Cryptocurrencies Archives - The Industry Spread

LMAX Digital Obtains DLT License from Gibraltar

April 18, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: Blockchain, Cryptocurrencies, Cryptocurrency exchange, David Mercer, eToroX, GFSC, Gibraltar Blockchain Exchange, Gibraltar Financial Services Commission, HKEX, Huobi, Jenna Wright, LMAX Digital, LMAX Exchange Group

LMAX Digital

LMAX Digital follows other leading names within the trading industry, including Gibraltar Blockchain Exchange, eToro, and Huobi. LMAX will target institutional customers.

LMAX Exchange Group has been granted a DLT Provider License from the Gibraltar Financial Services Commission. The authorization will allow subsidiary LMAX Digital to offer fully-regulated institutional cryptocurrency exchange services.

Launched in May 2018, LMAX Digital is a cryptocurrency operator established by a regulated FX exchange operator and dedicated to institutional clients. The crypto exchange addresses overwhelming demand from existing clients who were looking for reliable deep liquidity on which to trade digital currencies on an institutional scale.

According to the regulator, LMAX Digital complies with the nine regulatory principles set out by its DLT regulations, including robust risk management processes, effective corporate governance, high standards of customer care, systems and security controls to combat financial and cybercrime, and standards of honesty and integrity.

David Mercer, CEO of LMAX Exchange Group, commented:

“We’re pleased to announce that the GFSC has granted LMAX Digital a DLT license. LMAX Digital was created to fill the gap in the crypto market by providing institutions with a trading platform they can trust, with deep liquidity, the security of funds, and high performance, with proven technology. LMAX Exchange Group has always supported regulatory oversight, and we always work proactively with regulators to help foster a transparent and trusted marketplace for all market participants. We are pleased that the GFSC has recognised our efforts to create a more transparent and secure marketplace.”

Jenna Wright, Head of LMAX Digital, said:

“The Gibraltar regulator has acknowledged our role in further diversifying institutional currency markets, and we look forward to working alongside them and other regulators to help improve understanding of the cryptocurrency market.”

The Gibraltar Blockchain Exchange (GBX), a leading institutional-grade token sale platform and Digital Asset Exchange, has been granted a full DLT-license from GFSC in late 2018, becoming the first entity with such authorization.

Huobi came in second. The leading cryptocurrency exchange founded in China has spread its wings to more crypto friendly jurisdictions after the China ban on crypto trading. The company now has offices in Japan, South Korea, Hong Kong, United States, and Gibraltar. The operator is publicly listed in the Hong Kong exchange (HKEX) since August 2018 after a reverse takeover which had Huobi acquiring a 74% stake in electronics manufacturer Pantronics Holdings.

eToroX, the digital subsidiary of eToro, was the third crypto exchange to be granted a DLT license from the Gibraltar regulator. The operator was launched in April 2019 with eight fiat stablecoins and 37 pairs.

Spotware Launches cTrader Package for Startup Forex Brokers

April 18, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: Bitcoin, Blockchain, Coinmarketcap, Cryptocurrencies, Cryptocurrency exchange, ctrader, cXchange, Ethereum, FX and CFD brokers, ICO, Spotware Systems, trading platform, White Label solutions

cTrader

The platform allows startup brokers to stay in control of trading operations via a powerful admin panel, where they can manage trading settings and clients, use marketing tools, generate transparent reports and conduct risk management.

Spotware Systems, the creator of leading retail FX trading platform cTrader, has announced the launch of a fully supported solution for startup retail forex FX and CFD brokers, including access to global infrastructure and hosting in LD5, ongoing technical support from Spotware and regular updates with new features.

James Glyde, Chief Commercial Officer at Spotware Systems, commented:

“Brokers can reach their clients from any part of the world, thanks to our global infrastructure network and the localization of platform into 22 languages. With more than 100 experts in-house, cTrader is very flexible and able to adjust to traders’ demands and industry trends allowing brokers to stay ahead of the competition. Due to its ultra-scalable and open architecture, the solution is fast to install, easy to scale and integrate with third-party providers. This ensures fast time to market and saves a number of costs that can be spent elsewhere.”

Spotware’s offering includes an “All in One Platform”, where the cTrader trading platform provides any type of trader with advanced trading, charting and technical analysis tools for manual trading, algorithmic trading features, copy trading service suitable for PAMM managers, and a native IB Program.

The cTrader platform is translated into 22 languages, which opens a number of markets for the new players within the trading industry who choose Spotware. cTrader’s open and scalable architecture is easily connectable to any liquidity providers and 3rd party apps.

Spotware has recently announced the launch of a new breed of turnkey White Label solutions which feature additional tools such as extended Client office and a cryptocurrency offering.

The fintech firm launched cXchange to help businesses launching their own cryptocurrency exchange with everything needed out-of-the-box. The company appointed Alexander Geralis as Chief Product Officer to oversee the product’s development and raise awareness of the digital asset exchange solution on the international arena.

Pre-integrated with Coinmarketcap, so that Spotware customers can be listed the day they reach the required 24h trading volume, cXchange features all the top market-cap cryptocurrencies like Bitcoin and Ethereum and Ripple, with the possibility of adding a large range of popular ICOs and Tokens without extra cost.

AUDUSD Eyes 0.72, Gold Continues South

April 17, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, AUD/USD, banks, Bitcoin, Brexit, Brokers, Cryptocurrencies, ECB, economy, financial services, Fitch Ratings, FX trading, monetary policy, OPEC, RBA, trading platform

Asian stocks finished higher close to nine months highs, as investors sentiment was supported by strong Chinese industrial production numbers and better GDP data. In Japan, the Nikkei225 main index added 0.25 percent to 22,277, the highest since December 4th, 2018. The Hang Seng benchmark in Hong Kong finished 0.02 percent higher at 30,109. Chinese stocks also finished higher, with Shanghai Composite finishing 0.33 percent higher at 3,264, and in Singapore, the FTSE Straits Times index finished 0.45 percent higher at 3,347. Australian equities submitted to sellers and ASX 200 index ended lower by 12 points or 0.2%. The ASX 200 continues to trade on lighter volumes with school holidays and the Easter long weekend coming up.

