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FOMC Signals Rates Cut Post 2019 and Ruskies going Crypto

Published on: 06/21/19 10:54 AM

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Category: Newsletter

The third Week of June 2019 sees the FX market in a re-alignment spiral as FOMC holds line on interest rates as Russia clears hurdles for cryptocurrency approval. Forex Broker comparison service FXBrokerFeed brings you the latest news, and trends in the FX Broker Market, featuring FOMC maintenance of Dovish Rates as Russia opens up Crypto Space.

Ruskies go Crypto

A Russian news agency TASS report indicate Russia’s clear intent on passing 3 bills come July to regulate different aspects of cryptocurrency adoption. The bill that is bound to stir the burgeoning crypto space awaits approval of the Federation Council before being signed into law by President Vladimir Putin. The three bills incorporate “the crowdfunding law, the ICO, and digital financial assets. Bill’s main emphasis on Digital Financial Assets covers legal concepts like “digital rights” and smart contract” which defines cryptocurrencies, and tokens as property, and not as legal tender. A final moratorium on taxation, tokens and crypto mining will limit individual amount of permissible investment in digital assets.

Federal Open Market Committee (FOMC) Maintains Rates

A positive US economic outlook and jobs data withheld a much anticipated Fed cut on US interest rates. However, FOMC signaled a possible cut post 2019, despite earlier overwhelming market sentiment indicative of cuts in July. The committee voted overwhelmingly to keep the benchmark rate in a target range of 2.25% to 2.5% prevailing since December. Despite potential disapproval by President Trump who is in favor of rate cuts, Powell’s optimism is informed by the FOMC majority, and emphatic decision to maintain a steady line on dovish interest rates in the mid-term. Today’s traders need a dependable way to navigate through the ever-changing world of Forex trading. FXBrokerFeed brings to you relevant information about FX Brokers and currency pairs 24/7, and is an essential tool that will help improve your trading performance. Start your 30-day free trial today!