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Gemini Australian Venture and EUR/USD in Range

Published on: 08/23/19 9:54 AM

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Category: Newsletter

The fourth week of August 2019 was largely muted for the FX Market as risk bias favored commodities as safe havens. This left major currency pairs in volatility but cryptosphere maintained expansive momentum to test new frontiers. Forex Broker comparison service FXBrokerFeed brings you the latest news and trends in the FX Broker Market, featuring Gemini’s venture into Australia and EUR/USD in range formation.

Gemini Crypto Launch in Australia

Gemini crypto-trading exchange launched in Australia in a move calculated to enhance global presence and services. Gemini exchange platform currently operates 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.” The New York headquartered exchange is yet to receive approval on application for a broker-dealer license from the Financial Industry Regulatory Authority. Also, the exchange hopes to acquire another approval from the Securities and Exchange Commission to have a Bitcoin-backed ETF for US operations.

EUR/USD Low Key Rally

Despite recessionary fears, IHS/Markit research indicated that German manufacturing PMI beat odds to post 43.6 above previous month’s 43.2 reading. German services PMI also posted a mild rebound at 54.4; a point below previous months reading. Additionally, positive French manufacturing and services PMI’s breathed fresh impetus for the struggling Eurozone. The pair shrugged off Italy’s political turmoil to tick an uptrend at 1.1100 resistance, and support at 1.1090. The pair’s trend will continue to depend a lot on ECB easing stimulus prospects, US/China tariffs escalation, and outcome from the Jackson Hole meeting of global central banks.

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