In commodities markets, Crude oil continues north after a two-day consolidation at five months high, the black gold as of writing trades at 64.48 boosted by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. During the weekend, Russia’s Finance Minister Anton Siluanov said that Russia and OPEC might decide to boost production to fight for market share with the United States. On Friday, the weekly release of the Baker Hughes US rig counts showed a decline of 3 rigs giving 1022 figure for the week ended on April 12. The near-term upside target for black gold is at the 65.00 figure, but I expect some profit taking to prevail as oil has reached overbought levels, the RSI trading above 70. Brent oil is also adding to its gains and trades today at $71.94/barrel. Gold’s negative momentum is still intact hitting yesterday 1273 figure, the lowest levels since April 3rd just to start a mild rebound during the Asian session to $1279. XAUUSD’s technical picture is negative and now strong support stands at the 200-day moving average down to $1250, which if broken can accelerate the downward move to 1200 as sellers are in full control. Strong resistance now stands at the $1300 round figure and then at the 50-day moving average around $1305.

The European session started mixed, tracking after sentiment supported by influential Chinese macro figures. DAX30 is 0.06 percent higher to 12,108, CAC40 is 0.01 percent higher at 5,524 while FTSE100 in London is 0.02 percent higher at 7,458, and the FTSE MIB in Milan is trading 0.07 percent higher at 21,934.

In cryptocurrencies market, Bitcoin (BTCUSD) continues its up and down around the key 200-day moving average at $5,153, currently trading at $5,200, making the daily low at 5,167 and daily high at 5,267. BTCUSD finds yesterday strong support at the $5,000 level and started the rebound from that figure. Bitcoin will find support at the 50-day moving average at 4,089. Ethereum (ETHUSD) also trades higher to 165, and it is placed nicely above the 100-day moving average facing strong resistance at 193, the 200-day moving average, while Litecoin (LTCUSD) also follows higher at 79.40. The cryptocurrencies market cap currently holds above $160.0B.

On the Lookout: China supplied today some strong figures, the industrial production rose 8.5% y/y (cf. 5.9%), the retail sales were up 8.7% y/y (cf. 8.4%) and last but not least, Chinese GDP rose 6.4% slightly above analyst’s forecasts.

Fitch Ratings in its latest review on the New Zealand economy, reports that Capital proposals are unlikely to affect New Zealand’s major bank franchises. High household debt in New Zealand is broadly stable but is a key risk. Expect modest deterioration in asset quality in New Zealand over the next year, in part because impaired loan levels are around historical lows. The banks’ strong domestic franchises allow for a stable business model that helps offset continued high macroeconomic risks in New Zealand.

In Japan, the trade data for March showing its exports fell 2.4% from a year earlier, while the trade surplus sank 33%.

In the macro calendar from the Americas today, we have the Canadian manufacturing sales at 12:30GMT, followed by the US capacity utilization and industrial figures due at 13:15GMT. New Zealand’s GDT price index data will be published around 14:00GMT. Oil traders will await the release of the US API weekly crude stocks data that will be released at 2030GMT.

AUDUSD Hourly (H1) Chart

Trading Perspective: In Forex markets, the US dollar is trapped between 96.40 and 96.65, while AUDUSD after yesterdays pullback continues higher adding 0.24 percent to 0.7192 as RBA April meeting’s minutes was widely read as dovish, and the likelihood of near term rate hike is low. The pair needs to break convincingly above the 200-day higher to establish a long term positive momentum. Kiwi underperforms and trades 30 pips lower at 0.6736.

GBPUSD: The pair trades lower as the pair’s volatility is at a monthly low, losing the short term momentum as it trades at 1.3050 below the 200-hour moving average. On the downside, major support will be found at 1.2975 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2942. On the flipside, immediate resistance stands at 1.3195, the high from previous week session, and from there major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets, open interest shrunk by nearly 1.9K contracts on Tuesday from Monday’s final 151,327 contracts, according to flash data from CME Group. On the other hand, the volume went up by almost 32.7K contracts, reversing the previous drop.

EURUSD managed to rebound from yesterday lows at 1.1280 and regains the 1.13 level. The pair made the Asian high at 1.1316 and the low at 1.1280. Euro holds above the 50-day moving average and now is targeting the 100 DMA at 1.1345. Immediate support can be found at the 50-hour moving average around 1.13, and further bids will emerge at 1.1293 and the 100-hour moving average.

EURO remains in negative mood following recent poor figures in Eurozone. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected.

In Euro futures markets, open interest rose by nearly 3.8K contracts on Tuesday. Volume extended the choppy performance and increased by almost 68.8K contracts.

USDJPY: Same story here as the pair is trading in just 20 pips trading range, having hit the low at 111.91 and the high at 112.15. Major support for the pair stands at 111.51 the 200-day moving average and then at 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.10 the March 2019 high.

Open interest in JPY futures markets increased by 6.9K contracts on Tuesday, recording at the same time the fifth consecutive build. In the same direction, volume partially reverted Monday’s pullback and increased by more than 11K contracts.

USDCAD did the opposite move from yesterday, as it retreats from yesterdays high at 1.3381 to 1.3328 as oil prices continue higher. The pair will find immediate support at the 100-day moving average around 1.3315 while extra support stands at 1.3196 and the 200-day moving average which if breached will drive prices down to the 1.31 key support. On the upside, immediate resistance stands at 1.34, a break of which can escalate the rebound towards 1.3430.

