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Thread: Forex news from InstaForex

  1. #971
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    Australian dollar skids following Chinese yuan devaluation



    The Australian dollar touched its weakest level since 2009 Wednesday following the People's Bank of China weakened the Chinese yuan to bolster exports. China's central bank set the midpoint rate at 6.3306 to the US dollar. Previously, PBOC devalued the currency by 1.85%. The Aussie ended at 65.61 euro cents from Tuesday's 66.72 euro cents, and 72.16 US cents from 73.23 US cents. The Australian dollar is declining on woes about China's official attitude. Chinese policymakers “have strong concerns about their growth and economy,” said Masashi Murata, Senior Currency Strategist at Brown Brothers Harriman.

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    Eur/usd Faces Strong Resistance Around 1.1218, Further Bullishness Only Above That Level



    EUR/USD has recovered till 1.12123 and retreated from that level. It is facing strong resistance around 1.1218 (61.8% retracement of 1.1465 and 1.08190) and any break above only will confirm further bullishness. Any break above would extend gains till 1.1250/1.1280 in short term. On the downside minor support is around 1.1130 and any break below will drag the pair further down till 1.1080/1.1035/1.100. Bearish invalidation only above 1.1218. It is good to sell on rallies around 1.1175-80 with SL around 1.1220 for the TP of 1.1085/1.1035

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  3. #973
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    Companies burdened by Bitlicense’s Real Cost



    The August 8 deadline for New York's bitcoin companies to apply for BitLicense saw many companies of the cryptocurrency ecosystem halting their operations in New York. While different companies cited different reasons for their unwillingness to apply, the hefty non-refundable application fee of $5000 played a crucial part. On the other hand, the companies that did apply for the BitLicense had to bear high cost not only in monetary terms but also non-monetary terms. While speaking to CoinDesk, George Frost, executive VP and chief legal officer at Bitstamp, the world's third largest exchange in terms of BTC/USD trading volume, said, "Applying for the BitLicense is an expensive and difficult process, as many have noted. Some other firms have chosen to abandon the New York market entirely, rather than comply. We do not fault them for doing so". "Our UK parent company has contributed a lot of time, expertise and money in the BitLicense effort, but much of this investment will benefit the entire Bitstamp group," said Frost. However, unlike Bitstamp, which employs nearly 50 people reportedly, there are other relatively smaller and new start-ups like MonetaGo, who have also applied for BitLicense. "Given that we are a new startup company we have been extremely diligent with our expenditures. In terms of hard costs we've spent approximately $50,000 ... by far the biggest costs have been the man-hours to date," said Patrick Manasse, chief compliance officer. Patrick said that the team invested nearly 1,200 hours to compile the documentation for the BitLicense application, and pointed out that an additional 2,000 man hours had been already spent in formulating MonetaGo's global compliance program. "Add to this programmers and developers putting in place systems and service providers, and you start to get a sense of the size and scope of the undertaking," he said, noting: "If all the hours were added up, the total would easily be upwards of a quarter million US dollars." Yet another cryptocurrency exchange, Bittrex, applied for the license. Bill Shihara, Bittrex founder, told CoinDesk that the process is expected to have cost his company somewhere between $18,000 and $20,000, along with nearly 80 hours of compiling and reviewing the documentation. "I am sure larger companies incurred much higher costs than we did ... we were lucky that we had a lot of the paperwork already available."

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    Euro modestly changed following German GDP data



    The euro was somewhat changed Friday as the German gross domestic product climbed in the second quarter. Official figures showed Germany's GDP escalated 0.4%, previously 0.3%. The common currency ended at 1.1147 to the US dollar, 0.7142 to the British pound, and 1.0881 to the Swiss franc. Against the Japanese yen, it finished at ¥138.66. Meanwhile, Greek legislators have begun debating on the new €85 billion bailout.

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    Australian dollar tumbles ahead of Fed rate decision



    The Australian dollar inched lower Monday, as the currency steadies following the volatility last week due to weakened Chinese yuan. Investors will be awaiting the minutes of the Federal Reserve's meeting due Wednesday to know if the central bank is inclined to raise interest rates next month. The Aussie ended at 66.44 euro cents from Friday's 66.17 euro cents, 73.72 US cents from 73.87 US cents, and 47.11 British pence from 47.32 British pence. Meanwhile, the Reserve Bank of Australia is scheduled to release the minutes of its board meeting Tuesday.

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    Aussie Takes Support Near 0.7340, Jump Till 0.7500 Is Possible



    AUD/USD consolidates in narrow range 0.7340-0.73955 for the past two trading session. Major trend reversal level- 0.7400 Break above would extend gains till 0.7450/0.7500 in short term. On the downside minor support is around 0.7340 and break below targets 0.7300/0.7250 in short term. It is good to buy around 0.7375 with SL around 0.7340 for the TP of 0.7490.

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    Usd/jpy Range-Trading Near 124.31-39 Hourly Ichimoku Cloud



    Pair move little over last 24 hours
    200 HMA at 124.50 above

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    British pound retains gains as inflation climbs



    The British pound held its advances Wednesday following UK inflation rate surged in July, retaining bets the Bank of England will raise interest rate soon. The Office for National Statistics reported the Consumer Price Inflation climbed 0.1% last month from 0% in June, while core inflation rose 1.2% last month from 0.8% in June. Sterling stood at 70.24 pence per euro. Against the US dollar, the pound finished at $1.5661. More surprises in core inflation prints, specifically services inflation, can make hawkish policymakers “more comfortable in pulling the trigger for voting for a hike,” said analysts at Credit Suisse.

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    Eur/usd Recovers After Dovish Fomc Minutes, Targets 1.12150



    EUR/USD recovers from low of 1.1016 after dovish FOMC minutes has broken short term resistance 1.1130 and is trading at 1.11320. On the higher minor resistance is around 1.1150 and break above would extend gains till 1.1178/1.1210. Overall trend reversal only above 1.1215 and break above would target 1.1348/1.1468. On the downside minor support is around 1.1070 and break below will drag the pair further down 1.1045/1.1000. It is good to buy at dips around 1.1100 with SL around 1.1050 for the TP of 1.1215

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    Australian dollar holds earlier advances



    The Australian dollar retained its earlier gains Thursday, levelling off earlier following a volatile session. The currency also lost momentum in the light of slumping oil prices, but surged following the minutes of the Federal Reserve's July policy meeting showed apprehensions about increasing interest rates in September. The Aussie finished at 66.03 euro cents from Wednesday's 66.45 euro cents, and 73.52 US cents from 73.53 US cents.

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