The last week of July 2019 was adrenaline packed with the FX Market having to contend with a raft of economic policy considerations spelt out in the economic calendar.
Ontario, Canada - August 3, 2019 /NewsNetwork/ —
The last week of July 2019 was adrenaline packed with the FX Market having to contend with a raft of economic policy considerations spelt out in the economic calendar. The Gopher took cue to rally after FOMC pronouncements while Bitcoin shrugged off a week of lows to trend upward. Forex Broker comparison service FXBrokerFeed brings you the latest updates and sentiments in the FX Broker Market, featuring the USD/JPY currency pair and Bitcoin resilience.
USD/JPY Bulls Rally
The USD/JPY currency pair was spot on to rally after FOMC not so dovish rates cut to top the week at a credible 109.25 handle early Friday. The Fed delivered on a predictive rate cut by 25 basis points first time since 2008 but made no further commitments.
Additionally, a weak global economic forecast, strong US economic data, low inflation and inconclusive US/China negotiations factored to spur the greenback. The Yen sustained safe haven status to see the pair in overbought and oversold territory.
FxBrokerFeed takes note of a market cautious of the pair’s upward trajectory that may test the 110 resistance level. Chairman Powell reiterated FOMC policy balancing hiking bias, neutral stance to easing bias as financial stimulus.
Bitcoin Resilience
The world’s dominant cryptocurrency was up and down early in the week descending to a low USD 9,126 support but recovered to crest a USD 9,700 resistance level on Wednesday.
The coin rallied further to sustain support around USD 9,500, and broke free past the psychological USD 10,000 level Thursday. Analysts predict that Bitcoin value will continue to rise largely from miners influencing supply and demand.
FxBrokerFeed is cognizant of data released by monitoring resource; Blockchain, indicating that 17,850,000 units have been extracted to date. Considering Bitcoin fixed supply of 21,000,000 units, only 3,150,000 units remain but will not be available for circulation until 2140.
Traders can take advantage of FXBrokerFeed’s 30-day free trial and register here: https://fxbrokerfeed.com/register-now/ .
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Source: NewsNetwork
Release ID: 88903516
