The decline owes in large part to a fall in energy prices (-2.8%). If you strip that out, German producer prices were actually up 0.2% on the month and also up 1.4% year-on-year.
This article was written by Justin Low at www.forexlive.com.
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New Zealand’s
Financial Markets Authority (FMA) has issued an alert about an elaborate
investment scam operating through WhatsApp that promises unrealistic returns
while employing sophisticated social engineering tactics to defraud investors.
Recent
survey data from FinanceMagnates.com and FXStreet found that
approximately 60% of traders targeted by scammers on platforms like WhatsApp
and Telegram end up losing money.
FMA Warns of WhatsApp
Investment Scam Targeting New Zealanders
The scam,
linked to an entity called “Txex” (also known as Whalefall), operates
through multiple websites and uses WhatsApp groups populated largely with fake,
artificial agents to create the illusion of popularity and legitimacy,
according to the FMA warning.
“We
have identified multiple websites that are part of this scam but believe there
may be more connected as they frequently change,” the FMA commented in the
official press release. “The scammer sets up a series of WhatsApp groups, these
appear popular, but are mostly filled with bots.”
The scheme
operates by establishing WhatsApp groups led by self-described mentors,
coaches, or crypto advisers who promise 100% returns through “trading
signals” shared throughout the day. Users are encouraged to recruit others
with rewards, while fraudulent leaderboards display supposed top performers
receiving luxury prizes.
Trail of Empty Wallets
Across New Zealand
Victims are
directed to open cryptocurrency exchange accounts, deposit funds, and then
transfer their cryptocurrency to what scammers describe as a “trading
account.” While initial small trades may appear successful to build
confidence, attempts to withdraw funds are met with demands for substantial
fees, which are never returned even if paid.
The FMA has
identified over 30 websites connected to the operation, including variations of
txex.com with different domain extensions, and warned that new sites are
frequently created as others are reported.
The FMA
advises anyone who believes they’ve encountered the scam to immediately cease
contact with the operators, report the group to WhatsApp, and block the
scammers on all devices. Victims are also encouraged to report spam messages to
New Zealand’s Department of Internal Affairs and seek support from trusted
friends, relatives, or Victim Support services.
Two months ago, the regulator also identified almost 100 fraudulent trading platforms, including clones of the popular brands like SAXO, IG and ATFX.
The WhatsApp Trap
This
warning comes amid growing concerns about financial scams spreading across
messaging platforms. FinanceMagnates.com conducted
a survey last year in collaboration with FxStreet, which revealed
that WhatsApp, along with Telegram, is among the most common social media
platforms where investors are scammed and lose money.
“I would
encourage any trader not to rely solely on a social media post or a
conversation with a potential provider, but instead to insist on reviewing the
documentation that supports their claims,” David Harvie, Head of Direct Sales
at Saxo Australia, told Finance Magnates. “You also have the opportunity to
check your jurisdiction’s regulatory website to confirm whether your broker is
properly licensed.”
Other
regulators have also recently warned about scams on WhatsApp, including
Consob, which identified the app as one of the most popular current
channels for investment fraud. In late 2024, Australia’s
ASIC issued a separate alert, highlighting the rise in WhatsApp groups
promoting alleged investment opportunities with potentially high returns.
This article was written by Damian Chmiel at www.financemagnates.com.
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The Swiss trade surplus expanded in March as exports were seen up 22.2% on the month while imports increased by 19.4% on the month. Swiss watch exports were seen up 1.5% year-on-year in nominal terms to CHF 2.13 billion.
This article was written by Justin Low at www.forexlive.com.
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Bank of Japan (BoJ) board member Junko Nagakawa is back on the wires on Thursday, that “financial markets are reflecting uncertain situation.”
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This article was written by Justin Low at www.forexlive.com.
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Gold prices remained broadly unchanged in Malaysia on Thursday, according to data compiled by FXStreet.
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The Indian Rupee (INR) loses ground on Thursday, snapping the five-day winning streak. A weakening Chinese Yuan amid the escalating trade war put pressure on most Asian currencies, including the Indian currency.
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Gold price (XAU/USD) consolidates the previous day’s blowout rally and oscillates in a range near the all-time high touched during the Asian session on Thursday amid mixed fundamental cues.
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The Finance Magnates Awards are now open for fintech nominations. If you run a fintech company, you can put your name out there and show what you’ve been working on. These awards highlight companies doing great work in the financial world, especially in tech.
Why Nominate Your FinTech?
Nominating your company for the Finance Magnates Awards positions you as a leader in the fintech industry and provides significant exposure to new clients, investors, and partners. Both winners and nominees gain recognition as innovators in technology and financial services, enhancing their reputation and credibility.
