As part of our commitment to provide the most reliable service to our clients, there will be maintenance this weekend.
Maintenance Details:
Please note that the following aspects might be affected during the maintenance:
1. During the maintenance hours, the Client Portal and VT Markets App will be unavailable, including managing trades, Deposit/Withdrawal and all the other functions will be limited.
2. The price quote and trading management will be temporarily disabled during the maintenance. You will not be able to open new positions, close open positions, or make any adjustments to the trades.
3. There might be a gap between the original price and the price after maintenance. The gaps between Pending Orders, Stop Loss, and Take Profit will be filled at the market price once the maintenance is completed. It is suggested that you manage the account properly.
The above data is for reference only. Please refer to the MT4/MT5 software / VT App for the specific maintenance completion and marketing opening time.
Thank you for your patience and understanding about this important initiative.
If you’d like more information, please don’t hesitate to contact [email protected].
The trading hours of some MT5 products will change due to the upcoming Daylight Saving Time change in the EU/UK. Please refer to the table below outlining the affected instruments:
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
The global financial markets are far removed from the animal kingdom. Yet, we can’t escape from the bulls, bears, hawks and doves whenever we discuss how market directions and monetary policies shape trillion-dollar decisions.
Some pivotal moments in the history of financial markets illustrate the spirit of these creatures, like these four examples:
1. Hawk – The Volcker Shock (1979 -1987)
A fine example of a hawkish monetary policy in action is the Volcker Shock. Under Chair Paul Volcker, the Federal Reserve raised interest rates to 20% to crush runaway inflation. This decision prioritised price stability over growth, even at the cost of a recession.
2. Doves – The Global Financial Crisis Response (2008)
Central banks worldwide slashed rates to near-zero and unleashed quantitative easing, epitomising dovish policy to revive collapsing markets.
3. Bulls – The Dot-Com Bubble (1995 – 2000)
Nasdaq’s 582% surge, driven by irrational exuberance for tech stocks, symbolised bullish sentiment at its peak.
4. Bears – The 2022 Market Meltdown
As inflation fears gripped investors, the S&P 500 plunged 25%, Bitcoin lost 65%, and bond markets suffered their worst year in history- a stark reminder of bearish despair.
Where Do Bulls, Bears, Hawks, and Doves Come From?
These terms are more than just metaphors.
They’re rooted in history, folklore, and the visceral behaviours of the creatures they represent. Let’s unpack their origins.
Bulls And Bears: Clashing Beasts Of The Market
The bull and bear dichotomy dates back to 18th-century London. The terms likely originated from two sources:
Animal Combat: Bull-baiting, a brutal sport where dogs attacked bulls, was popular in Elizabethan England. Spectators likened market rallies to a bull charging upward (thrusting its horns) and downturns to a bear swiping downward (as if clawing prey).
Bearskin Jobbers: Early stock traders who sold shares they didn’t yet own (short-selling) were called ‘bearskin jobbers’, referencing the proverb ‘don’t sell the bear’s skin before you’ve caught the bear.’ Bulls emerged as their optimistic counterparts, buying aggressively in anticipation of rising prices.
Hawks And Doves: Political Birds Take Flight
The avian metaphors for monetary policy emerged from 20th-century US politics:
Hawks: In the 1960s, the term was borrowed from Cold War debates, where ‘war hawks’ advocated aggressive military action. Economists repurposed it to describe policymakers prioritising inflation control over growth. Hawks favour higher interest rates to ‘prey’ on inflation, even if it risks economic pain, akin to Paul Volcker’s 1980s crusade.
Doves: Conversely, doves entered the lexicon during the Vietnam War, describing politicians favouring diplomacy over conflict. Central bankers dubbed ‘doves’ focus on nurturing growth and employment, often keeping rates low despite inflation risks.
The terms gained traction in the 1970s as central banking shifted toward transparency. Fed meeting minutes from 1976 first used ‘hawkish’ to describe anti-inflation stances, while ‘dovish’ appeared in media by the 1980s.
Why Do These Metaphors Endure?
These terms persist because they viscerally capture abstract concepts:
Bulls and bears evoke primal forces of greed and fear.
Hawks and doves simplify wonky policy debates into a clash of instincts (attack vs. protect).
They also reflect humanity’s timeless habit of explaining the unknown through nature – a tradition as old as Wall Street.
Trade Your Way, Regardless Of Which Creature Rules The Markets
It doesn’t matter if the bulls are thrusting their horns up or the bears are swiping down with their paws. Or if the hawks are soaring higher than the doves.
