Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Bitcoin goes down after China bans ICOs
On Monday, Chinese regulators labeled initial coin offerings as illegal, thus sending a powerful blow to the latest financial-markets mania and suppressing the prices of the two major cryptocurrencies, bitcoin and ether.
China’s shocking move that included a call for fundraising activities through the digital tokens to stop right now, came after a fresh warning by the US Securities and Exchange Commission that it might consider the coins to be securities.
The regulatory maneuvering takes place because fears have surged as for initial coin offerings that have captured traders’ imagination.
China’s role in cryptocurrencies happens to be considerable, but it’s shifting. Last year, Chinese exchanges boasted more than 90% of the entire digital-currency trading. A bit earlier in 2017, China’s major financial institution got down to imposing regulations on the exchanges. As a result much of the volume shifted to South Korea and Japan.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.