FXBrokerFeed Released Their Weekly Market Recap Reporting on Facebook Coin Reality and Chinese Yuan Booster

The last week of May 2019 activity in the FX market continued to seesaw on a fulcrum of unending trade feuds, sanctions, Brexit and tough talk from China. Forex Broker comparison service FXBrokerFeed provides you some updated snippets, and trends in the FX Broker Market, featuring a rallying Yuan and Facebook’s Prototype Crypto Bullet.

Facebook Coin Reality

FXBrokerFeed spotlight for the week is Facebook’s Libra Project which has progressed swiftly albeit in deep camouflage, to bring the long-awaited Facebook Coin closer to realization. The recent launch of Libra Networks in Geneva, Switzerland as Facebook’s Fintech Subsidiary is the social media giant’s new deal.

The start-up will develop the requisite infrastructure to support a payment platform for Facebook’s cryptocurrency. It is anticipated Facebook Coin will be pegged to a wide choice of global currencies, but immediate winners will be WhatsApp Network users who will be able to send funds.

Facebook is reportedly planning global multiple launches of its cryptocurrency and payment platform. They target to reach over 2.7 billion clients on their entire network including Facebook, WhatsApp and Instagram. India is on the cross-hairs for initial launch to hundreds in millions of an exponentially growing clientele in Asia.

The Yuan Defies Volatility

Currency of the world’s second-largest economy rallied to defy short-term fluctuations amidst worsening trade relations with the US. The Yuan received a psychological boost from China Banking and Insurance Regulatory Commission (CBIRC) warning to Bears behind the ongoing depreciation ripples.

Remarks from senior Chinese officials at a Beijing finance forum on Monday indicate a buoyant economy unbowed by the $200 billion US imposed tariffs on Chinese exports. Though declines in industrial profits have persisted, the tariffs account for only 8% of Chinese exports.

FXBrokerFeed takes note of the Chinese resolve to dig in for the long haul with no end in sight of an escalating trade feud, predicted to go beyond 2019.

Traders can take advantage of FXBrokerFeed’s 30-day free trial and register here: https://fxbrokerfeed.com/register-now/.