is one of the most fast-paced industries in the world and these dynamics are the results of numerous factors that affect currency movements. Examples that can drive the markets are economic and geopolitical news. For this reason, it is imperative for traders to know how to filter news, understand what this information means for the instrument they are trading and how it could potentially affect its movement. This information will help the trader make a more informed decision as to whether they want to buy or sell.
What are the key events currently driving the markets?
The hottest topics today are, of course, the following key global events:
The US-China trade deal: Making up around 40% of the world’s GDP together these two nations impact the growth of the entire globe. Therefore, many markets are very sensitive to how the negotiations are going.
Brexit: For three years the UK has been trying, and failing, to leave the EU. The result has been the GBP under pressure for all that time and any retracements in the GBP have been consistently sold. The UK is now entering a general election to try and break the deadlock.
Falling interest rates: Central banks around the world are struggling with slowing growth and shrinking inflation. This has led to central banks cutting interest rates in an attempt to try and prompt growth. Largely these efforts are failing, and central banks are now looking for fiscal policy to step in where monetary policy has failed.
In general, traders should look out for central bank rate statements indicating the latest ebbs and flows of monetary policies. They will let traders know which data points they should be paying attention to, whether it be labour data, GDP, or inflation, etc. From this knowledge traders can recognize tradeable sentiment shifts and find supported currency moves.
Many brokers provide education, how is HYCM different?
Yes, indeed, the modern trader is aware of the importance of forex education to enable him to make wiser trading decisions, and many brokers have recognized that need. There are many materials currently available for beginner traders that will explain what forex is, the functions of trading platforms and the basics of fundamental and technical analysis.
At HYCM, we focus on more experienced traders who already have been trading for some time and are aware of the basics. Our aim is to take their knowledge to the next level, so our webinars and seminars are tailored to those who want to really master their skills. The concept of our events is another factor that makes us stand out; we select only five-star venues to make all our guests feel valued and we offer an optional VIP experience to those interested. Although we are not educators, we like to consider ourselves experts who share the right knowledge.
How can traders across the globe gain access to your market insights?
Firstly, they can join our online webinars and workshops that run on a weekly basis, in English and available on our website. On Mondays, I provide live market analysis for the week ahead, and on Tuesdays I hold a more hands-on session for traders to really level up their knowledge and practical experience.
To benefit from our daily insights, I would recommend following HYCM’s social media where we regularly publish the latest market analysis and major news that could affect the markets.
In your view, why do advanced traders choose to trade with HYCM?
That’s simple; this type of trader tends to deposit bigger amounts and spend more time trading. Therefore, the security and stability of the broker is extremely important to them, as well as cutting-edge technology and trading conditions. HYCM, renowned for its reputation and excellence, offers all these benefits.
The forex industry has developed a lot during the past decades. We have seen many players leaving the arena as regulations tightened, while others were unable to withstand the big market crashes such as the Swiss Franc flash in 2015 or the Financial Crisis of 2008. HYCM, on the contrary, has only kept progressing and recently completed 40 years of successful group operations. Through these years, it has proven to be one of the most reliable and secure brokers in the world. Regulated in several jurisdictions by the FCA, CySEC, CIMA, and DFSA among others, it also has physical offices in key strategic locations such as London, Cyprus, Dubai, Kuwait, and Hong Kong.
What’s more, the company is committed to providing a first-class trading experience by offering a variety of trading instruments such as forex, commodities, indices, and cryptocurrencies (excluding HYCM (Europe) Ltd), a choice of account types for every trading style, exceptional trading conditions and leading MT4/MT5 platforms.
It has also been recognized as the Best Forex Broker in Europe, the Middle East, and Asia and has received more than 20 awards from 2011 to 2019.
HYCM is the global brand name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, and HYCM Ltd, all individual entities under Henyep Group, a global corporation founded in 1977, operating in Asia, Europe, and the Middle East. For additional information, visit www.hycm.com.