QORE Global

23/09/2026

A new chapter for QORE Global 🇬🇧🌎

We’re pleased to announce an exciting milestone for QORE Finance, part of the QORE Global group.

QORE Finance has relocated its Head Office from Manchester to the City of London, with its new home on Ludgate Hill.

In addition, QORE Finance has opened a new Regional Office in Guildford, Surrey, further strengthening its presence across the UK.

These new locations will bring QORE Finance closer to its growing client base and key partners, while providing access to a wider pool of talent as the business continues to grow.

Two new locations. Continued growth. One global vision: www.qore.finance

21/09/2026

21 September: Weekly Market View by QORE Finance

by Clive Ponsonby , Head of FX, QORE Finance

Equities and Geopolitics
Last week was dominated by central banks which largely delivered expected outcomes, although differing rhetoric and vote splits drove price action. Equity markets, already on the back foot after the AI slowdown news, reacted badly to the hawkish Fed but then closed the week exceptionally strong and that sentiment remains buoyant as we start a new week.

Focus this week shifts to politics with the Trump-Xi summit on Thursday where AI and access to rare earths expected to dominate the agenda. Trump is also scheduled to meet Gulf leaders on the side lines of the UN General Assembly with hopes of de-escalation building and even a possible meeting with Iranian officials.

Elsewhere we saw Ukraine launch attacks on Moscow just as Russia was going to the polls, and the Houthis attack Saudi capital Riyadh.

FX Markets
Global bond markets remained under pressure last week as the oil price stayed high and the hawkish Fed and strong demand shown from US retail sales data reinforced that inflation isn't going away.

The first Fed hike since 2023 was unanimous, and the dot plot projections showed 16 of 18 officials expecting at least one more increase this year. In sharp contrast a dovish split vote in Japan sent the currency reeling lower even though BoJ's Ueda tried to talk hawkish and signalled another rise in December, the dissenting votes make this less certain, so a 90% priced-in hike later this year became more like 50%.

The Yen sold off sharply as a result, especially against the Dollar which was the strongest currency of the week due to their diverging central bank policies.

The BoE held rates as expected but a hike is still priced in later in 2026, they did, however, end long dated Gilt sales which eased pressure on the UK yield curve. UK data pointed to high inflation and weak growth which will be a headache for new PM Burnham and the chancellor's first budget later this year.

Usd/Cny dipped below 6.70 despite somewhat weak Chinese data, but with a heavily controlled currency, this is seen as a signal from the leadership ahead of the meeting with Trump.

Commodities and Crypto
The oil price stayed relatively high all week but failed to go much higher than the levels seen around the previous weekend, despite of more tough talk and action from both Iran and the Houthis in Yemen.

There is hope for diplomatic progress, and that optimism is keeping a lid on prices for now, as well as the slightly warmer winter anticipated in Europe due to El Nino.

Gold and Silver markets consolidated this week which was mildly positive given the moves higher in yields. Crypto prices moved sharply higher on Friday with BTC testing the recent highs around $81-82k and ETH accelerating higher after finding the required escape velocity to break free from the $2350-2550 zone that had held it captive for a while.

Week ahead
We have some second tier central banks meeting this week, Norway may hike rates to 4.5%, but the market is split over this outcome, similarly the Mexican central bank might hike this week but the Swedish Riksbank and Swiss National bank are widely expected to leave rates on hold at 1.75% and 0% respectively.

We also get various PMI surveys and the German IFO business survey. Most focus will be on talks with the Trump-Xi summit at the end of the week key for many markets along with the meeting with Gulf states; we also have ECB chief Lagarde speaking later on Monday.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

09/09/2026

Money doesn't need drama.

In a new op-ed for QORE Global, founder Sergii Rabenko makes the case for fiduciary structures over tax-rate shopping. Why cross-border complexity is usually just poor paperwork, and why the real risk to family capital isn't taxes. It's inflation.

Read full op-ed: https://www.qore.global/insights/sergii-rabenko-on-why-capital-needs-structure-not-stress

08/09/2026

One of the companies within .global group got licensed as a Money Services Business in Canada - meaning we can now handle currency exchange and cross-border payments there too. It builds on our existing Payment Service Provider (PSP) license, adding another regulated market to our network.

