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Germany Recession Fears and Samsung’s Crypto Wallet

Published on: 08/16/19 8:47 AM

Tags: , , , , , , ,

Category: Newsletter

The third week of August 2019 saw the FX Market weighing options to navigate slow Eurozone growth as Germany’s economic slump worsened amidst a slowing manufacturing sector, and curtailed export earnings leading to declined local consumption.  The market was also stirred by Samsung’s discreet endorsement of Bitcoin. Forex Broker comparison service FXBrokerFeed brings you the latest news and snapshots in the FX Broker Market, featuring the rising cryptocurrency legitimacy and Germany’s recession nightmare scenario.

Germany’s Economic Woes

Europe’s largest economy is struggling to ward off a slew of consistent negative performance drawdowns. IFO weak sentiment data indicate that the economy’s downward slide by 0.1% in Q2 has creeped into Q3 compounded further by an exports slump, especially from China. Declining global economic growth, Brexit and tariffs uncertainties continued to negatively affect the labor market which has in turn dampened domestic spending. Eyes are now on ECB’s September monetary policy meeting consideration for easing fiscal measures to re-ignite the German economy out of a looming recession. Also, the effect of negative Eurozone economic data sent EUR/USD into bears’ territory dropping below the 50 SMA, and a new 2019 low of 1.1027 pivot.

Samsung Embraces Bitcoin

Samsung has added Bitcoin to its crypto wallet to boost trade through its Software Development Kit (SDK) Blockchain Keystore; a preloaded feature on selected Galaxy devices. The tech giant’s blockchain services will be launched later in the year, and accessed through Samsung’s range of Galaxy S10 smartphones, including S10e, S10+, S10 5G, Note 10 and Note 10+ models. Samsung Blockchain Wallet services are currently available in Canada, South Korea, the UK and US but planned roll out to other countries is in progress. Samsung’s Blockchain Keystore SDK currently supports Ethereum and a host of other ERC tokens transacted in its crypto wallet, including South Korean; Kakao’s Klaytn.

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