EUR/USD on a Bullish Rally as Libra Flies into Headwinds
Published on: 07/5/19 9:16 AM
The first week of July 2019 was a mix and match scenario as the FX Market responded favorably to the China/US tariffs truce despite opening of a new tariffs war frontier, while Facebook’s nascent Crypto invokes dread. Forex Broker comparison service FXBrokerFeed brings you updates, and the latest sneak peeks into the FX Broker Market, featuring Libra’s daunting launch hurdles and EUR/USD currency pair resilience.
Libra Flies into Headwinds
Facebook’s flagship cryptocurrency
Libra is flying into serious headwinds from central banks around the world even as the tech giant plans for a global roll out. The company hopes that its loyal customer base in excess of 2.5 billion will embrace and transact the new digital currency.
The magnitude of such dizzy prospects has not only rattled the Bank for International Settlements (BIS) but also whipped central banks globally to consider launch of their own digital currencies; to counter Libra’s impending onslaught into their conservative preserves.
Said Augustin Carstens, General Manager of BIS in an interview with the Financial Times, “it might be that it is sooner than we think that there is a market and we have to create our own digital currencies.”
Facebook, Instagram and WhatsApp global outage on Wednesday caused quite a buzz and a flurry not least for the conglomerate.
EUR/USD Resilient despite Tariff Threats
The currency pair
was on a bullish run shrugging off descending pivot points to test Wednesday chart resistance at 1.1322 from an earlier rise above 1.14 during the week. This is despite Trumps threats to impose more tariffs for alleged currency manipulation by the European Union; and China.
Though United States ISM data was mixed, anticipated rate cuts from the FED is a stabilizer for the pair in the short term.
Also, investors are hopeful that nomination of Christine Lagarde to head the European Central Bank, and other Leaders nominated to head key European financial institutions will hold the euro
fort steady on a growth trajectory.
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