Market updates on September 12
ECB meeting is on the agenda. Will the EUR get weaker?
Crypto assets head south on regulation talks
On Tuesday, Bitcoin as well as other crypto assets went down because Japan is all geared up towards urging the G20 to work out strict rules with the aim of preventing global money laundering of digital currencies.
Bitcoin showed an outcome of $9,005.50, heading south 7.99% on the Bitfinex having reached a minimum of $8,462.00 on Sunday. It has struggled to climb up having dived to $6,000 in February and the cryptocurrency is currently far from its maximum of $20,000 in December.
Other crypto assets inched down too, with counterpart Ethereum, the world’s number two digital currency by market share, diving 5.78% to $690.22 on the Bitfinex exchange. As for Ripple, the world’s number three crypto asset, it lost 6.44% being worth $0.76813. As for Litecoinwas it was last caught at $172.74, demonstrating a 9.92% slump.
Japan is going to urge G20 finance officials to step up efforts against crypto assets being utilized in money laundering. However, it’s unlikely that global rules are going to be successfully agreed on and the gatherings will instead pay attention to consumer protection as well as steps to prevent money laundering, as officials told.
The group of finance ministers as well as key bankers from 20 leading economies will meet on March 19-20 in Buenos Aires.
As crypto assets grow in popularity, watchdogs around the globe have struggled with how to supervise the digital currencies.
Japan appears to be the first country to oversee crypto trading. Germany and France are supposed to make a joint proposal to supervise the crypto market. As for Thailand, this Asian country’s considering imposing a 10% capital gains duty on crypto investments, as the Bangkok Report informed.
Meanwhile a ECB board member uncovered that Bitcoin along with other crypto assets turn to be excessively risky to be employed because legal tender could be utilized by policy makers for the purpose of settling payments among banks.
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The British pound falls further ahead of the Cabinet meeting
The news that opposition lawmakers plan to stop Boris Johnson to leave the European Union without a deal increased the political uncertainties in the UK.
The market awaits NFP
The level of non-farm payrolls (NFP), also known as non-farm employment change will be published on September 6, at 15:30 MT time.
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Market updates on September 13
The retail sales for the US in focus today
"Buy the rumor - sell the fact" action for USD/TRY
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
Traders await the releases for the USD
The USA will publish the level of retail sales and core retail sales on September 13, at 15:30 MT time.
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