For our clients, that means faster, clearer, more predictable international payments. www.qore.finance

08/09/2026

QORE Finance, part of the QORE Global Group, has been licensed as a Money Services Business (MSB) in Canada - covering FX dealing, remittance and payment services. It joins their existing Payment Service Provider (MSB) license, strengthening the group's regulated footprint.

A direct, licensed rail means clearer compliance and faster, more predictable cross-border payments for our clients.

QORE Finance keeps expanding.

One of the companies within the QORE Finance group has been licensed as a Money Services Business (MSB) in Canada, covering foreign exchange dealing, funds remittance and transmission, and payment services for invoices, goods and services. This license works alongside our existing Payment Service Provider (MSB) authorization, strengthening our regulated infrastructure across jurisdictions.

For our clients, a direct, licensed rail means clearer compliance and access to transparent cross-border payments. With QORE Finance, money moves faster and more predictably.

17/08/2026

The Dollar fell as US economic data came in weaker, while Gold stayed strong and the Yen remained under pressure.

Oil prices were steady, but new inflation, jobs and central bank data could bring more movement to the markets this week.

Read Clive Ponsonby’s latest Weekly Market View.

10 August – 17 August Weekly Market View

by Clive Ponsonby , Head of FX, QORE Finance

Equities and Geopolitics

The conflict in the Middle East has shifted to economic pressure with blockades and sanctions aiming to cut oil revenues from bolstering the Iranian regime. The MOU between the US and Iran expires today with little sign of renewal.

The overall stalemate with oil prices elevated but steady is leading to equities just grinding higher and making new highs in quiet summer markets bolstered by benign inflation data on top of soft (but not bad) job data which has quietened the hawks on the FOMC for the time being.

Expectations for Fed hikes have shifted in a few weeks from an odds-on hike in September and two by the end of 2026, to unlikely next month and only one by the end of the year and even that may evaporate with the Jackson Hole symposium later this month.

FX Markets

In the US CPI was in line with expectations, but a softer PPI and weak Retail sales (-0.6% vs +0.1% expected) and weak Michigan Sentiment left the Dollar was languishing this week as near-term hikes became less likely.

Central banks from Australia and Norway kept rates unchanged whilst both highlighted inflation pressures.

The market is testing the resolve of Japanese and US authorities after their joint effort to boost the Yen with intervention, as the currency slips towards the crucial 160 level with eyes moving towards a rate hike in September or October as the next leg to prop up the beleagured currency, having gone back above the 200 day moving average in both Usd/Jpy and Eur/Jpy last week.

Commodities and Crypto

The Oil price traded sideways last week as tensions remained but didn’t escalate and the shift towards economic pressure means less chances of a flare up, but a longer time before likely resolution to the conflict.

Gold continued to shine and remained near the $4,400 level bolstered by the weaker Dollar, with a breach of the $4,500 level key to any further gains with Silver largely following suit.

Crypto was fairly muted last week with ETF outflows which showed the recent inflows were a blip caused by people shifting to ‘safer’ ETFs from offline wallet storage after the Coldcard hack.

Week ahead

Canadian CPI on Monday is expected to show a rise closer to 3%, also the August 19th tariff deadline is approaching; an interim deal is expected, but it will be bad for the Cad if one is not reached.

We then get UK inflation data – expected to show a headline increase but a core decrease, backing up the purely energy led move whilst underlying price pressures are still subdued, we also get UK job data with the unemployment rate hovering near 5yr highs.

Later in the week we get to see the FOMC minutes with people unpicking the hawkish/dovish split within the committee and finally some European PMIs.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

03/08/2026

Markets had another volatile week as geopolitical headlines, central bank decisions, and mixed Big Tech earnings kept investors on their toes. Oil, currencies, and equities all saw sharp moves, with attention now turning to US jobs data and the next steps from central banks.

Read Clive Ponsonby latest Weekly Market View for a straightforward look at what's driving the markets this week.

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27 July – 03 August Weekly Market View

by Clive Ponsonby, Head of FX, QORE Finance

Equities and Geopolitics

Over the weekend Trump called off "massive" strikes on Iran and claimed fresh talks would begin on Monday in what seems like a re-run of the previous weekend's news, the result of which was oil dropping over 10% in the early part of the week only to go back up by Friday as the situation escalated again.

