The National Committee of Experts on the Internet Financial Security Technology (IFCERT) started by the Ministry of Industry and IT of China has tracked down 421 “fake” cryptocurrencies, 60% of which were run by overseas servers making their detection difficult. IFCERT has been specially created by the country to keep an eye on the discrepancies in […] The post China’s IFCERT Tracks Down 421 Fake Cryptocurrencies; 60% Run By Overseas Servers appeared first on Market Exclusive.
The greenback surged anew on Monday, with a key dollar index at its best level since late last year, as investors cheered news that the U.S. and China may be putting an end to a months-long trade dispute. Meanwhile, China agreed to buy more U.S. products, but without specifying a dollar amount.
Following unusual calm in 2017, market volatility has increased this year primarily for two reasons: uncertainty about how high U.S. interest rates will rise, and increased trade tensions as the Trump administration seeks to fulfill campaign pledges about reducing the US trade deficit via bilateral negotiations with key trading partners. Trump’s announcement in March that the U.S. government intended to impose duties of 25% and 10%, respectively, on imports of steel and aluminum triggered a sell-off in global equity markets, as well as a vigorous response from trading partners. Meanwhile, the administration’s focus has shifted to China, which was long thought to be the principal target of U.S. sanctions: China runs the largest bilateral trade surplus with the U.S., and it is also the subject of complaints by U.S. businesses about unfair trading practices relating to technology transfer, intellectual property rights and foreign investment in China.
Investing.com – Cryptocurrency prices gained on Monday, with Bitcoin and Litecoin trading about 3% higher. Reports that the fourth largest crypto exchange Bitfinex is giving out its customers’ data to the government received some attention.
Investing.com – The dollar opened the week rallying against the other major currencies in Asia, climbing to a fresh new high this year. Risk appetite revived as the trade war between the world’s two biggest economies is put “on hold”.
The Dollar’s on the move early, with weekend updates on trade talks with China supporting risk appetite through the early part of the morning. A lack of stats through the day will keep focus on the FED and the Oval Office.
There are no major reports in Japan this week. Most eyes will be on the FOMC Meeting Minutes on Wednesday. The Fed minutes should contain no surprises especially after the hawkish comments from several Fed officials last week. Investors will be looking for any comments on whether the Fed is considering three more rate hikes in 2018. They’re also going to be looking for any comments or concerns about an inversion of the yield curve.
Both the Australian and New Zealand Dollars were pressured by an easing of tensions over a possible trade war between the United States and China. This event supported the U.S. Dollar.
Strong economic data in May has also weighed on gold prices including last week’s U.S. Retail Sales report. This week, investors will get the opportunity to react to the FOMC Meeting Minutes on Wednesday, Core Durable Goods Orders and a speech by Fed Chair Jerome Powell on Friday.
Robust data in the United States has pushed yields higher as investors bet that the Federal Reserve will stay the course to raise rates three times this year.
Another busy week ahead, with a mass of economic data scheduled for release, FOMC member chatter and central bank policy meeting minutes there to consider, while Iran, Italy and Trade will also need to be factored in.
The FTSE 100 rallied again during the week, forming the eighth green candle in a row. This is a very bullish market, and at this point although we have gotten a bit overextended, I’m not willing to sell any pullback as I think there is more than enough buying pressure underneath the push this market to the upside.
Gold markets broke down significantly during the week, slicing through the $1300 level, testing the uptrend line that has been so important recently. The fact that we are closing towards the bottom of the candle is of course very negative. If we break down below the uptrend line, then I think the market goes looking towards the $1275 level initially, and then perhaps down to the $1250 level. Because of this, the next couple of candles will be interesting.
The US dollar has broken to the upside during the week, slicing through the ¥110 level, an area that is of course psychologically significant level, and of course structural. Beyond that, we also broke above a pair of shooting stars on the weekly chart, a very bullish sign. At this point, it looks as if we are breaking out.
The US dollar has rallied significantly during the week, using the 1.2750 level as support. The 1.30 level above is resistance, and the previous weekly shooting star shows signs of resistance.
The New Zealand dollar fell during the week, breaking below the 0.69 level. The market looks likely to continue to struggle a bit, but we are approaching a major support level, which of course could cost a lot of noise.
The British pound broke down significantly during the week, testing the hammer from the previous week, a very negative sign when it comes to this pair. At this point, I think that it’s likely we will break down, and continue to go much lower.
Eurasia Group Europe analyst Federico Santi says that a euro zone exit is not on the agenda, at least for the time being, for the next Italian government.
With the yen, loonie and euro on the back foot, the dollar is likely headed higher for now, says Ray Attrill of National Australia Bank.