FXBrokerFeed, brings you a snap shot of some updated news, and trends in the FX broker market, featuring GPB/USD trading pair, and MAS and BoC in Blockchain Test Drive.
The month of May 2019 starts with the FX Market in robust trading, exploration of new initiatives, and taking advantage of a global economy in rebound. Forex Broker comparison service provider FXBrokerFeed, brings you a snap shot of some updated news, and trends in the FX broker market, featuring GPB/USD trading pair, and MAS and BoC in Blockchain Test Drive.
GPB/USD Trading Pair
FXBrokerFeed takes cognizance of USD/GBP trading pair swiping off potential volatility to trade in the mid-1.3050 compared to 1.3200 cap in early April.
The Bank of England’s “Super Thursday” projections of reduction in interest rates calmed market concerns in the short term, but traders will deal while maintaining a hawk-eye view to the Brexit outcome.
FXBrokerFeed attributes the cautious optimism to prospects of UK PM Theresa May striking an accord with Labour Party on Brexit, and unshackling the Sterling to rally against a galloping dollar.
The dollar is responding to rising interest rates, and favorable economic growth forecasts at home and abroad. Despite the mixed indicators, the GPB/USD pair may yet set the momentum for May global forex trading.
Monetary Authority of Singapore (MAS) and Bank of Canada (BoC) in Blockchain Test Drive
FXBrokerFeed keeps watch on the budding partnership between the central banks of Canada and Singapore. The banks have announced successful completion of a series of tests on cross-border, and cross country currency payments using blockchain technology.
Both MAS and BoC used their prototype blockchain payment networks dubbed Project Ubin and Project Jasper respectively. They connected to each other using the hashed time-locked contracts (HTLC) system relied upon by cryptocurrencies, to reduce counterparty risk.
FXBrokerFeed is convinced that this leap into cryptosphere by two leading central banks is significant testimony of blockchain gaining traction into operations of traditional financial institutions.
Consultancy for their debut partnership was provided by Accenture and investment bank JP Morgan. It is noted that they encountered scalability challenges during the test run, and especially on cross-border payments.
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