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  • ccmm's Avatar
    10-10-2018, 08:03 PM
    EUR/USD remained under pressure on the back of weaker German industrial production. Economists were hoping that industrial production would rebound in August after falling sharply in July but instead it contracted for the third consecutive month. Despite positive and in some ways hawkish comments from ECB officials in forex news calendar, we haven’t seen consistent improvements in Eurozone data. Also, as reported by our colleague Boris Schlossberg, “the concerns over Italian budget crisis have investors in a frenzy despite reassurances by deputy PM Matteo Salvini that the government has no plans on leaving the euro. Italian yields spiked to 4.5% on the benchmark 10 year – a dynamic that is only likely to make it more difficult for the country to rebound from its economic rut. The rise in Italian yields is also likely to affect the ECB, which just saw its balance sheet deteriorate markedly and if these flows persist, it may have to postpone plans to commence the taper despite constant assurances to the contrary.” Technically, EUR/USD is in a downtrend and needs to clear 1.1650 to preclude a moved down to 1.13. Sterling on the other hand refuses to fall as investors hope for an agreement on the Irish border. This is an important week for the UK – not only will the latest trade balance, industrial production and monthly GDP report be released but EU Chief Negotiator Barnier is scheduled to formally present their “super charged” trade proposal on Wednesday. We’ll have to see how the UK responds but if Monday’s comments are a guide, then acceptance of their offer probably won’t happen this week. According to a UK official, there are many big unresolved issues and if you recall last week, Prime Minister May made it clear that a no-deal Brexit is still in the cards. Despite the losses in China, the Australian and New Zealand dollars rebounded against the greenback while the Canadian dollar slipped back. No economic reports were released from any of these countries but AUD and NZD should have fallen on the back of the sell-off in Chinese equities. Instead, their recovery tells us how deeply oversold these currencies are. However with the U.S. still targeting Chinese trade, we don’t expect significant recoveries for AUD and NZD. The Canadian dollar on the other hand should rally with the market pricing in 100% chance of a rate hike by the Bank of Canada this month. The Hurricane brewing in the Gulf could also drive up oil prices, which would put additional pressure on the loonie.
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  • ccmm's Avatar
    10-10-2018, 07:57 PM
    A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. For their efforts, miners enjoy monetary reward in the form of cryptocurrencies, such as Bitcoin, Ripple, Ethereum. As many of our frequent readers may have noticed already, there is quite a bit of hype surrounding the uses of Blockchain technology.
    2 replies | 184 view(s)
  • ccmm's Avatar
    10-07-2018, 10:01 PM
    Bitcoin has been trading sideways in a contracting trading range since February of 2018. Price action has made it clear that key support is at $6000-5600. Price has reached this zone more than six times since February and each time support was respected. The prices action that followed was a bounce…but each bounce was weaker and weaker making lower highs giving us a technically important downward sloping trend line, See more forex calendar here!. Resistance is currently at $6860. Traders should be patient and wait for the triangle to make a confirmed breakout. We do not know the direction beforehand and there is no benefit to guessing it. We will follow trend and take positions once we see the breakout. Whichever direction the breakout is, we will have lots of room to move.
    2 replies | 183 view(s)
  • ccmm's Avatar
    10-04-2018, 09:25 PM
    Cryptocurrencies made some gains on Thursday, while a major U.S. brokerage firm announced it is backing a new virtual currency exchange. Bitcoin rose 1.16% to $6,599.50 on the Bitfinex exchange as of 9:45 AM ET (13:45 GMT). Cryptocurrencies overall were slightly higher, with the coin market cap of total market capitalization at $219 billion at the time of writing, compared to $215 billion on Wednesday. Ethereum,or Ether, increased 2.54% to $224.87 and Litecoin was at $58.79, up 1.90% while XRP surged 2.07% to $0.53687.
    0 replies | 113 view(s)
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