Iran is claiming there are no talks but oil is still down this morning, we will wait and see if the pattern repeats or this ceasefire can last beyond the initial announcement.

Equities had a pretty rough week after the optimism of Monday morning was erased as soon as US markets opened and AI stocks got hit hard as rotation out of the sector continued, we then saw the Kospi index fall over 20% from the close on Friday 24th to Wednesday 29th (and down 44% from the June highs) almost blowing up a prominent hedge fund in the process before things bounced back sharply on Friday.

We had a set of mixed results from big tech, as dispersion between similar stocks seems to be the theme of the year rather than everything moving together. MSFT and AMZN were the big winners of last week, META, AAPL were the losers, but for AAPL it was just after making all-time highs so the bar was high for it to go up further.

Overall earnings so far have been strong justifying the S&P remaining within 2% of the highs but concerns over AI and Semiconductor stocks have caused rotation out of certain sectors.

FX Markets

The Fed left rates unchanged and given a hike was a live possibility, 2yr yields were lower afterwards but the long end (10yr+) were much higher as confidence in the new Fed actually fighting inflation evaporated and Warsh's credibility took a big hit; the Dollar moved lower as a function of both short end yields and lack of confidence in the Fed in the biggest weekly drop since April.

The BoE was unchanged and although 3 voted for a hike, there is still a wait and see approach here and overall it was perceived as dovish and chances of a September hike have reduced; in stark contrast Euro yields edged higher after strong CPI which increased chances of a September hike in the Eurozone - Eur/Gbp was higher on the week and Eur/Usd even more so.

On Thursday and Friday (and again early Monday morning) we saw joint intervention to buy Yen from Japan and the US - coordinated action like this is very unusual and has led to a big market impact.

Previous rounds of intervention in the yen, which have been only by the Japanese, have had little lasting effect so the question is will this time be different?

The selling of US treasuries by the biggest foreign holder will exacerbate the troubles in the long end of the US yield curve. We have also seen currency intervention in Korea and India.

Commodities and Crypto

Oil continues to whipsaw on headlines but there is still a lack of tankers transiting the Strait of Hormuz and this is the key indicator. Gold and Silver continue to trade fairly weakly as yields stay firm and the lack of any safe haven bounce on tech stocks falling was notable, in fact arguably the relationship has flipped with margin calls in stocks being funded by selling precious metals so they go down in a market panic rather than up.

The Crypto world was rocked last week by the Coldcard Wallet Hack which drained wallets not even connected to the internet with over $88mio lost.

MSTR also sold more BTC last week, this reversed the recent upward trend in prices that had marked the first few weeks of July.

Week ahead

US employment data is the big event of the week on Friday with PMI and ISM data also out earlier in the week. For currencies the focus will be on any more Japanese intervention and how the market takes that. Iran headlines will also be closely watched.

There are some mid-tier earnings releases with the highlights being AMD, PLTR, UBER, DIS and SPCX - the latter will lead to a further tranche of shares that can be sold which may add selling pressure to the post IPO market yet again.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

27/07/2026

Oil breaks $100. Markets reverse. What happens next? With geopolitics, central banks and tech earnings all in focus, this week could bring more surprises. Read QORE Finance’s latest Weekly Market View.

20 July – 27 July Weekly Market View
by Clive Ponsonby , Head of FX, QORE Finance

Equities and Geopolitics

The situation in the middle east continued to escalate last week as Trump continued to make significant threats against Iran but then de-escalated at the weekend saying proposed strikes were being “paused”.

Oil went up in price breaking $100 last week as the Houthis reportedly attacked two Saudi tankers in the Bab el-Mandeb strait which is the second most important export channel after the Hormuz Strait, whether this turn of events (and related market impact) forced Trump into another TACO is an open question.

Markets have taken a big reverse on the weekend news with oil down 5-10% and equities recovering also.

The other big story last week was more Tariffs, but we have seen this movie before and a reversal of anything truly damaging is likely and the inflationary effects were minimal last time around so the impact was localised to Mexico and Canada which stand to lose the most.

