Q1 2013 Outlook: New Year resolutions needed as the US faces the fiscal cliff and Spain's woes deepen Q1 2013 Outlook: New Year resolutions needed as the US faces the
                     fiscal cliff and Spain's woes deepen

  PR Newswire

  LONDON, NEW YORK and SYDNEY, Dec. 12, 2012

LONDON, NEW YORK and SYDNEY, Dec. 12, 2012 /PRNewswire/, the
retail division of GAIN Capital Holdings, Inc. (NYSE: GCAP), a global provider
of online trading services, today released its Q1 2013 Market Outlook report. analysts predict that the New Year could see a large pick-up in
volatility if the US goes over the fiscal cliff edge. This would have major
implications for global financial markets as risk sentiment deteriorates and
the US economy faces a sharp recession.

2013 is set to be the fourth year of the sovereign debt crisis for Europe and
rather than moving nearer to a resolution the crisis is expected to flare up
again in the coming year. Stabilization in the Eurozone is likely to be
undermined by concerns about Spain's financial position. The fall-out from
refinancing Spain has the potential to cause a major spike in market
volatility and a drop in the euro. Political risk is also likely to increase
during the first quarter of 2013 as the market prepares for a general election
in Italy.

The dollar will be faced with two important events in Q1. The first is the
outcome of fiscal cliff negotiations. The second event that is important for
the dollar is the changing of the guard at the Federal Open Market Committee,
which could see a dovish bias at the US central bank.

"If the US goes over the cliff edge then the dollar could attract safe haven
flows and stocks may sell off like we saw during debt ceiling negotiations in
the US in August 2011," said Kathleen Brooks, Research Director,

Ms. Brooks added: "After a period of intense risk aversion we could see
markets start to recover in late Q1. From a macro perspective, the US could
join the Eurozone and Japan in falling back into recession, which may ignite a
global decline. Without a bold solution to the European debt crisis and a deal
in Washington we cannot envisage a significant pick-up in global sentiment in
the first quarter."

Expectations from the Q1 2013 Markets Outlook include:

  *The outlook for EURUSD is bleak and we may see some sharp declines over
    the quarter as sovereign concerns especially in Spain start to heat up;
  *There are signs Chinese growth is starting to pick up, this should fuel
    appreciation in the renminbi during the first quarter of 2013;
  *The AUD, CAD and NZD may remain subdued as these commodity currencies are
    most sensitive to the bleak global growth outlook;
  *Gold and silver could have an adventurous quarter as two opposing forces,
    including sluggish global growth and fresh monetary stimulus, impact the
    precious metals space ;
  *The spread between UK and US oil could remain at elevated levels ($20-25)
    for the foreseeable future as long as bottlenecks in the supply of oil
    remain and tensions remain in the Middle East.

The Markets Outlook report highlights potential price ranges for key
pairs, such as EUR/USD , GBP/USD , USD/JPY , EUR/GBP and USD/RUB . Major
foreign equity markets; key commodities including gold, silver, oil and
agriculture are also covered.

The Markets Outlook report is prepared by Research Director Kathleen
Brooks, Senior Technical Strategists Chris Tevere, CMT, Eric Viloria, CMT, and
Research Analyst Chris Tedder.

The full Q1 2013 Markets Outlook Report is now available at under "Research".

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The opinions and information in this report are for general information use
and are not intended as an offer or solicitation to any product offered.

About GAIN Capital

GAIN Capital Holdings, Inc. (NYSE: GCAP) is a global provider of online
trading services. GAIN's innovative trading technology provides market access
and highly automated trade execution services across multiple asset classes,
including foreign exchange (forex or FX), contracts for difference (CFDs) and
exchange-based products, to a diverse client base of retail and institutional

Through our retail brand, , we provide retail traders around the
world with access to a variety of global OTC financial markets, including
forex, precious metals and CFDs on commodities and indices. A market leader
for over a decade, supports clients from over 140 countries and our
products and services are available in multiple languages, including English,
German, Chinese, Japanese, Russian and Arabic.

GAIN Capital also operates GTX, a fully independent FX ECN for hedge funds and
institutions; Open eCry, an innovative online futures broker; and GAIN
Securities, Inc. (member FINRA/SIPC) a licensed U.S. broker-dealer.

GAIN Capital and its affiliates have offices in New York City; Bedminster, New
Jersey; London; Sydney; Hong Kong; Tokyo; Singapore; Beijing and Seoul.

For company information, visit .

Contact: In North America, Chris Mittendorf, +1-212-704-8134 or Samantha
Nelson, +1-212-704-4589, both of Edelman, or In EMEA,
Sorrel Beynon, +44 (0) 20 3047 2365 or Laura Crooks, +44 (0) 20 3047 2366,
both of Edelman,
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