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Currency Pair of the Week: DXY

As we have mentioned before, the US Dollar index isn’t necessarily a currency pair, however it is important to look at in order to determine the overall direction of the US Dollar and its currency counterparts.

As we have mentioned before, the US Dollar index isn’t necessarily a currency pair, however it is important to look at in order to determine the overall direction of the US Dollar and its currency counterparts.

There is a lot to look forward to in the US this week which could affect the US Dollar, including the first US Presidential Debate between current Republican President Donald Trump and Democratic Nominee Joe Biden on Tuesday.  This will give each candidate the opportunity to address their views on some of the most pressing issues facing the US today.  The topics for discussion include the following:

  1. The Trump and Biden records
  2. The Supreme Court
  3. COVID-19
  4. The economy
  5. Race and violence in our cities
  6. The integrity of the election

In addition, there has been some murmurings of potential talks between Treasury Secretary Mnuchin and Democratic House Leader Nancy Pelosi regarding a potential fiscal stimulus bill.  The two parties still seem far apart on the amount of the package, with Democrats looking for a package near $2.2 trillion (down from $3.4 trillion), while Donald Trump has said he will sign a bill up to $1.3 trillion and Senate Republicans have said they will only pass a bill worth $1 trillion.  Regardless, both sides have said they will continue talk this week in good faith with hopes that a deal can be reached before the election on November 3rd.

With the passing of Supreme Court Justice Ruth Bader Ginsburg on September 18th, this leaves the Supreme Justice with 8 Justices.  President Trump is eager to for his nominee, Amy Coney Barrett, to be confirmed by the Senate before the election, in order to bring the number on the Supreme Court back to 9.  Discussions will begin this week, however, recall that in 2016 President Obama had nominated Merrick Garland to replace Justice Scalia, only to have the proceedings pushed back by the Republican controlled Senate until after the election.  This time, the Republican controlled Senate is eager to push through Barrett before the election.  As we know, things are “different” this year, with mail-in voting for elections in many states.  It could take days or weeks until we know the outcome of the election, and if the results are contested, it may end up at the Supreme Court.  Having 9 members guarantees a decision.   

Also, there is a plethora of US economic data this week, culminating with Non-Farm payrolls on Friday. Expectations are for 850,000 new jobs created vs 1,371,000 in August.  Expectations for the unemployment rate are for 8.2% vs 8.4% last.  Does this mean that the economy is beginning to slow after the burst of activity in the early summer?  Data has shown that manufacturing has continued to pick up, however activity in the service sector has been declining.  If job creation continues to slow, this could weigh on the markets.

With all the US activity this week, there is potential for volatility in the DXY.  As noted in the Week Ahead, last week the US Dollar Index broke out of a descending wedge dating back to May.  Upon the breakout, DXY retraced 50% of the move from the highs on June 30th to the lows of September 1st.  However, it stalled there on Monday and could pull back to horizontal support near the September 9th  93.66.  The next support level below there is the downward sloping trendline of the descending triangle near 92.50/92.60.  First resistance is last Friday’s highs near 94.75.  Above there is horizontal resistance near 95.72.

Source: Tradingview, City Index

There is one more chart that is important to help determine direction for DXY:  the correlation coefficient of DXY and the SPX.  Notice how, except for a brief few days in April, the correlation has been negative since the market volatility near the beginning of the coronavirus in March.  More importantly, the current correlation coefficient is -.79, just off its lows last week at -.87.  A negative correlation coefficient means that the 2 assets move in opposite directions.  The closer the negative correlation is to -1.00, the more the 2 assets tend to move in the opposite direction.  Watching this correlation coefficient is another tool traders can use to help determine the possible direction of the DXY.

Source: Tradingview, City Index

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RoboForex adding EOS Cryptocurrency

RoboForex adding EOS Cryptocurrency

RoboForex announced today adding EOS, a cryptocurrency which is now available for trading with the broker on both MT4 and MT5 platforms.

Roboforex added EOS CryptocurrencyCurrently, RoboForex clients have 7 crypto instruments to choose from.

RoboForex keeps expanding its crypto portfolio.

The latest addition is EOSUSD, which is already available to the clients through MT4 and MT5, alongside with six other crypto pairs:

BTCUSD, ETHUSD, BCHUSD, DSHUSD, LTCUSD, and XRPUSD.

The EOSUSD trading conditions are the following:

  • minimum lot size: 100,
  • minimum increment: 0.01,
  • leverage 5:1.

EOS is a cryptocurrency that was introduced in 2017 and is based on blockchain and smart contracts. Its key features are scalability, decentralized apps, and huge throughput (a few million transaction per second).

This is another step towards developing our crypto portfolio.

Our clients do value the flexibility and state of the art technologies we offer them As for us, our mission is meeting their expectations and constantly improving the trading conditions by opening the door to new instruments and opportunities.

says Denis Golomedov, ;Marketing Director at RoboForex.

Roboforex and Cryptocurrency

This Broker has been on the forefront of crypto trading on the Metatrader 4 and Metatrader trading platforms from the beginning and pushing for more and more trad-able assets to be added to their offering .

it took this broker a little bit of time but now that they got them selves into the cryptocurrency trading arena they come to lead the pack. this in combination with their the trading platforms they are offering makes this a broker to take notice of.

as yet there are not enough brokers that offer metatrader 5 and especially one where you are able to trade bitcoin ethereum, litecoin and now also EOS.