USDCAD Hourly (H1) Chart

AUDUSD Under Pressure After Dovish RBA

April 16, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, AUD/USD, Bitcoin, BOJ, Brexit, brokerage, Cryptocurrencies, ECB, EUR-USD, Iran sanctions, monetary policy, OPEC, RBA, trading platform

Asian stocks finished higher to the highest level in nine months, as investors cheer upbeat beginning of the US earnings season. In Japan, the Nikkei225 main index added 0,32 percent to 22,238 the highest since December 4th, 2018, the Hang Seng benchmark in Hong Kong finished 0.68 percent higher at 30,007. Chinese stocks are rallying, with Shanghai Composite finishing 1.55 percent higher at 3,226, and in Singapore, the FTSE Straits Times index finished 0.16 percent higher at 3,329. Australian equities have overcome early losses to end the day higher. The ASX 200 continues to trade on lighter volumes with school holidays and the Easter long weekend coming up. The ASX 200 index managed to lift by 26 points or 0.42% to 6277.4.

In commodities markets, Crude oil consolidates below five months high, at 63,27 area amid OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. During the weekend, Russia’s Finance Minister Anton Siluanov said that Russia and OPEC might decide to boost production to fight for market share with the United States. On Friday, the weekly release of the Baker Hughes US rig counts showed a decline of 3 rigs giving a 1022 figure for the week ended on April 12. The near-term upside target for black gold is at the 65.00 figure, but I expect some profit taking to prevail as oil has reached overbought levels, the RSI trading above 70. Brent oil gives up some cents and trades today at $70.84/barrel near recent highs. Gold started the week lower and continues its trip south today at $1284, at the lowest levels since April 3rd. XAUUSD technical picture has turned negative, and now immediate support stands at 100-day moving average at $1284, which if broken can accelerate the downward move to 1260 and the 200-day moving average. Strong resistance now stands at the $1300 round figure and then at the 50-day moving average around $1307.

European session started slightly positive, tracking a strong session in Asia as strong Chinese macro figures supported sentiments. DAX30 is 0.13 percent higher to 12,034, CAC40 is 0.01 percent higher at 5,508 while FTSE100 in London is 0.07 percent higher at 7,442 and the FTSE MIB in Milan is trading 0.16 percent higher at 21,929.

In cryptocurrencies market, Bitcoin (BTCUSD) started the week on positive mood but lost over 80 dollars during US session at 5,064 and trades below the key 200-day moving average resistance at $5,147, making the daily low at 4,999. BTCUSD pair broke the $5,000 level the previous week but rebounded from $4,920 support area. Bitcoin will find support at the 50-day moving average at 4,089. Ethereum (ETHUSD) lost 5 dollars to 161, and it is placed nicely above the 100-day moving average, while Litecoin (LTCUSD) is also lower at 78.40. The cryptocurrencies market cap is currently above $160.0B.

On the Lookout: Bank of Japan Chief Kuroda, says that the central bank needs to bear in mind the possibility that prolonged low-rate policy may hurt financial intermediation. He further said that the BOJ would consider additional easing if momentum towards 2% inflation is lost adding that there is no need to change the 2% inflation target. The Reserve Bank of Australia (RBA) did discuss the impact of a rate cut while noting that inflation is likely to remain low for some time, but there is no strong case for a near-term move in interest rates.

Eric Rosengren, president of the Federal Reserve Bank of Boston, said that while the pace of economic expansion has slowed, overall, the US economy is doing quite well and the possibility of a recession is quite low.

Business conditions in the New York region improved more than expected in April, but growth remained “fairly subdued”, according to a survey released by the New York Fed. The Empire State manufacturing index rose to 10.1 from 3.7 in March, surpassing expectations for a reading of 6.0. Its new orders index rose to 7.5 this month from 3.0 the month before, while the shipments index increased to 8.6 from 7.7.

In the macro calendar from the Americas today, we have the Canadian manufacturing sales at 12:30GMT, followed by the US capacity utilization and industrial figures due at 13:15GMT. New Zealand’s GDT price index data that will be published around 14:00GMT. Oil traders will await the release of the US API weekly crude stocks data that will be released at 2030GMT.

AUDUSD Hourly (H1)

Trading Perspective: In Forex markets, US dollar consolidates around 96.50, while AUDUSD is trading 0.35 percent lower at 0.7145 as RBA April meeting’s minutes was widely read as dovish, and the likelihood of near term rate hike is low. Kiwi is trading 10 pips lower at 0.6756.

GBPUSD The pair failed to break above the 1.31 area and continues the consolidation around 1.3085. On the downside, major support will be found at 1.2975 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2942. On the flipside, immediate resistance stands at 1.3195 the high from previous week session, and from there major resistance can be found at 1.3232 while 1.3382 the yearly high will be met with strong supply.

In GBP futures markets open interest increased 3.7K contracts to their open interest positions on Monday, reaching the third build in a row. Volume, instead, dropped by nearly 29.5K contracts following two consecutive advances.

EURUSD is trading in record low range, just 10 pips between 1.13 and 1. The pair made the daily high at 1.1320 and the low at 1.1297. Euro holds above the 50-day moving average and now is targeting the 100 DMA at 1.1348. Immediate support can be found at the 50-hour moving average around 1.1287, and further bids will emerge at 1.1278 and the 100-hour Moving average. As Michael Moran mentioned yesterday, speculative EUR shorts continue to grow. The latest COT report (week ended 9 April) saw speculative EUR short bets increase to -EUR 102,200 bets from the previous week’s -EUR 99,200.

In Euro futures markets, open interest shrunk by nearly 1.9K contracts on Monday from Friday’s final 500,343 contracts, according to advanced figures from CME Group. Volume followed suit and dropped by around 83.7K contracts.

USDJPY: Same story here as the pair is trading in just 14 pips trading range, having hit the low at 111.85 and the high at 112.02. Major support for the pair stands at 111.51 the 200-day moving average and then at the 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.10 the March 2019 high.