Equities had a rotten week as the AI trade has lost the wind in its sails and in spite of decent results from Alphabet stocks continued to sell off.

John Healey is the new UK Chancellor which was a complete surprise and saw Sterling weaken as he has a background of vocally calling for more defence spending which may mean higher deficits.

FX Markets

Yields spiked again last week printing fresh highs in the 10yr in many countries, this was mainly driven by oil, but the hawkish ECB hold also helped to push Eurozone yields up, but given a September hike is fully priced in, the reaction was muted particularly for FX.

Whilst we remain below the 2024 highs of 5% in the US 10yr though we are still in familiar ranges so there is no reason to panic. In the UK the choice of new Chancellor saw Gilt yields weaken, as well as several unfunded promises from new PM Burnham, but there were positives as well from the politics here and notably we didn’t make as new yield high partly because UK CPI was softer than expected, given this was from a time when oil was 30% lower forward looking markets didn’t react much.

Commodities and Crypto

Oil is the big mover as it followed events in the middle east with Brent pushing above the key $100 level, but we are back in the $80s early this week.

Expect more volatility as the situation evolves with the Bab el-Mandeb strait in focus. Gold and Silver saw a bit of a bounce last week in spite of high yields – maybe the safe haven status was working or maybe all the longs had already capitulated.

ETH continues to trade well in the crypto space as it pushed close to $2k, with BTC consolidating rather than going up in a meaningful way.

Week ahead

The Fed meeting on Wednesday this week will be interesting, will Warsh back up his hawkish stance from the first meeting by being proactive and hiking because of the oil price spike, or will he appease Trump by staying on hold? A hold is seen as more likely but the market still assigns around 30-40% probability of a hike at this point, the Bank of England follows on Thursday where no change is expected after weaker CPI and a wait and see stance on politics is also sensible.

Friday morning sees the BoJ which could be a wildcard if they hike unexpectedly to boost the yen – they have done this before so is something to watch.

On Wednesday and Thursday we get results from MSFT, META, AAPL and AMZN.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

20/07/2026

Markets remain cautious as geopolitical tensions and shifting expectations around rates continue to drive volatility. The key hope for investors is that clearer signals on inflation, central bank policy and global growth can bring more stability in the weeks ahead. Read QORE Finance’s latest Weekly Market View for perspective on the forces shaping global markets.

13 July – 20 July Weekly Market View
by Clive Ponsonby , Head of FX, QORE Finance

Equities and Geopolitics

The situation in the Strait of Hormuz has escalated even further over the last week and oil has ratcheted up over 10% for its biggest weekly gain since April. Fighting is ongoing with several US strikes at the weekend and Iran retaliating against US assets in the region and ships trying to transit the strait.

US Equities came off a little last week as AI and related stocks got repriced, it is quite stark that the S&P500 is only 2% below the all-time highs but the Nasdaq is over 7% off - elsewhere the semiconductor concentrated Kospi index is down over 30% from the June highs (but still up over 50% in 2026).

Bank Earnings were very strong overall last week with most reporting record profits, we get key tech earnings this week with GOOG on Wednesday along with INTC and TSLA also out, the following week sees MSFT, META and AAPL report.

SpaceX shares returned to well below the IPO price as retail heavy stocks got hit hardest, sectors like AI, semiconductors and memory, quantum computing, rare earths and even Silver all underperformed as supply is outpacing demand and the price action does not look positive failing to rally even on a weaker CPI print which would normally have boosted stocks.

FX Markets

FX had a relatively quiet week, interest rates are pricing a new higher for longer equilibrium with the latest Iran situation, and the low volatility reflects a lack of conviction rather than stability.

Commodity currencies and high yielders outperformed overall. A story broke that Shabana Mahmood was going to be chancellor in new UK PM Andy Burnham's cabinet pushing sterling higher - we expect an official announcements of all major positions later on Monday.

The Fed's Waller was hawkish on Tuesday only to see softer US CPI on Wednesday at 3.5% (vs 3.8% expected) which saw yields go up and then down again but with oil trading much firmer the future path looks higher so this is a pause rather than a win.