About RoboForex

RoboForex is a brokerage company catering to clients from various countries. The broker’s focus is providing the traders with access to its own financial market platforms.

RoboForex Ltd is a licensed company (License No. IFSC/60/271/TS/17).

 

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Local bitcoin Trader Jailed for Money Laundering

Indicted: Local bitcoin Trader Jailed for Money Laundering

Local Bitcoin trader, Theresa Lynn Tetley, also widely known as Bitcoin Maven has been indicted for indulging in illegal bitcoin-for-cash transactions. According to the Central District of California, the LocalBitcoins.com trader has been sentenced to 12 months in prison.

She has also been handed a three-year supervised release and a $20,000 fine. A former real estate investor and stockbroker, the court ordered her to relinquish $292,264.00 in cash, 25 assorted gold bars, and 40 bitcoin.

money launderingTetley pled guilty to one count of operating an unlicensed money exchange business, and another related to money laundering. Her case is the first of its kind in the Central District of California.

Tetley was procedurally supposed to register her business with the Financial Crimes Enforcement Network, an agency of the United States Department of the Treasury.

The agency is responsible for analyzing transactions to curb money laundering and related financial crimes. She also failed to implement standard anti-money laundering protocol, including reporting of certain financial sources as per the requirements of this type of business.

Tetley is said to have traded over $6 million for clients within the United States and charged higher rates as compared to other traders within the LocalBitcoins platform.

Also noted in the court documents was that Theresa Lynn laundered bitcoin for a customer who had been suspected of having acquired the cryptocurrency through illegal activities, including drug sales on the dark web.

She also carried out a bitcoin to cash transaction for an undercover agent who had explicitly declared that his bitcoin was tied to narco-trafficking operations.

According to the report, Tetley’s service was responsible for fueling the growing use of cryptocurrencies to launder money and supported a black market system set up purposely to circumvent the law.

The organizations involved in her investigation included the IRS Criminal Investigation and the Drug Enforcement Administration.

Just One of Many

That said, the government has been committing significant resources to counter the crypto – dark web menace, and earlier this month, a major sting operation was carried out against a major money laundering network. Thirty-five suspects were arrested.

One individual, identified as John Edward Monette, was charged with Conspiracy to Distribute a Controlled Substance. He was also alleged to have carried out numerous bitcoin for cash exchange transactions on the dark web, most of them in 2017 and totaling about $19,000.

Another dark web vendor busted during the operation, Ryan Farace, 34 was indicted for being involved in an alprazolam tablets manufacture and distribution scheme.

He sold the drugs on the dark web, with all transactions being made in bitcoin. Additional digital currency money laundering transactions were made to conceal the sources.

Article Originally Published:

By ELIZABETH GAIL at Coincentral

 

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Why You Need to Get Onboard With Blockchain!

Why You Need to Get Onboard With Blockchain!

Blockchain tech – so revolutionary in nature that some are calling it the “new internet.” It has applications in just about every industry, and has completely altered the way we think about internet security, the processing of information, and the speed of transactions.

Blockchain is the technology that supports the digital currency  or cryptocurrency called Bitcoin –

however this is not what it is really about as it has a far wider scope of applications and is being commercialized in a growing number of areas.

It has generated much interest in technology circles and beyond, because of the new possibilities it opens up in financial services, the public sector and other areas.

According to sites like BitFortune.net, blockchain tech is definitely worth keeping an eye on due to the myriad of benefits it provides.

Blockchain and Bitcoin are not the same thing – Bitcoin is implemented using blockchain technology, but blockchain technology can be used in contexts much wider than Bitcoin or other cryptocurrencies. so when we are talking about the blockchain we are talking about a combination of a number of technologies, these including:

  • Distributed ledgers.
  • The blockchain data structure.
  • Public key cryptography.
  • Consensus mechanisms.

Part of what makes it so exciting is that it is completely open source. As a result, there are already a number of interesting blockchain apps, and the number is growing daily.

The technology is so secure that it is already being used by DARPA to secure military data. Various governments around the world are working on ways to use the tech to protect their own data.
The tech is tamper-proof, and the data stored within it is permanent. It cannot be erased or altered, and this is what makes it so enticing to those needing more secure networks.

But there is more, folks. (Okay, so that sounds a bit like an infomercial, but the benefits are real nonetheless.) Transactions can speed across the network – taking only as much time as it takes for them to be authorized.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

The system runs without the need for an intermediary, and this reduces the time it takes to execute transactions. This, and the unique way that the tech works, means that costs are significantly reduced as well.

What makes it so revolutionary is that the information is spread across every computer within the network. With Bitcoin, that means the data is securely “backed up” over thousands of computers.

Now, it is unlikely that banks will entrust their data to a public network in the same way, but they have been working on creating networks of their own instead.

The potential savings in terms of cost and time are extensive. If you want to learn more about these savings, check out the infographic below.

 

Why You Need to Get Onboard With Blockchain!


Why You Need to Get Onboard With Blockchain!


Visit bitfortune.net . for more interesting Infographics

Guys did an amazing job and was allowed to share.


 

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