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The third week of January 2020 brought smiles to the faces of FXFINPRO clients as CySEC initiated their compensation process despite the uncertainties hovering the Forex markets due to the projections of the US-China trade deal and the China data dump. Forex Broker comparison service FXBrokerFeed brings you the recent updates and commentaries in the FX Broker Market, featuring CySEC and FXFINPRO clients and the EUR/USD scuffle.
FXFINPRO Clients to Get Compensation Soon
FXBrokerFeed noticed the joy expressed by FXFINPRO clients following the initiation of their compensation process by CySEC. In the announcement, CySEC requested that clients of FXFINPRO Capital, a brand owned by PFX Financial Professionals Ltd, should proceed to provide their details and claims on the claims portal.
The Cypriot watchdog had, in October 2018, withdrew FXFINPRO’s Cyprus Investment Firm (CIF) wholly, resulting in the company’s exit from the market.
FXFINPRO’s clients were, however, lucky because the Investor Compensation Fund (ICF) protects their claim. That is because FXFINPRO is a member of ICF; thus, its clients get compensated by ICF now that it is unable to offset its financial obligations.
CySEC released a statement that it has successfully revoked FXFINPRO’s authorization before the commencement of the processing of FXFINPRO clients’ claims. Reports also have it that FXFINPRO is far from settling its obligations due to its present financial situation.
The announcement is a welcomed development, especially to the clients of FXFINPRO Capital after a long wait.
EUR/USD Scuffles
FXBrokerFeed beams of the scuffle of the EUR/USD amidst projections from the US-China trade deals and the China data dump. Many traders expected the pair to trade above 1.1150, following the dollar weakness, but it was the opposite as the pair could not break the 1.1142 strong resistance.
The Technical Confluence Indicator showcased figures that suggest the pair may scuffle to recover since there is another resistance at 1.1195. The indicator is a cluster of several technical indicators like the Bollinger Band 1-hour-middle, SMA 200-1-hour, Fibonacci 23.6% 1-day, and more.
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Release ID: 88943183