Categories Tailored for FinTech
The Finance Magnates Awards feature categories that highlight the diverse aspects of fintech, from prime brokerage services to innovative financial solutions. Each category spotlights the unique contributions of fintech brands to the financial industry.
FinTech Group Nominations (B2B)
Institutional Trading: For excellence in providing liquidity, prime brokerage services etc.
Services for Brokers: For the best innovations and solutions in brokerage services.
Tech for Brokers: For the newest tech advancements helping brokers.
This is your opportunity to shine among the best in the industry. Nominate your Fintech brand now.
Benefits of Participating
Brand Exposure Campaign: As a nominee, your company will be featured in a targeted marketing campaign, including press releases, social media shout-outs, and newsletter features, ensuring high visibility across the industry.
Industry Recognition: Being recognised by a panel of industry experts can significantly enhance your company’s profile.
Marketing Advantage: Use the award in your marketing materials, website, and social media to highlight your industry excellence.
Networking Opportunities: Attend the awards ceremony on November 6th to network with other top brokerage and fintech players.
Instructions for Nominating Your FinTech Brand
1. Visit the Nominations Page: Visit the Finance Magnates Awards website and navigate to the nominations section. You can access it directly through this link: Nominations Page.
2. Select the Right Category: Once on the nominations form, look for the ‘B2B Group Nominations (FinTech)’ section. This section contains the fintech-specific categories.
3. Choose Your Subcategory: In the B2B Group Nominations, select the categories that apply to your fintech brand.
4. Fill Out the Form: Provide all the required information about your brand in the form.
5. Submit Your Nomination: After filling out the form, review all the information to ensure accuracy, then submit your nomination.
Join the Ranks of Innovators
This is a great time to get your fintech business in front of the right people. The Finance Magnates Awards 2025 allow you to get noticed, connect with others, and show your innovations to the world.
This article was written by Dora Christofi at www.financemagnates.com.
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Risk sentiment took hits as U.S.-China trade headlines dominated. Gold hit record highs while tech stocks took a beating after the U.S. announced new export bans and tariff threats.
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West Texas Intermediate (WTI) crude Oil price extends its gains for a second consecutive day, trading around $62.40 per barrel during Asian hours on Thursday. The rally is fueled by concerns over tighter global supply following new US sanctions on Iran.
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FYNXT, a leading fintech company delivering cutting-edge technology solutions for FX/CFD brokers, is proud to announce the successful integration of its PAMM (Percent Allocation Management Module) system with Juno Markets, a globally trusted brokerage renowned for its robust and client-centric MT4 and MT5 trading environment.
The transition marks a strategic move by Juno Markets to upgrade their managed account services for fund managers and investors by replacing their legacy PAMM system with FYNXT’s advanced, user-friendly solution.
Seamless Migration of Data and Operations
FYNXT completed the full migration of Juno Markets’ fund managers, investor accounts, and trading history from the previous provider without any disruption to live trading activities. The FYNXT team executed a secure and streamlined data transfer process, ensuring complete continuity for traders, investors, and fund managers alike.
“FYNXT’s technical team demonstrated exceptional attention to detail and professionalism,” said a Juno Markets representative. “They handled the migration quickly and securely, ensuring our users experienced no downtime or confusion throughout the process.”
Powering Growth for Fund Managers and Investors
The FYNXT PAMM system allows Juno Markets to provide a sophisticated managed account experience. With real-time performance tracking, transparent fee structures, and robust allocation logic, the module is designed to empower fund managers and attract a broader range of investors.
Aeby Samuel, CEO and Founder of FYNXT, commented:“Our PAMM module is built for brokers who want to offer high-performance tools to their fund managers and investors. We’re excited to partner with Juno Markets and help them elevate their managed account services to the next level.”
Why did Juno Markets Choose FYNXT?
FYNXT’s PAMM system is designed to deliver best-in-class performance for brokers and fund managers, offering a wide range of features that make managed account operations smarter, faster, and more scalable:
Converting Goals into Success
With an increasing number of brokers seeking scalable, technology-driven solutions, FYNXT continues to set new benchmarks for operational excellence in the FX/CFD industry.
Market leadership isn’t achieved by luck—it requires strategic partnerships and cutting-edge technology. FYNXT’s PAMM Module is more than just software; it’s a catalyst for transformation.. FYNXT listens to its customers, converts their wishes into reality, and empowers brokers to be market leaders!
For more information, contact FYNXT at sales@fynxt.com and visit them at the upcoming Forex Traders Summit on 14-15 May, 2025 at booth 51.
This article was written by FM Contributors at www.financemagnates.com.
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