FXBrokerFeed – First Week of May Report

Published on: 05/3/19 9:34 AM

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Category: Newsletter

The month of May 2019 starts with the FX market in robust trading, exploration of new initiatives, and taking advantage of a global economy in rebound. Forex Broker comparison service FXBrokerFeed provides you a snap shot of some updated news, and trends in the FX broker market, featuring GBP/USD trading pair, and MAS and BoC in Blockchain Test Drive.

GPB/USD Trading Pair

The first week of May trading pairs feature is the USD/GBP trading in the mid-1.3050 compared to 1.3200 cap in early April. The Bank of England’s “Super Thursday” reduced inflation rates projection relegate traders to deal the GPB/USD pair with a rear view mirror focused on the Brexit outcome. There is cautious optimism that UK PM Theresa May will strike an accord with Labour Party on Brexit, and unshackle the Sterling to rally against the dollar. The dollar is buoyed by rising interest rates, and favorable economic growth forecasts at home and abroad. Despite the mixed indicators, the GPB/USD pair may set the tone for May global forex trading.  

Monetary Authority of Singapore (MAS) and the Bank of Canada (BoC) in Blockchain Test Drive

The central banks of Canada and Singapore have announced successful completion of a series of tests on cross-border, and cross-currency payments using blockchain technology. Both MAS and BoC used their prototype blockchain payment networks dubbed Project Ubin and Project Jasper respectively. Both banks connected to each other using the hashed time-locked contracts (HTLC) system in use by cryptocurrencies, to reduce counterparty risk. Consultancy for their debut blockchain partnership was provided by Accenture and investment bank JP Morgan. There were scalability difficulties encountered during the test run, and especially on cross-border payments. This joint venture is a reliable pointer that blockchain technology is gaining significant traction into the operations of traditional financial institutions. 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!