FXBrokerFeed's latest market snapshot captures a late-August FX landscape driven by risk aversion, while Gemini's expansion into Australia signals growing institutional confidence in cryptocurrency markets.
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The fourth week of August 2019 saw a subdued FX Market as risk aversion left traders and investors gravitating towards safe haven commodities. This relegated major currency pairs to speculative territory, but crypto-business sustained tenacious resilience to venture into new horizons. Forex Broker comparison service FXBrokerFeed brings you the latest updates and snapshots in the FX Broker Market, featuring Gemini's Australian volley and range-bound EUR/USD pair.
Gemini Exchange Australian Venture
Gemini crypto-trading exchange opened shop in Australia to increase its global crypto presence and market share. The move represents a calculated effort by the Winklevoss-founded platform to establish a foothold in the Asia-Pacific region at a time when competitor exchanges are jostling for dominance across emerging crypto corridors. Gemini exchange platform currently transacts daily cryptocurrency services for customers in the US, Canada, United Kingdom, Hong Kong, South Korea and Singapore. Adding Australia to that roster gives the exchange access to a market with a sophisticated retail investor base and a regulatory environment that has proven broadly receptive to digital asset businesses.
Said Gemini co-founder Tyler Winklevoss during the Wednesday announcement; "cryptocurrency is the future of money, and we are committed to building a bridge to that future in Australia. We are thrilled to continue expanding our global footprint and give Aussies a safe and trustworthy cryptocurrency experience." The messaging is deliberate. Trust has become the primary differentiator in an industry still shaking off the reputational damage of exchange collapses and security breaches. Gemini has positioned itself as the compliance-first alternative, and its expansion strategy leans heavily on that narrative.
With New York as its nerve center, the exchange has also started operations in Chicago. Gemini has made an application for a broker-dealer license which awaits approval from the Financial Industry Regulatory Authority. Additionally, the exchange has yet to receive another approval to have a Bitcoin-backed ETF for US operations, also awaiting a nod from the Securities and Exchange Commission. Both applications represent significant regulatory hurdles, but securing either would mark a watershed moment for mainstream crypto adoption in the United States. The broker-dealer license, in particular, would allow Gemini to expand its service offerings into more traditional financial products, effectively blurring the line between digital asset exchange and conventional securities platform.
Lukewarm Rally for EUR/USD
Across the traditional currency markets, the picture was far less ambitious. The IHS/Markit research showed German manufacturing PMI beating recessionary odds to post 43.6 above a previous month's 43.2 reading. While technically an improvement, the figure remains well below the 50 threshold that separates expansion from contraction, underscoring the persistent weakness in Europe's largest economy. German services PMI posted an equally mild rebound with a point above July PMI for a 54.4 showing.
Additionally, French manufacturing and services PMI's were impressive enough to buttress a Eurozone in need of urgent stimulus packages for revamp. France's relative stability provided a counterweight to the malaise emanating from Germany's factory floors, though whether it is enough to offset broader continental sluggishness remains an open question. This was seemingly enough to gloss over Italy's political chaos to tick an uptrend at 1.1100 resistance, and support at 1.1090.
Prospects for ECB easing stimulus, unresolved US/China tariffs, and the Jackson Hole meeting of global central banks' sentiments continued to impact the pair. Each of these factors alone carries weight. Combined, they created a dense fog of uncertainty that kept the EUR/USD tethered to a narrow band. Traders hunting for directional momentum found little to work with, as every attempt at a breakout was met with equal and opposing pressure from the macro backdrop. The broader lesson is clear: in an environment dominated by central bank posturing and geopolitical brinkmanship, technical levels matter less than policy signals.
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