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The last week of August 2019 was subdued for the FX Market with tariffs tribulations from prior week mutating into sabre rattling between US/China to compound speculative sentiment for currency pairs and commodities. However, cryptocurrencies legitimacy quest bore dividends with Switzerland licensing two crypto banks. Forex Broker comparison service FXBrokerFeed brings you the latest updates and commentaries in the FX Broker Market, featuring SEBA AG and Sygnum AG Crypto Banks and Tariffs imposed Recession.
Crypto Banks Finally
FXBrokerFeed observed a collective sigh of relief for the crypto economy after Financial Markets Authority (FINMA) of Switzerland issued licenses to SEBA AG and Sygnum AG to offer crypto banking services.
The two new crypto banks will operate under stringent FINMA regulatory oversight to trade, and borrow against traditional and digital assets, offer custody storage, liquidity and wealth management.
Said Andreas Amschwand, Chairman of the Board of SEBA “The Banking license of Swiss Financial Market Authority FINMA is not only a milestone for SEBA, it sets a new standard for banking in the blockchain and digital asset economy”.
Sygnum issued a similar statement about offering institutional-grade digital custody, provision of a fiat-digital asset gateway, and even raising capital via issuance of tokens based on fiat backed assets.
The move underpins Switzerland’s traditional ranking as the premier center for unmatched international financial services.
Tariffs TrumpXiTrums
FXBrokerFeed spotlights the tariffs war that broke out in 2018 coming to roost and erasing gains made across the length and breadth of the global forex market. And central banks seem desperate as they tinker with rate cuts, and other knee jerk stimulus packages to resuscitate hemorrhaging global economies.
Risk aversion sentiment saw sustained bias towards safe havens to escape unrelenting currency pairs’ volatility. The EUR/USD traded below 1.1100, GPB/USD at 1.2200 and USD/JPY downtrend at 106.00 on Thursday to cascade similar trend for other global pairs.
Data released point to impending global recession in the absence of political will at resolving an unnecessary tariffs dispute compounded further by geopolitical grandstanding.
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