Open interest in JPY futures markets increased for the fourth straight session on Monday, this time by more than 3K contracts. Volume, instead, shrunk by almost 38.7K contracts after two consecutive daily builds.

USDCAD is the winner of the day, as it rebounds from yesterdays low at 1.3331 to 1.3378 as oil prices retreat from recent highs. The pair will find immediate support at the 100-day moving average around 1.3322 while extra support stands at 1.3192 and the 200-day moving average which if breached will drive prices down to 1.31 key support. On the upside, immediate resistance stands at 1.34 a break of which can escalate the rebound towards 1.3430.

USDCAD Hourly (H1)

Nikkei Outperforms, Traders Eye more US Earnings

April 15, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, banks, Bitcoin, Brexit, brokerage, Cryptocurrencies, ECB, EUR-USD, Iran sanctions, JP Morgan, JPMorgan Chase, monetary policy, RBA, trading platform, Wells Fargo

Asian stocks finished in positive tones to the highest level in nine months, as investors follow the gains from Wall Street indices on Friday helped by the upbeat beginning of the US earning season by JP Morgan and Wells Fargo. In Japan, the Nikkei225 main index added 1.37 percent to 22,169 the highest since December 4th, 2018. The Hang Seng benchmark in Hong Kong finished 0.02 percent higher at 29,914. The Shanghai Composite underperformed for one more day, finishing 0.34 percent lower at 3,177, and in Singapore, the FTSE Straits Times index finished flat at 3,329. Australian equities traded in a narrow range of 20 points on Monday, most of which was spent in negative territory. A late rebound helped the index to end with small gains at 6,347. Even though sellers had the edge over their counterparts, momentum was limited as the market commenced a holiday-shortened week and a month-long Federal Election campaign.

In commodities markets, Crude oil consolidates at a five-month high, around 63,50 area amid OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. During the weekend, Russia’s Finance Minister Anton Siluanov said that Russia and OPEC might decide to boost production to fight for market share with the United States. On Friday, the weekly release of the Baker Hughes US rig counts showed a decline of 3 rigs giving 1022 figure for the week ended on April 12. The near-term upside target for black gold is at the 65.00 figure, but I expect some profit taking to prevail as oil has reached overbought levels, the RSI trading above 70. Brent oil started the week with bids and trades today at $71.34/barrel near recent highs. Gold started the week lower down to $1287, at the lowest levels since April 5th. XAUUSD‘s technical picture has turned negative, and now immediate support stands at 100-day moving average at $1285, which if broken can accelerate the downward move to 1260 and the 200-day moving average. Strong resistance now stands at the $1300 round figure and then at the 50-day moving average around $1307.

XAUUSD Hourly (H1) Chart

European session started slightly positive tracking a positive session in Asia due to sentiments supported by strong Chinese export figures. DAX30 is 0.02 percent higher to 12,000, CAC40 is 0.07 percent higher at 5,506 while FTSE100 in London is 0.03 percent lower at 7,429 and the FTSE MIB in Milan is trading 0.45 percent higher at 21,956.

In cryptocurrencies market, Bitcoin (BTCUSD) started the week on positive mood and trades at 5,147, fighting with the key 200-day moving average resistance at $5,189, making the daily low at 5,079. BTCUSD pair broke the $5,000 level the previous week and traded as low as $4,920. Bitcoin will find support at 50-hour moving average at 4,514. Ethereum (ETHUSD) also adds 3 dollars at 166, and it is placed nicely above the 100-day moving average, while Litecoin (LTCUSD) is also higher to 82.40.

On the Lookout: In China macro data, exports surged past expectations in March, rising 14.2% in US dollar terms from the previous year amid the ongoing trade dispute with the US, following a 20.8% drop in February. However, imports declined 7.6% compared to a 5.2% fall the month before. Analysts had been expecting exports to rise 6.5% and imports to edge up 0.2%.

IMF Director Christine Lagarde said on Thursday that the six-month delay of Britain’s exit from the European Union avoids the “terrible outcome” of a “no-deal” Brexit, but does nothing to lift uncertainty over the final outcome. RBA in its semi-annual check on Australia’s financial system said that overall household financial stress remains low, the health of the job market is key. It warned if unemployment were to rise there is a greater risk for mortgage defaults.

In Wall Street, first-quarter earnings season will continue, with results due from Goldman Sachs and Citigroup later in the day following impressive numbers from JPMorgan Chase and Wells Fargo on Friday.

In the macro calendar from Americas today we have the Bank of Canada (BOC) Business outlook survey which will be reported at 14:30GMT. Also, the speeches by the BOE MPC member Haskel and FOMC member Evans will grab some attention later today.

Trading Perspective: In Forex markets, US dollar is under pressure, AUDUSD is trading 0.04 percent higher at 0.7172 at a two-week high, after the cautious tone of the Reserve Bank of Australia during its bi-annual financial stability review last week. The central-bank downgraded growth forecasts and cited risks to trading partners and the global financial system. Kiwi is trading 15 pips higher at 0.6770 while the US dollar index is giving up 10 cents to 96.43.

AUDUSD Hourly (H1) Chart

GBPUSD: In Brexit front, the EU struck a final accord and offered a flexible Brexit deadline extension until Oct 31st to the UK, leaving doors open for an early exit if the PM May manages to clinch a Brexit deal.

The pair is in an attempt to break the 50-day moving average as it trades 0.21 percent higher at 1.3095 (low at 1.3068, high at 1.3105). On the downside, major support will be found at 1.2975 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2942. On the flipside, immediate resistance stands at 1.3195 the high from previous week session, and from there major resistance can be found at 1.3232, while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets, open interest rose for the second session in a row on Friday, this time by more than 3.2K contracts. In the same line, volume rose once again by around 7.8K contracts.

