The research published by SYSTEMACRO Research Limited (SRL) is made available with the intention of analysing foreign exchange markets and global macro-economic developments. Any published content or material constitutes a judgment based on the available information at the time of communication and will not necessarily be updated as underlying information or views change.

The material on this website is not an offer to buy any security or a solicitation of an offer to sell any security. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Readers of this material should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice. The price and value of investments referred to in this research and the income from them may fluctuate. Published content on this website may reference historical performance data. Past performance is not a guide to future performance, future returns are not guaranteed and a loss of original capital may occur.

SRL or its affiliated companies or their respective shareholders, directors, officers and/or employees, may have long or short positions in the securities discussed on this website and may purchase or sell such securities without notice.

All trademarks used or referred to in this site are the property of their respective owners.

Except as specifically stated on this website, to the fullest extent permitted at law, neither SRL nor any of its affiliates, directors, employees or other representatives will be liable for damages arising out of or in connection with the use of this website or the information, content, materials or products included on this site. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit, loss of or damage to property and claims of third parties.

SRL retains all rights in relation to all information provided on or via this web site. You may not copy, download, publish, distribute or reproduce any of the information contained on this web site without the prior written consent of SRL.  However, you may print and/or download information contained on this web site for your own personal use.

Any use you make of the information provided on this site, or any site or service linked to by this site, is at your own risk.