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DAX futures set to trade flat ahead of crucial EU Summit to agree Covid-19 recovery fund

DAX futures are trading marginally higher ahead of the EU summit, reflecting investors wait and see approach to European stocks as leaders face myriad of obstacles to crucial Covid-19 recovery fund. EU leaders have started to arrive in Brussels to negotiate the terms of Europe’s €750 billion pandemic recovery fund this weekend, with the German…

DAX futures are trading marginally higher ahead of the EU summit, reflecting investors wait and see approach to European stocks as leaders face myriad of obstacles to crucial Covid-19 recovery fund.

EU leaders have started to arrive in Brussels to negotiate the terms of Europe’s €750 billion pandemic recovery fund this weekend, with the German chancellor Angela Merkel admitting that the deal faces a lot of hurdles due to major divisions between member states.

‘The differences are still very large and so I can’t predict that we will achieve a result this time. It would be desirable, but we also have to be realistic,’ Merkel said as she entered the summit earlier on Friday.

The German Chancellor went on to say that she hopes her European counterparts will show ‘willingness to compromise on the part of everyone so that we achieve something that is good for Europe’.

But even with all the good will in the world there is increasing pessimism among investors that EU leaders will be able to strike a deal this weekend, with northern member states, which have weathered the crisis better than their southern counterparts, wishing to reduce the overall size of the fund.

If EU leaders can strike a deal this weekend the German DAX and other major European indices will likely open higher on Monday. However, the chances of EU leaders striking a deal this weekend appear slim, with many expecting another summit to take place in Brussels before the end of July.

The DAX closed marginally higher (0.35%) on Friday at 12,919 points, with the index down 3% year-to-date after German stocks continue to recovery from the Covid-19 crisis in impressive fashion, with the blue-chip index rallying 53% since hitting low of 8441 in mid-March.

DAX: Technical Analysis

Technically the DAX is at an interesting point and traders will be standing by, over the weekend, to push it past recent resistance if word from the EU Summit proves good for indices.

The recent ceiling of 12,938 is the line to watch. That was the intraday high point, reached twice, over Monday 8 and Tuesday 9 June. There was a brief intraday high, past that point, on Wednesday this week but it did not hold, according to Jeremy Naylor, market analyst and presenter at IG.

‘If we get a candle break, along with a candle close, above that point of resistance, then there is not much stopping the index then on to the record highs seen in February of 13,830,’ he said.

‘Over the last three days of this week, leading into the EU Summit, the candle shapes are interesting, in that there has been very little movement,’ Naylor added.

‘This indicates that traders are waiting and looking for an opportunity to pounce. Could this weekend provide the fundamentals for the technicians to move?’

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CMStrader Signals provider, the number 1 signal provider 4 years in a row

CMStrader Signals provider, the number 1 signal provider 4 years in a row.

CMStrader, the number 1 signal provider 4 years in a row, is now offering free signals to new clients!  Reliable trading tools are fundamental part of successful trading.

cmstrader for the Best Trading Signals

cmstrader for the Best Trading Signals

 

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This broker also entered the cryptocurrency market and offers several cryptocurrencies.  in short they act on the market and engage their clients directly.

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CMStrader Signals for better Trading

CMSTrader sends trading signals to traders’ accounts when there is an opportunity to buy or sell orders at specific points; an overview of the speculated price or loss ratio is included.

CMStrader Signals the number 1 signal provider among brokers

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The signals are sent directly via SMS to a cellphone for major currencies traded on the stock exchange, foreign goods and precious metals.

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CMSTrader is a leading investment advisor specializing in personal wealth management and growth and is a somewhat a newcomer to the Forex market.

they started in 2013 and since then have won several awards 2 including one for having best customer service in 2013.

CMSTrader “CMStrader Signals” is authorized under the name of CMS Ventures Limited which is a New Zealand Registered Financial Service Provider (FSP).

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Daily Financial News

Supreme Court Sides With Bits of Gold in Bank Dispute

Supreme Court Sides With Bitcoin Broker “Bits of Gold” in Israeli Bank Dispute

Upon appeal, the Israeli Supreme Court has rejected the closure of Bits of Gold’s banking facilities at Leumi bank, Tel Aviv.

The Israeli cryptocurrency brokerage’s appeal followed a previous ruling against it that has now been set aside by the higher court.

As Israel and many other countries struggle with the accelerated phenomenon of virtual currencies, Leumi Bank recently made the news for being a particularly blunt in its rejection of Bitcoin.