EURUSD is adding 0.16 percent today at 1.1318. The pair made the daily high at 1.1320 and the low at 1.1297. Euro holds above the 50-day moving average and now is targeting the 100 DMA at 1.1348. Immediate support can be found at the 50-hour moving average around 1.1287, and further bids will emerge at 1.1278 and the 100-hour moving average. As Michael Moran mentioned earlier, speculative EUR shorts continue to grow. The latest COT report (week ended 9 April) saw speculative EUR short bets increase to -EUR 102,200 bets from the previous week’s -EUR 99,200.

In Euro futures markets, traders added nearly 7.5k contracts to their open interest positions on Friday, while volume increased by around 83K contracts.

USDJPY: The pair is trading higher today at 111,98 having hit the low at 111.87 and the high at 112.08. Major support for the pair stands at 111.51, the 200-day moving average, and then at the 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.10, the March 2019 high.

Open interest in JPY futures markets and volume are rising for yet another session on Friday by around 15.1K contracts and almost 26.3K contracts, respectively.

USDCAD retreats from recent high to 1.3331 as oil prices retreat from recent highs. The pair will find immediate support at the 100-day moving average around 1.3322 while extra support stands at 1.3192 and the 200-day moving average which if breached will drive prices down to the 1.31 key support. On the upside, immediate resistance stands at 1.34, a break of which can escalate the rebound towards 1.3430.

Arab Bank (Switzerland) Deploys Integral’s Mobile App

April 12, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: Arab Bank, BankFX, Cryptocurrencies, FX lifecycle, Integral FX, MENA, OCX

Integral provides Arab Bank with its end-to-end FX solution since 2014. Satisfied with the single dealer platform and in need to enter the mobile trading train, the bank turned to Integral to develop a mobile trading app.

Arab Bank, a Switzerland-based bank that works with established businesses, wealthy individuals and ambitious entrepreneurs with strong ties in the MENA region, has deployed has deployed a trading app built on Integral’s platform.

The bank is one of the largest financial institutions in the Middle East, founded in 1930 in Jerusalem, Mandatory Palestine, as the first private sector financial institution in the Arab world.

Aiming to expand mobile trading services to their institutional and corporate customers, the bank had partnered with the fintech company known for helping banks, brokers and asset managers to outperform their competition in the foreign exchange market.

Rani Jabban

Rani Jabban, Head of Treasury at Arab Bank, commented: “The banking industry is becoming increasingly mobile, so our customers expect us to deliver the same high level of service and performance in our mobile platform as we do across our other solutions. We’ve had a strong, longstanding partnership with Integral and were confident that they could extend the BankFX platform to meet our customers’ mobile trading needs. The feedback has been extremely positive.”

Harpal Sandhu

Harpal Sandhu, Chief Executive Officer at Integral, said: “Arab Bank (Switzerland) Ltd. is committed to providing a seamless and complete experience to its FX customers. BankFX is a flexible, cloud-based platform that addresses the entire FX lifecycle, so it is straightforward for us to customize the platform to accommodate their evolving requirements. In this case we integrated our mobile app so their customers can trade whenever necessary.”

In early 2018, Integral expanded its market data offering for cryptocurrencies to include 14 major cryptocurrencies connecting to all major exchange sources across the U.S., Europe and Asia including Japan and Hong Kong.

Integral FX has reported a second-month decline in trading volumes in February 2019, with an average daily volume coming in at $33.3 billion, which is 4 per cent lower on a monthly timeframe from $34.7 billion. Integral’s Open Currency Exchange (OCX) brings in a wide range of market participants into a single integrated network of liquidity.

ECB and FED Without Surprises, Major Pairs Flat After Brexit Extension

April 11, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Airbus, Asian stocks, banks, Bitcoin, Brexit, Brexit extension, Cryptocurrencies, ECB, economy, EUR-USD, FED, financial services, FOMC, FX trading, Iran sanctions, monetary policy, Sino-U.S. trade talks, trading platform

Asian stocks finished mostly lower, as investors digest updates from both the European and US central banks. Yesterday, the IMF cut its GDP prediction for the third time in the last six months to the lowest since 2009. US President Donald Trump also threatened to impose tariffs on $11 billion of European Union (EU) imports as retaliation on what he claims to be unfair subsidies to Airbus. In Japan, the Nikkei225 main index added 0,11 percent to 21,711, the Hang Seng benchmark in Hong Kong finished 0.63 percent lower at 29,927. The Shanghai Composite underperformed, finished 0.80 percent lower at 3,215 and in Singapore the FTSE Straits Times index finished 0.04 percent higher at 3,330. Australian equities fell slightly on Thursday, with the ASX200 benchmark down by 0.4 percent or 24.8pts to 6198.7.

In commodities markets, Crude Oil consolidates at a five-month high and holds recent gains at 64,24 supported by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. The near-term upside target is the 65.00 figure, but I expect some profit taking to prevail as the black gold has reached overbought levels, the RSI trading above 70. Brent oil started the week with a gap up and trades today at $71.42/barrel also holding recent highs. Gold rebounded yesterday above $1300 at two weeks high, supported by escalating geopolitical tensions concerning Tripoli, the Libyan capital. The precious metal is trading today at $1307.50, making the daily high during Asia session at 1,309 and the low at 1,305. XAUUSD technical picture is positive, and now immediate support stands at the 50-hour moving average at $1300, which if broken can accelerate the downward move to 1293 and the 200-hour moving average. Strong resistance now stands at the $1309, the 50-day moving average, and I expect the bears to defend $1309 with full force.

European session started in mixed fashion as the Brexit deadline extended for one more time, DAX30 is 0.23 percent lower to 11,870, CAC40 is 0.16 percent higher at 5,458 while FTSE100 in London is 0.33 percent lower at 7,396 and the FTSE MIB in Milan is underperforming, trading 0.56 percent lower at 21,546.

