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The fourth week of August 2019 saw a subdued FX Market as risk aversion left traders and investors gravitating towards safe haven commodities. This relegated major currency pairs in speculative territory but crypto-business sustained tenacious resilience to venture into new horizons. Forex Broker comparison service FXBrokerFeed brings you the latest updates and snapshots in the FX Broker Market, featuring Gemini’s Australian volley and range-bound EUR/USD pair.
Gemini Exchange Australian Venture
Gemini crypto-trading exchange opened shop in Australia to increase its global crypto presence and market share. Gemini exchange platform currently transacts daily cryptocurrency services for customers in the US, Canada, United Kingdom, Hong Kong, South Korea and Singapore.
Said Gemini co-founder Tyler Winklevoss during the Wednesday announcement; “cryptocurrency is the future of money, and we are committed to building a bridge to that future in Australia. We are thrilled to continue expanding our global footprint and give Aussies a safe and trustworthy cryptocurrency experience.”
With New York as its nerve center, the exchange has also started operations in Chicago. Gemini has made an application for a broker-dealer license which awaits approval from the Financial Industry Regulatory Authority. Additionally, the exchange has yet to receive another approval to have a Bitcoin-backed ETF for US operations, also awaiting a nod from the Securities and Exchange Commission.
Lukeworm Rally for EUR/USD
The IHS/Markit research showed German manufacturing PMI beating recessionary odds to post 43.6 above a previous month’s 43.2 reading. German services PMI posted an equally mild rebound with a point above July PMI for a 54.4 showing.
Additionally, French manufacturing and services PMI’s were impressive enough to buttress a Eurozone in need of urgent stimulus packages for revamp. This was seemingly enough to gloss over Italy’s political chaos to tick an uptrend at 1.1100 resistance, and support at 1.1090.
Prospects for ECB easing stimulus, unresolved US/China tariffs, and the Jackson Hole meeting of global central banks’ sentiments continued to impact the pair.
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