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Weekly Roundup: Currency & Financial Markets News 7th of January

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It has been quite a hectic 2 weeks of holidays. However, the market never sleeps, it always evolves and January is always jam-packed with news as companies prepare for a new year ahead of them. Most of them start executing their yearly plans from the get-go, therefore we find quite a lot of additions to the industry. Let’s find out what happened over the last week with the main currency pairs as well as the industry as a whole.

Major Currency News

EUR/USD, Euro soon to pass the 1.1540 mark

The United States Dollar stopped falling for a little bit yesterday as talks about the government shutdown started to ease a bit. The shutdown is actually nearing the record amount of time. 24 days was the most the US had seen its government not operational. If it continues, however, the USD will definitely suffer. However, the Euro is looking as healthy as ever as it is predicted to pass the 1.1540 mark anytime next week.

USD/CAD

The CAD, aka the Loonie, has been tightening against the USD as well. The Loonie is bound to oil barrels is not something to smirk at as it becomes more and more of a reality.

This week the CAD managed to pass the 1.3240. However, the CAD is very tightly bound to oil prices, therefore the tightening may be temporary as the US starts considering government operation again.

Major Market News

Swissquote breaks its own record in revenue

Swissquote, a Swiss brokerage company is celebrating a new record for the year of 2018. The last year was a massive success to the company as they managed to increase their yearly earnings by more than 15%. Currently, their earnings for 2018 exceed $220 million. With higher hopes for the future and potential for even more gains, the Swiss company is looking stronger than ever.

UproFX receives the truth

UproFX is a Forex broker from Estonia that had been tangled in some controversy in the past. However, Forextradingbonus.com managed to do extensive research to find the truth about the company. It turned out that they indeed didn’t have any license from the Estonian regulator, however, their accusations for being a scam were completely nullified by the website when they showcased their parent company in their review.

Dear CEO, love FCA

These were the words that multiple financial companies received from the UK financial watchdog this week. Ok, maybe they didn’t say love FCA in the end, but the message was clear. The FCA clearly wants the CEOs of these large companies to pay more attention to what their customers are aware of about the company’s terms & conditions. They were asked to conduct several protocols to make sure that the information is successfully funneled to the customer.

ESMA back at it again with regulations! Now for cryptos

The European Securities and Markets Authority (ESMA) has published their advice about Initial Coin Offerings (ICOs). They highlighted that some of these crypto assets are able to be qualified as MiFID, and therefore are in need of regulation. We don’t need to say this, but the moment cryptos become regulated, they pretty much lose their whole value in terms of anonymity and minimal government intervention. Find out more on ESMA’s website.

Giorgi Mikhelidze

Giorgi has 3 years of experience in the Forex and cryptocurrency market. He is currently a financial analyst and partnership manager at forexnewsnow.com a financial news website.


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