In cryptocurrencies, Bitcoin (BTCUSD) consolidates above the 5,000 mark, and the key 200-day moving average resistance at $5,225 making the daily high at 5,338. Bitcoin will find support at the 50-hour moving average at 4,514. The rally in BTC triggered bids across the industry with Ethereum (ETHUSD) underperforming today, trading 10 dollars lower today at 171 and Litecoin (LTCUSD) lost 3 dollars to 85.55.

On the Lookout: The FOMC minutes suggested that members generally favor being patient for the remainder of the year, the European Central Bank announced that the Governing Council left the interest rate unchanged while Mario Draghi noted that the risk of recession for the Eurozone remains low for now.

In Brexit front, the EU struck a final accord and offered a flexible Brexit deadline extension until Oct 31st to the UK, leaving doors open for an early exit if the PM May manages to clinch a Brexit deal.

In its 2019 World Economic Outlook yesterday, the International Monetary Fund slashed its prediction for the rate of growth in global GDP in 2019 by 0.4 percentage points to 3.3% and that for 2020 by 0.1 percentage points to 3.6%.

Trading Perspective: In Forex markets, most majors are sticking to tight trading ranges for one more day as the ECB and FED failed to impress investors. AUDUSD is trading 0.14 percent lower at 0.7160 near a two-week high, after the government called for a Federal Election for May 18. Generally, an Australian election has not had a meaningful impact on FX markets. However, there are signs that Aussie investors can be a little hesitant in the lead-up to an election due to concerns about policy changes. Over the past five elections, the AUD has been a little soft and volatile at times in the weeks heading into an election and has stabilised once Australians have voted. Kiwi is trading 10 pips lower at 0.67.53. The US dollar index is trapped in mid 96.

GBPUSD Hourly (H1) Chart

GBPUSD consolidates between the 50 and 200-day moving average. Today the pair is trading flat at 1.3085 (low at 1.3076, high at 1.3107) as the Brexit deadline extension is likely good news for Cable. On the downside, major support will be found at 1.2977 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2929. On the flipside, immediate resistance stands at 1.3195 the high from previous week session, and from there major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets, open interest shrunk by just 326 contracts on Wednesday from the previous session. Volume followed suit, down by 35.2K contracts, reversing the previous build and prolonging the erratic performance seen as of late.

EURUSD is trading flat after Mario Draghi failed to start any new trend. The pair is trading today at 1.1281 at the daily high. The pair needs to break above 1.13 to give bulls a breath and then approach the 50-day moving average at 1.1329 to establish a short term bullish momentum. Immediate support can be found at the 100-hour moving average around 1.1215. Comments from ECB and FOMC today will provide the cues for the next short term trend for the pair.

EURO remains in a negative mood following recent poor figures in the Eurozone. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected.

On the Euro political front, headwinds are expected to emerge in light of the upcoming EU parliamentary elections, where the focus of attention will be on the potential increase of the populist and right-wing option among voters.

In Euro futures markets, traders added just 721 contracts to their open interest positions on Wednesday. In the same direction, volume increased by around 62.5K contracts.

USDJPY: The pair is trading higher today at 111,10 having hit the low at 110.89 and the high at 111.16. Major support for the pair stands at 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.06 the March 2019 high.

Open interest in JPY futures markets rose by 742 contracts on Wednesday, while volume shrunk by around 12K contracts, partially reversing the previous build.

USDJPY Daily Chart

USDCAD gains momentum and recovers from 1.33 to 1.3353 and then printed a fresh weekly low at 1.3292, which now acts as strong support. The pair will find extra support at 1.3285, and the 50-day moving average which if breached will drive prices down to 200-day moving average key support. On the upside, immediate resistance stands at 1.34 a break of which can escalate recent rebound towards 1.3430.

ECB and FED on Spotlight Today

April 10, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: AUD/USD, Bitcoin, Brexit, brokerage, Cryptocurrencies, ECB, ECB Interest Rate, economy, EUR-USD, FED, FOMC, Iran sanctions, monetary policy, Sino-U.S. trade talks, trading platform

Asian stocks finished on a negative ground, as investors turned cautious after IMF cut its GDP prediction for the third time in the last six months to the lowest since 2009, and Brexit developments. US President Donald Trump also threatened to impose tariffs on $11 billion of European Union (EU) imports as retaliation on what he claims to be unfair subsidies to Airbus.

In Japan, the Nikkei225 main index added 0,53 percent lower to 21,687, the Hang Seng benchmark in Hong Kong finished 0.31 percent lower at 30,060. The Shanghai Composite was 0.20 percent higher at 3,246 and in Singapore, the FTSE Straits Times index finished 0.04 percent lower at 3,320. Australian equities recovered from morning’s lows to finish flat on Wednesday for the second session. The ASX 200 was down as much as 0.36 percent this morning; however, gains from the big banks and gold miners helped offset the losses.

XAUUSD Daily Chart

In commodities markets, Crude Oil rally is intact at a five-month high and holds recent gains above 64, supported by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. The near-term upside target is the 65.00 figure, but I expect some profit taking to prevail as the black gold has reached overbought levels. Brent oil started the week with a gap up and trades today at $70.80/barrel some cents away from the recent highs. Gold rebounded yesterday above $1300 at two weeks high, supported by escalating geopolitical tensions concerning Tripoli, the Libyan capital. XAUUSD technical picture is positive, and now immediate support stands at 50-hour moving average at $1300, which if broken can accelerate the downward move to 1293 and the 200-hour moving average. Strong resistance now stands at the $1307, the 50-day moving average, expect the bears to defend $1307 with full force.

European session started in easy tones as the Brexit deadline for leaving the European Union is getting closer and investors are awaiting Mario Draghi’s comments on Eurozone growth prospects. DAX30 is 0.18 percent higher to 11,869, CAC40 is 0.12 percent higher at 5,442 while FTSE100 in London is 0.15 percent lower at 7,414 and the FTSE MIB in Milan is trading 0.08 percent higher at 21,694.