We should of course not be surprised with the banks attitude towards bitcoin or any other cryptocurrency for that matter. keep in mind that the banks become more and more obsolete because of them. Bits of gold versus leumi

They will keep on loosing money which now they make with ridiculous commissions of work that is fully automated. so they will try to see how they are able to make the operation and acquiring cryptos  as hard as possible knowing that they will never be able to stop them.

There is widespread anticipation that the upcoming G20 Summit in March 2018 will produce a global, moderate framework for a regulatory approach. Set against that are persistent hostile stances the world over from banks, asset managers and even governments towards cryptocurrencies.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane. 

Apart from the Israeli revenue service opting to tax cryptocurrency assets as “properties” and other more positive developments dating back to mid-2017, Israel remains a strange mix of genteel acceptance alongside wildly opposing voices.

There is thus Hope But no decision

Bits of Gold has fought a David and Goliath battle since their banker decided it wanted to steer clear of all cryptocurrency-related business.

On record as recently telling another bitcoin-related trader that they simply don’t want the business, Leumi Bank’s hard-line stance is accumulating bad press. The second-largest bank in Israel appears as discriminatory when analyzing virtual currency traders and other digital coin businesses.

During 2017, a customer made a bank transfer to the Kraken exchange site for buying bitcoin worth $1000. The bank identified the request, halted it, and started investigating.

The elated CEO of Bits of Gold, Youval Rouach said that “The court’s decision enables us to focus on the growth of the Israeli cryptocurrency community.”

 

The February 26 Supreme Court ruling granted Bits of Gold a temporary injunction against their account closure pending further scrutiny by the bank and other parties. The presiding bench declared that the company had “acted transparently and did not violate any provision of law.”

Calling the bank’s concerns “speculative” and turning an unsympathetic ear to the plaintiff, the ruling does, however, allow for the bank to still close the account on any small technical detail that defies legislation. As a record of a public spat around cryptocurrency’s right to be recognized in many ways, the ruling is seen as a victory for the local cryptocurrency community.

One Small Step Forward

Although not as absolute as nations like China that has opted for draconian bans, Israel is a front line for digital coins’ right not just to exist, but also become assets in the true sense of the word. The Supreme Court noted in its written ruling that Bits of Gold had not made itself guilty of the violation of any standing laws since opening its doors for business.

 

The Bits of Gold v. Leumi Bank case might become something of a test case once the bank applies its mind in scrutinizing the company’s accounts against the backdrop of existing legislation. The outcome will also be informed by sentiment post the G20 Summit due in March as well as other global regulatory trends.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.

This was First Published by coindesk

 

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Daily Financial News

easyMarkets launches Ethereum and Ripple.

easyMarkets launches the crypto-markets’ best kept secret – Ethereum and Ripple.

The crypto markets are the new frontier of trading, we have seen unprecedented movement – from astonishing peaks to abrupt crashes – behaviors and easyMarkets launches Ethereum and Ripple.movements no other instrument experiences or has experienced previously.

Bitcoin was immensely popular when we introduced it to our customers in 2017. After closely following the innovative cryptocurrency markets we found two more immensely interesting (but less visible) cryptos to add to our offerings – Ethereum and Ripple.

easyMarkets launches Ethereum and Ripple.

Ethereum is a blockchain based cryptocurrency like Bitcoin, whereas Ripple is a cryptocurrency payment protocol, touted as a solution to perform payments for institutional clients. Although Bitcoin was undeniably the markets’ star in 2017 – these two crypto-counterparts had equally impressive movements.

Ripple towards the end of 2017 had a notable 33014% overall climb with a market cap of $83.6 Billion. This was assisted by Ripple’s collaboration with institutional users like American Express.

Ethereum had climbed an astounding 8,885% from the beginning of 2017 until the end of that year with a respectable market cap of 69.3 billion. Purely as a cryptocurrency it seemed to even outdo its forefather – Bitcoin – by completing transactions quicker and more effectively.

they have also lowered our spreads on Bitcoin!

Of course, all of their cryptocurrencies include easyMarkets great trading conditions:

Trading Conditions

  • There’s  zero slippage on the easyMarkets web platform meaning your Ripple trades will be executed at the price you see on your screen.
  • You can trade Ripple during its most active times, around the clock, five days a week.
  • They got you covered with an in-depth eBook and plenty of other trading education resources.
  • Make sure you have an exit plan in place by taking advantage of our 100% guaranteed Stop Loss and Take Profit.
  • They cover your deposit and withdrawal fees, so that the amount you deposit or withdraw is the amount you receive.
  • Negative Balance Protection means you can never lose more than you invest when you trade Ripple CFDs at easyMarkets.
 easyMarkets launches Ethereum and Ripple.
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