With the right strategy and market understanding, anyone can take advantage of the market conditions to generate worthwhile returns.
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
The USDJPY is declining as risk aversion grows, with stock markets facing pressure and bond yields decreasing. The 10-year yield has fallen by 5 basis points, while the 2-year yield decreased by 5.7 basis points.
Equity markets are also weakening, with the NASDAQ down by 1.63% and the S&P 500 declining by 1.23%. On the technical side, USDJPY has dropped below a significant swing area between 147.21 and 147.34, with the next key support identified at the 61.8% retracement level from September’s rally, positioned at 146.94. A sustained movement below this level may suggest a more negative technical outlook.
The decline in USDJPY reflects a growing sense of caution in financial markets. Investors typically move towards safer assets when uncertainty rises, and we see that happening now. Stock markets are under pressure, and at the same time, bond yields are falling. Lower yields indicate stronger demand for bonds, which often corresponds with a risk-off approach from investors. The 10-year yield is down by 5 basis points, while the more short-term focused 2-year yield has fallen slightly more, showing a 5.7 basis point decrease.
Equities are feeling the strain as well. The NASDAQ, which leans towards technology stocks, has dropped by 1.63%, while the S&P 500 is lower by 1.23%. Selling pressure continues to be apparent, and if this persists, it could reinforce the broader aversion to risk.
From a technical perspective, USDJPY has now moved below an area that previously acted as support between 147.21 and 147.34. This signals growing weakness, as failure to hold above these levels suggests sellers are gaining control. The next line to watch is the 61.8% retracement from September’s rally, located at 146.94. Given how widely followed this retracement level is among market participants, a breach below it could trigger further downside movement.
If downward momentum strengthens, we may see additional technical selling from traders who rely on these key levels for their strategies. This kind of positioning can create sharper movements, particularly if broader risk sentiment remains weak. On the other hand, if buyers step in around current levels, there may be an effort to stabilise price action. However, that would largely depend on whether broader market conditions allow for it.
For now, the tone in financial markets remains cautious. The reaction in stocks and bonds underscores this, and the technical break in USDJPY aligns with that sentiment. If this trend continues, it would not be surprising to see more defensive positioning across asset classes.
Stocks are experiencing a downturn, with the NASDAQ declining by 196.47 points (1.09%) to a level of 17,872. The S&P 500 has decreased by 53.5 points (0.94%), now at 5,685.
The S&P 500 is moving further away from its 200-day moving average of 5,732.70. The NASDAQ is set to close below its 50-week moving average for the first time since March 2023.
This decline marks the NASDAQ’s third consecutive weekly decrease, down 5.15% this week. The S&P 500 has also recorded three weeks of consecutive losses, currently down 4.61%.
Market Momentum Shift
These declines highlight a change in momentum. Markets do not move in straight lines, but patterns emerge when volatility increases, and recent weeks have demonstrated that. The NASDAQ breaking below its 50-week moving average signifies more than a temporary pullback. Since March 2023, buyers have defended this level, suggesting that sentiment has shifted. A breach of this kind often encourages further selling, as traders who previously relied on this as an entry point begin to exit.
The S&P 500 distancing itself from its 200-day moving average reinforces the lack of buying strength. This isn’t a minor fluctuation—it extends a pattern of sellers pressuring prices lower. When major indices repeatedly fail to hold key technical thresholds, the argument for a short-term recovery weakens.
Weekly trends matter. A single red week can be dismissed as normal market action, but three in a row suggest larger forces at play. The NASDAQ’s 5.15% drop this week is not an isolated occurrence. The S&P 500’s 4.61% loss mirrors that weakness, further emphasizing that downward pressure is widespread.
We must also pay attention to volume. A decline supported by higher-than-normal trading activity signals conviction behind the move. If institutions are reducing exposure, rallies may struggle. If volume is lacking, the selling could be less durable. Understanding this distinction helps avoid reacting too soon.
Sentiment alone does not dictate market direction. Interest rates, economic data, and corporate earnings cannot be ignored. Market participants anticipating a rebound must ask what has changed. Buying after notable declines is common, but without a shift in the factors driving the sell-off, such attempts can be premature.
Key Support Levels
Watching how indices behave around support levels can provide clarity. A recovery that lacks momentum may only serve as a temporary pause before further declines. Conversely, a sharp move upward with strong participation could indicate renewed confidence.
There is no single factor determining where prices will settle, but patterns, volume, and external catalysts all shape expectations. The next few weeks will determine whether this is a passing dip or something deeper.
Insights 
VT 