In cryptocurrencies, bitcoin (BTCUSD) consolidates above the 5,000 mark, and the key 200-day moving average resistance is at $5,225, making the daily high at 5,271. Bitcoin will find support at 50-hour moving average at 4,514. The rally in BTC triggered bids across the industry with Ethereum (ETHUSD) outperforming today, trading now at 181 and Litecoin (LTCUSD) gains 2 dollars to 88.95.

On the Lookout: In its 2019 World Economic Outlook, the International Monetary Fund slashed its prediction for the rate of growth in global GDP in 2019 by 0.4 percentage points to 3.3% and that for 2020 by 0.1 percentage points to 3.6%.

EU leaders for one more time are set to meet to discuss and decide on whether to grant the UK another Brexit extension and, and in that case, for how long. The US inflation figures, FOMC minutes and the ECB meeting are key events later that will keep investors busy.

Key upcoming events:

10/04/2019 ECB Interest Rate Decision

10/04/2019 Emergency EU Council Meeting

29/03/2019 (12/04/2019) UK leaves the European Union

18/04/2019 Dissolvement of current EU Parliament

Trading Perspective: In Forex markets today most majors are sticking to tight trading ranges, AUDUSD is trading 0.35 percent higher at 0.7148 near a two-week high, supported by positive comments from RBA Deputy Governor Debelle on economic growth and domestic labor market, while Kiwi is also higher at 0.67.53 tracking AUD and strong commodity prices led by oil. The US dollar index ranges in mid 96 awaiting FOMC meeting for clues about the US interest rate outlook.

AUDUSD Hourly (H1) Chart

GBPUSD consolidates between the 50 and 200-day moving average. Today the pair is trading flat at 1.3072 (low at 1.3038, high at 1.3079) as investors follow the Brexit news. On the downside, major support will be found at 1.2977 at the 200-day moving average while solid protection can be found at a 100-day moving average around 1.2929. On the flipside, immediate resistance stands at 1.3195 the high from previous week session, and from there, major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets, open interest traders added more than 1K contracts to their open interest positions on Tuesday, while volume extended the choppy performance, rising by around 41.2K contracts.

EURUSD yesterday managed to break into the three-month trading range for one more time. The pair is flat today 1.1266 just shy of yesterday high. The pair needs to break above 1.13 to give bulls a breath and then approach the 50-day moving average at 1.1329 to establish short term bullish momentum. Immediate support can be found at the 100-hour moving average around 1.1215. Comments from ECB and FOMC today will provide the cues for the next short-term trend for the pair.

In Euro futures markets, open interest shrunk by more than 1.7K contracts on Tuesday, according to preliminary figures from CME Group. In the same line, volume reversed two consecutive builds and decreased by around 14.2K contracts.

USDJPY: The Bank of Japan on Monday cut its assessment for three of the country’s nine regions, the biggest number of downgrades in six years, suggesting that the hit to exports and factory output from slowing overseas demand is broadening, The pair is flat today at 111,16 having hit the low at 111.05 and the high at 111.24. Major support for the pair stands at 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.06, the March 2019 high.

Open interest in JPY futures markets shrunk by around 3.8K contracts on Tuesday from Monday’s final 169,698 contracts, the first drop after four consecutive builds. On the other hand, volume increased by nearly 22K contracts.

USDCAD consolidates just above 1.33 having lost almost 70 pips earlier this week, erasing the gains of the previous week. It printed a fresh weekly low at 1.3292, and it is holding near the bottom, with the bearish tone intact. The pair will find support at 1.3285, and the 50-day moving average which if breached will drive prices down to 200-day moving average key support. On the upside, immediate resistance stands at the 100-hour moving average at 1.3346 while more supply for the USD will be met at the 200-hour moving average around 1.3360.

Backed by Financial Giants and Corporates, Blockchain Alliance INATBA to Accelerate Blockchain Adoption

April 9, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Accenture, Barclays, BBVA, Blockchain, blockchain technology, Cryptocurrencies, Cryptocurrency exchange, Deutsche Boerse, financial institutions, Fintech, INATBA, IOTA, Ripple, Swift

INATBA

The newly floated international blockchain alliance called, International Association for Trusted Blockchain Applications (INATBA) that promotes the development of a global framework and adoption of DLT, has signed up more than 100 organizations spread across the different sector.

The signees include financial giants like Barclays, BBVA, Deutsche Boerse and SWIFT, IT-giant Accenture are among the top 100 organizations to have joined the alliance. Beside traditional organizations, blockchain start-ups such as Ripple, IOTA and ConsenSys have also committed itself to the alliance to develop a predictable, transparent and trust-based global framework.

Based in Brussels, INATBA is an outcome of a series of forums held by the European Commission to create a strategic direction around the emerging technology. The primary objective of INATBA is to work towards facilitating the development and adoption of interoperability guidelines and standards of the blockchain, promoting transparency and conduct dialogues between policymakers, regulators, corporations, start-ups and all other stakeholders.

Carlos Kuchkovsky, CTO, new digital business, BBVA, says:

“BBVA joins INATBA with the conviction that it is essential to foment collaboration among corporations, SMEs, startups, public institutions and regulators in order to create global standards that ensure interoperability among platforms and a clearer legal framework that encourages the adoption of distributed ledger technology and blockchain, so that everyone in the society can take advantage of its benefits.”

Dominik Schiener, co-founder and co-chair of IOTA Foundation, also one of the founding members said:

“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth.”

“We have established our own Public Regulatory Affairs team to lead this effort and are excited to be one of the founding members of INATBA. The strength and size of this association, as well as the support of the European Commission and other governments, only further shows the limitless future potential for distributed ledger technologies.”

