Here is what you need to know on Wednesday, May 7:
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Forex Today: All eyes on Fed rate decision, Powell presser
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FOREX NEWS & BLOG
Eurostoxx futures +0.1% in early European trading
- German DAX futures +0.2%
- French CAC 40 futures flat
- UK FTSE futures -0.1%
The more enthusiastic news involving US and China is being contained as we look towards the start of European trading at least. S&P 500 futures have also halved gains to be up just 0.5% currently. Meanwhile, the dollar has also pared the majority of its gains on the day. EUR/USD is now flat at 1.1363 with GBP/USD likewise at 1.3356. USD/JPY is still holding up though, seen at 143.05 – up 0.4% on the day.
This article was written by Justin Low at www.forexlive.com.
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EUR/INR today: Indian Rupee cross rates mixed at the start of the European session
Indian Rupee (INR) crosses trade mixed at the start of Wednesday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 96.27, with the EUR/INR pair rising from its previous close at 95.85.
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My Forex Funds Case Takes a New Turn: CFTC Sends Involved Staff on “Administrative Leave”
The US Commodity Futures Trading Commission (CFTC) has placed four lawyers and one investigator on administrative leave due to allegations of misconduct in the fraud case against Traders Global Group Inc., a proprietary trading firm known as My Forex Funds, Bloomberg reported, citing “people familiar with the matter”.
“Administrative Leave for Potential Violation”
The regulator also announced that it “has placed staff on administrative leave for potential violations of laws, government ethics requirements and professional rules of conduct,” adding that “investigations are currently ongoing.” However, it did not confirm the number of staff involved or mention My Forex Funds by name.
The agency further told Bloomberg that “a report and recommendation has been filed on the Special Master’s review of allegations that CFTC enforcement attorneys and management engaged in numerous instances of wilful and bad faith misconduct, including making false statements to the court.”
The administrative actions come as Caroline Pham leads the agency as Acting Chair. She took over after US President Donald Trump assumed office for the second time, but Brian Quintenz is set to replace her.
More on My Forex Funds: Prop Firm My Forex Funds and the CFTC Are Probably Negotiating a Settlement
Fall of a Prop Trading Giant
The CFTC initially charged My Forex Funds and its CEO, Murtuza Kazmi, with fraud at the end of August 2023. According to the regulator, the company generated at least $310 million in fees from its proprietary trading business. The platform had more than 135,000 customers between November 2021 and its forced shutdown.
However, the regulatory action—including a temporary restraining order and asset freeze—effectively shut down the business overnight. Following a legal challenge by the defendants’ lawyers, a court unfroze most of Kazmi’s assets.
Interestingly, Pham opposed the agency’s handling of the My Forex Funds case last year and raised concerns over the allegations used to secure the sanctions order, which was proven to be a mischaracterisation of tax payments. She also voiced broader concerns about the CFTC’s internal processes, particularly the actions of the Division of Enforcement.
My Forex Funds even filed a sanctions motion against the CFTC for alleged misrepresentation of facts. According to court filings, the regulator’s lead attorney admitted during an evidentiary hearing that he was “careless and sloppy” during the investigation. The CFTC, however, argued that the evidence presented by the defendants showed the agency’s “mistakes were limited and inadvertent.”
This article was written by Arnab Shome at www.financemagnates.com.
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China president Xi: We must firmly maintain post-war international order
- China, Russia have always firmly supported each other
- Should jointly resist any attempt to disrupt the friendship and mutual trust
- China, Russia are both major powers with important influence in maintaining global strategic stability
- No matter how the situation in Taiwan changes, China will eventually ‘reunify’ with Taiwan
Well, speak of the devil. Reminder: China president Xi to visit Moscow later today
Xi might be in Moscow to offer his support to Putin against the West. But as mentioned, the solidarity on the military front is also one that strikes back home. And Xi is making that clear with the warning about Taiwan above again.
This article was written by Justin Low at www.forexlive.com.
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![TASI Index Elliott Wave technical analysis [Video]](https://i0.wp.com/mmfx.vvip-members.com/wp-content/uploads/2025/05/tasi-index-elliott-wave-technical-analysis-video.jpg?resize=400%2C250&ssl=1)
TASI Index Elliott Wave technical analysis [Video]
Function: Counter Trend. Mode: Corrective. Structure: Orange Wave 2.
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FX option expiries for 7 May 10am New York cut
There aren’t any major expiries to take note of on the day. As things stand, trade headlines remain the biggest driver of price action and we got a taste of that earlier with some positive news on US-China talks. That is keeping the risk mood underpinned with the dollar also catching a slight bid across the board. The gains for the greenback have eased back a little but as things stand, headline risks and risk sentiment are still the two key drivers to pay attention to.
As for the expiries, there will be bigger fish to fry in the days ahead. But we’ll see if they will factor into play depending on how price action plays out in the sessions ahead.
For more information on how to use this data, you may refer to this post here.
This article was written by Justin Low at www.forexlive.com.
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Sucden Financial Boosts Dividend by 50% as Return on Capital Nearly Doubles
Sucden
Financial Limited has released its full annual report for the year ended
December 31, 2024, revealing better financial condition and strategic
expansion beyond the headline figures announced earlier this month.
Sucden Financial Boosts
Dividend by 50% as Return on Capital Nearly Doubles
The
London-based broker, a ring dealing member of the London Metal Exchange (LME),
confirmed its
previously reported 54% increase in profit before tax to £36.7 million, up
from £23.8 million in 2023. The company’s detailed filing with Companies House
provides a more complete picture of its financial health and global growth
initiatives.
Among the
newly disclosed details, Sucden Financial reported a substantial 50% increase
in dividend payments to £15 million, up
from £10 million in 2023. The company’s return on capital employed nearly
doubled to 11.9% from 7.01% in the previous year, while its net cash balance
grew to £270.1 million from £225.5 million.
“The
Group made a profit before taxation in 2024 of £36.7 million,” the report
stated. “We seek to increase our operating profit by extending core and
developing services to a growing client base.”
The
detailed financial statements show that operating profit rose to £21.5 million
from £11.9 million, while finance income increased to £17.0 million from £13.5
million. The company’s tax expense grew to £9.3 million from £5.9 million,
resulting in a profit for the year of £27.5 million compared to £17.9 million
in 2023.
Marc
Bailey, Director of Sucden Financial, was quoted in the company’s earlier
announcement stating: “In 2024, Sucden Financial delivered a very positive
performance across all key financial metrics, benefitting from supportive
market conditions as well as the positive momentum we are building across the
business.”
Branches in Germany and
Singapore
The annual
report reveals significant progress in Sucden Financial’s global expansion
strategy. The company’s German subsidiary, Sucden Financial Hamburg GmbH,
received regulatory approval from Germany’s Federal Financial Supervisory
Authority (BaFin) in 2024 and
commenced operations on January 2, 2025. Sucden Financial holds a 64%
ownership stake in this subsidiary.
Additionally,
the broker established a new branch in Singapore to strengthen its presence in
the Asia-Pacific region, complementing its existing subsidiaries in Hong Kong
and the United States.
“The
Group is well positioned to continue to adapt to changing markets, technology,
regulations and trading environments,” the report noted. “We will
continue to evolve our products and systems in order to grow and create new
opportunities for our clients.”
Sucden Financial Limited –
Key Financial Data 2024
Sucden
Financial also reported improved workforce stability with staff turnover
decreasing to 5.94% from 8.87% in the previous year. The average headcount rose
to 222 employees from 205, reflecting the company’s growth.
The company
offers execution and clearing services for exchange-traded products, OTC FX,
and bullion products, with its business structured into two main lines:
brokerage services and trading.
This article was written by Damian Chmiel at www.financemagnates.com.
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Germany March industrial orders +3.6% vs +1.3% m/m expected
- Prior 0.0%
There were increases across the board with orders for capital goods (+3.7%), intermediate goods (+2.5%), and consumer goods (+8.7%) all seen higher on the month. Even if you strip out large orders, new orders were 3.2% higher compared to February.
This article was written by Justin Low at www.forexlive.com.
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United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Gold prices fell in United Arab Emirates on Wednesday, according to data compiled by FXStreet.
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Pakistan Gold price today: Gold falls, according to FXStreet data
Gold prices fell in Pakistan on Wednesday, according to data compiled by FXStreet.
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WTI advances to one-week high, closer to mid-$59.00s as traders eye US-China trade talks
West Texas Intermediate (WTI) US Crude Oil prices gain some follow-through positive traction on Wednesday and climb to a one-week high during the Asian session.
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