This does mean that the Fed meeting on 29th July, is likely to be unchanged (from 40% chance of a hike priced in last week) so they can wait and see until the Autumn.

The Bank of Canada was unchanged as widely expected but sounded upbeat on growth as other data was broadly positive helping the Cad outperform we get CPI data later today; in contrast Chinese growth data was weaker than expected as the government seems to be propping up stock prices.

Commodities and Crypto

Oil is higher with little traffic making it through the Strait of Hormuz and the ceasefire well and truly over for now as even talks seem a long way off. It opened this week with another jump higher but we are still below the levels we were trading in April and May when fighting was ongoing, so maybe the market still prices some hope of resolution soon.

Silver made fresh lows last week as precious metals underperform with higher yields pressuring the sector and although positioning seemed cleaner the price action suggests people are still net long.

Gold is hovering around the $4k level but didn't have as bad a week as Silver. ETH is leading the recovery in the Crypto space with strong upward momentum in July and is outperforming BTC which is consolidating above $60k.

Week ahead

Focus is on the UK with both the cabinet announcements today, employment and inflation data also out later this week.

We then get the ECB decision on Thursday which is expected to be unchanged but their comments on the future rate path will be closely watched.

There are also PMIs out on Friday as well as ZEW survey earlier in the week.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

13/07/2026

Geopolitics, inflation, and central bank signals set the tone for markets this week. Volatility remains, but opportunities emerge for those staying informed and agile. Explore QORE Finance's Weekly Market View.

06 July – 13 July Weekly Market View
by Clive Ponsonby , Head of FX, QORE Finance

Equities and Geopolitics

The ceasefire is off again, but this time more seriously with the Strait of Hormuz “closed” according to Iranian authorities after an active weekend of attacks from both sides. Oil is up and stock markets are down, but the pricing seems to indicate that the market thinks this will be resolved to a more peaceful situation soon (i.e. in July) rather than a permanent state of hostility.

There is of course a lot that can change as the situation is fluid but this has always been a fragile situation that ebbs and flows one way and the other and for the time being this is just another low ebb, which means the default strategy is buy the dip which has worked well so far.

Last week equity markets traded modestly upwards as they often tend to do at this time of year, and we get the first earnings on Tuesday which may set the tone.

Bond markets traded weakly with yields up after the oil price stopped falling.

Real yields reached their highest levels since the GFC, also buoyed by hawkish Fed minutes and the RBNZ hiking rates for the first time in 3 years.

FX Markets

FOMC minutes were hawkish on the margin with some members wanting to hike at the last meeting, we also had the RBNZ hike this week in what was seen as a 50:50 decision which saw the NZD the strongest currency of the week.

US yields are holding up but we did get some dovish noises at the CB conference last week.

CPI will be the real test but it feels like there will be more market impact if expectations shift dovish than if we get more hawkish data.

With tension in the Middle East the Dollar is still trading strongly today after coming off last week.

The Japanese government is trying to persuade pension funds to shift more investments to Yen to shore up the currency, but since most of these are controlled by the govt themselves, this should be a fairly easy conversation, but changing direction here will be like turning an oil tanker, but should support the Yen on the margin over coming months and I’m turning bullish here.

Sterling trades well as Burnham is so far unopposed and should be confirmed PM on the 20th July.

Commodities and Crypto

Oil is obviously higher after the events of the weekend but not as much as may have been feared if you looked only at the headlines, and the fact both sides are still talking can be seen as a minor win.

Gold and Silver traded fairly weakly as yields rose but are holding above recent lows for now, focus is mostly elsewhere.

In Crypto things traded better, consolidating and holding on to the previous week's gains even with MSTR selling for BTC, we remain above $60k which indicates that the weak longs have all been flushed out for the time being.

Week ahead

The highlight will be US CPI on Tuesday which will give us the biggest data point ahead of the next Fed meeting on 29th July, Warsh will also be testifying in front of the House on the same day; unless we get a blowout reading in either direction the smart money is on the first hike not being until October so this is not going to be critical.

Earnings also kick off on Tuesday with the big banks reporting first, the key tech names report later this month.

We also get a Bank of Canada rate decision with no change expected, UK GDP and US retail sales.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance