❕NEWS – Ripple considering moving to London. | Proxies-free

The fintech investment, ripple is considering moving it headquarter to the UK or other countries like United Arab Emirates, Singapore Japan etc., where Crypto currencies regulations is not as complex as that of the US government.

According to the Ripple CEO Brad Garlinhouse, the UK government doesn’t see ripple as security but as a currency for payment unlike the way US sees it.
Share your views on this.

❕NEWS – Ethereum Network Running 25% Faster Thanks To Miners | Proxies-free

Miners are trying to increase the capacity of the Ethreum network so that more transactions can take place per second. A lot of miners need to work together for this to happen and its not an easy task. They are trying to increase the block gas limit of each block and if you didn’t know what gas limit is, it is the number of transactions that a block can handle. The block gas limit rose from 10,000,000 to 12,500,000 thanks to the miners.

❕NEWS – China has ban people selling Crypto currencies. | Proxies-free

China has drafted law banning people from selling or issuing digital coins or Crypto currencies, to replace the CNY in circulation, this is according to Nairametrics. China which is the second largest economy in the world .

It clearly stated that any one that violate the law will face the consequences of the drafted law by forfeiture of the such digital asset.
I don’t think this a good for Crypto currency world.

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EURUSD: risks have risen through the hour-long trend line – Forex News & Analysis

On Friday the 3rd of August, trading on the euro closed down. High volatility was observed in light of the publication of the the US labour market report.

July data on the number of those employed in the non-agricultural sector of the US did not meet market expectations. Although the data was below 189 thousand, the report is not bad, as the average hourly salary has grown and the indicators for May and June have been revised upwards. US 10-year bond yields fell on news of the report, with many major currencies closing in positive territory on Friday as a result.

As a result of last week, major currencies closed in the red zone against USD. The greatest decline was shown by the British pound (-0.84%). Then came the euro (-0.75%), the New Zealand dollar (-0.68%), the Japanese yen (-0.23%), the Australian dollar (-0.03%), and the Swiss franc (-0.02%). The Canadian dollar was the only currency to record growth (+0.55%).

US data:

The number of new jobs was 157 thousand (forecast: 189 thousand). May figures were revised from 244 thousand to 268 thousand, and in June – from 213 thousand to 248 thousand. The overall revision amounted to +59 thousand.

The unemployment level fell to 3.9% (previous: 4.0), which coincided with expectations.

The average hourly earnings index was 0.3% (forecast: 0.3%, previous: revised from 0.2% to 0.1%).

The ISM business activity index for the service sector for July was 55.7 (forecast: 59.0, previous: 59.1).

Day’s news (GMT+3):

  • 9:00 Germany: factory orders s.a. (MoM) (Jun).
  • 11:30 Eurozone: Sentix Investor Confidence (Aug).


Fig 1. EURUSD hourly chart. Source: TradingView

Current situation:

Friday’s multidirectional fluctuations once again confirm that it’s pointless to make market forecasts on payrolls day. The 157th degree acted as a support. The price bounced off that area three times and now sellers are trying to test it below 1.1550.

I see the pair is poised to rebound to 45 degrees (1.1558). The Stochastic Oscillator isn’t favouring buyers at the moment, so it will only be safe to enter long positions if the trend line gets broken. The balance line (Lb) will act as an intermediate resistance. Now it is passing through 1.1600. The economic calendar is looking pretty scarce. There’s nothing to stop buyers from inducing a correction.


EUR/USD Technical Analysis: Fresh Attempts for Upward Correction – Forex News & Analysis

After a harsh week in which the EUR/USD was exposed to downward momentum, pushing it towards the 1.1688 support, and with the start of this week’s trading, the pair tried to rebound higher with gains to 1.1793 before settling around the 1.1775 level at the time of writing.

However, TopAsiaFX has stated that attempts to rebound lacked strong momentum to stabilize above the 1.1800 resistance, and the efforts of the Euro are hindered by concerns about the strength of the second wave of the Corona pandemic and the measures of European countries to contain the outbreak of the deadly disease.

These restrictions directly affect the European economy, which is still suffering from the consequences of the first wave.

At the same time, and with these concerns, the European Central Bank monitors the economic performance of the bloc to determine its appropriate policy.

In this regard, European Central Bank Executive Board member Yves Mersch said yesterday that policymakers will carefully examine the economic data received before the next policy session to ensure that the impact of coronavirus containment measures is not repeatedly considered in light of extremely unstable expectations.

“Looking to the future, in the current environment of high uncertainty, the European Central Bank’s Governing Council will carefully evaluate the information received, including developments in the exchange rate, while ensuring that this information received, such as information related to containment measures that were included already at our baseline, were only counted once in our assessment.”

He also said that the economic recovery in the Eurozone remains incomplete and prone to setbacks. The policymaker emphasized that the Board of Directors continues to prepare to adjust all its tools, as appropriate, to bring inflation back to its target level.

The UK is leading European efforts to contain the pandemic. As authorities across the UK impose new restrictions on business and social interactions as COVID-19 infections are soaring in all age groups, where parts of the country’s hospital beds and intensive care wards are filling up.

One of their main goals is to reduce the pressure on the NHS ahead of the winter flu season. In this regard, public health experts say that the lockdown could help reset the epidemic to a lower level, giving doctors time to treat patients and providing breathing space for the government to improve its response.

Britain has the most serious outbreak of the Coronavirus in Europe, with more than 43,700 confirmed deaths.

According to the technical analysis of the pair: We are still waiting for the EUR/USD to stabilize above the 1.1800 resistance, for an opportunity for a stronger correction upwards, and we expect the pair to remain stable between the 1.1660 support and the 1.2000 psychological resistance for a period of time, as shown on the daily chart.

The psychological resistance at 1.2000 brings condemnation from monetary policy officials at the European Central Bank, as the Euro’s high exchange rate harms the European economy, which depends on exports at a time when it suffers from the effects of the pandemic. At the same time, the 1.1660 support raises buying interest among currency traders.

As for the economic calendar data, today: The German producer price index will be announced, then the Eurozone’s current account will be released. During the American session, building permits and the housing starts in the United States will be announced.