Gold Breaks Above 1300, EURUSD at Two Weeks High

April 9, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, Bitcoin, Brexit, Brexit developments, Cryptocurrencies, ECB, economy, EU Parliamentary elections, EUR-USD, FED, monetary policy, Sino-U.S. trade talks, trading platform

Asian stocks finished slightly positive, as investors follow recent positive signs of the China-US trade deal, first-quarter earnings which kick off on Friday with the US banks reporting, and Brexit developments. In Japan, the Nikkei225 main index added 0,19 percent to 21,802, the Hang Seng benchmark in Hong Kong finished 0.21 percent higher at 30,140. The Shanghai Composite was 0.15 percent lower at 3,239, and in Singapore, the FTSE Straits Times index finished 0.11 percent lower at 3,319. Australian equities struggled for direction on Tuesday with the ASX 200 swinging between gains and losses throughout the day. The index ended the session flat at 6221.8.

In commodities markets, Crude Oil rally is intact at five-month high and continues higher at 64.50, supported by OPEC’s ongoing supply cuts, geopolitical uncertainty and the US additional sanctions on Iran. The near-term upside target is at 65.00. Brent oil started the week with a gap up and trades today at $71.03/barrel. Gold is getting bids and trades at two weeks high at $1298 supported by escalating geopolitical tensions concerning Tripoli, the Libyan capital. XAUUSD technical picture is neutral, and now immediate support stands at the 100-day moving average at $1277, which can accelerate the downward move down to new YTD lows at the 200-day moving average at $1247. Strong resistance now stands at the $1300 round figure and then at the 50-day moving average, expect the bears to defend $1307 with full force.

European session started mixed today as the Brexit deadline for leaving the European Union is getting closer, DAX30 is 0.13 percent lower to 11,947, CAC40 is 0.10 percent higher at 5,477 while FTSE100 in London is 0.05 percent lower at 7,448 and the FTSE MIB in Milan trading 0.23 percent higher at 21,822.

In cryptocurrencies, Bitcoin (BTCUSD) holds above the 5,000 mark and the key 200-day moving average resistance at $5,225 and now trades at 5,219 making the daily high at 5,305. Bitcoin will find support at 50-hour moving average at 4,514. The rally in BTC triggered bids across the industry with Ethereum (ETHUSD) trading now at 176 and Litecoin (LTCUSD) jumping to 86.65.

On the Lookout: Australia’s housing finance approvals posted a modest gain in Feb, as the total number of owner-occupier loans ex refi rose 0.8%mth, slightly better than the consensus forecasts of a 0.5% gain. In Brexit front, PM Theresa May visits German Chancellor Merkel and France President Macron ahead of the EU summit tomorrow. The US releases its NFIB Small Business Index as well as JOLTS Job Openings. Job Openings, which exclude the farming industry, are forecast to fall to 7.54 million from 7.58 million.

Central banks will be in focus as both the Fed releases its minutes from its last meeting and the ECB meet tomorrow.

Key upcoming events:

10/04/2019 ECB Interest Rate Decision

10/04/2019 Emergency EU Council Meeting

29/03/2019 (12/04/2019) UK leaves the European Union

18/04/2019 Dissolvement of current EU Parliament

Trading Perspective: Forex markets in Asia started strong, AUDUSD is trading 0.25 percent higher at 0.7149 near a two-week high, supported by upbeat Australian housing finance data while Kiwi is also higher at 0.67.53 due to an increase in commodity prices led by oil and USD weakness. US dollar index lost the 70 mark and currently trades at 96.60.

GBPUSD Daily Chart

GBPUSD consolidates between the 50 and 200-day moving average. Today the pair trading flat at 1.3061 as investors follow the Brexit news. On the downside, major support will be found at 1.2977 at the 200-day moving average while solid protection can be found at the 100-day moving average around 1.2929. On the flipside, immediate resistance stands at 1.3195, the high from previous week session, and from there major resistance can be found at 1.3232 while 1.3382, the yearly high, will be met with strong supply.

In GBP futures markets open interest shrunk by around 3.2K contracts on Monday. The volume dropped by nearly 27K contracts, extending the choppy performance seen in past sessions.

EURUSD yesterday managed to break in the three-month trading range for one more time. The pair is flat today 1.1265 at yesterday high. The pair needs to break above 1.13 to give bulls a breath and then approach the 50-day moving average at 1.1329 to establish short term bullish momentum. Immediate support can be found at the 100-hour moving average around 1.1215.

EURO remains in negative mood following recent poor figures in the Eurozone. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected.

In Euro futures markets, traders added just 63 contracts to their open interest positions at the beginning of the week from Friday’s 498,110 contracts. In the same line, volume rose for the second session in a row, this time by around 10.3K contracts.

USDJPY: The Bank of Japan on Monday cut its assessment for three of the country’s nine regions, the biggest number of downgrades in six years, suggesting that the hit to exports and factory output from slowing overseas demand is broadening, The pair is down 0.19 percent to 111,27 having hit the low at 111.23. Major support for the pair stands at the 111 round figure if the pair manages to break below the 100-day simple moving average at 111.10. Immediate resistance for the pair stands at 112.06, the March 2019 high.

Open interest in JPY futures markets rose for one more session, this time by almost 1.3K contracts. Volume, instead, decreased by around 8.2K contracts, offsetting the previous build.

USDCAD consolidates around 1.33 after yesterday lost almost 70 pips, erasing the gains of the previous week. It printed a fresh 4-day low at 1.3292 during the Asian session, and it is holding near the bottom, with the bearish tone intact. The pair will find support at 1.3285, and the 50-day moving average which if breached will drive prices down to 200-day moving average key support. On the upside, immediate resistance stands at the 100-hour moving average at 1.3346 while more supply for the USD will be met at the 200 hours moving average around 1.3360.

USDCAD Hourly (H1) Chart

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Gold Breaks Above 1300, EURUSD at Two Weeks High

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