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The third week of July 2019 was a nail-biter for the FX Market awaiting data, action on rate cuts, and G7 agenda outcomes. Facebook once again took podium spotlight in the halls of global power and finance. Forex Broker comparison service FXBrokerFeed brings you latest news and updates in the FX Broker Market, featuring authorities wary of cryptocurrencies and a Silver Cloud Week.
Blockchain Blocker
According to FXBrokerFeed, growing concerns about cryptocurrencies being used illegally pushed the sector to top-list the agenda of a G7 summit in Chantilly, France. Nothing could mirror the level of trepidation by authorities globally than Facebook’s Libra hearing in the U.S. House Committee on Financial Services for two days running.
Said Chairwoman Waters “I have serious concerns with Facebook’s plans to create a digital currency and digital wallet, and its efforts to enlist partners that expand its reach, like Mastercard, PayPal, Visa, Uber, Lyft, and Spotify. Facebook is apparently trying to create a new global financial system that is intended to rival the US Dollar”.
FXbrokerFeed takes cognizance of cryptocurrencies increasing popularity with new ones mushrooming globally. However, Libra is what broke the camel back as major cryptos lost previous week’s bullish traction.
Silver Lined Cloud
Silver broke through the gloom of tumbling yields in the ranks of major currency pairs to trade at above $15 pivots during the week, and cresting a record three-year high of $ 16.11 on Thursday.
FXBrokerFeed ticked a soured week for the FX market compounded by a sluggish global economy that is increasingly beset with trade wrangles traversing China, US and now Europe.
Risk appetite for Commodities by investors is on the rise as they scout for safe havens. Last time Silver traded above $16 was in 2017 at $ 16.90.
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