InvestMacro

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair is trading at 0.6649 under the Ichimoku Cloud, suggesting a downtrend. A test of the signal lines of the indicator near 0.6675 is expected, followed by a decline to 0.6525. An additional signal confirming the decline will be a bounce off the lower border of the Triangle. The falling will be canceled in the case of a breakout of the upper border of the Cloud and closing above 0.6750, which will mean further growth above 0.6805.

NZDUSD, “New Zealand Dollar vs US Dollar”

The currency pair is trading at 0.6360 under the Ichimoku Cloud, suggesting a downtrend. A test of the signal lines of the indicator near 0.6375 is expected, followed by a decline to 0.6295. An additional signal confirming the decline will be a bounce off the upper border of the descending channel. The falling will be canceled in the case of a breakout of the upper border of the Cloud and closing above 0.6435, which will mean further growth above 0.6505.

USDCAD, “US Dollar vs Canadian Dollar”

The currency pair is trading at 1.3228 under the Ichimoku Cloud, suggesting a downtrend. A test of the lower border of the Cloud near 1.3255 is expected, followed by a decline to 1.3145. An additional signal confirming the decline will be a bounce off the upper border of the descending channel. The falling will be canceled in the case of a breakout of the upper border of the Cloud and closing above 1.3305.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

On H4, the pair has returned into the ascending channel. At the moment, there is a reversal Hammer pattern formed around the support line. We may suppose that, executing the signal from he reversal candlestick pattern, the price will grow to 1.3275. However, a decline to 1.3200 is not impossible.

AUDUSD, “Australian Dollar vs US Dollar”

On H4, the pair keeps developing the descending dynamics. Presently, the pair has executed the signal from the reversal Harami pattern and bounced off the upper border of the channel. Two scenarios may follow from now on: the pair may either decline to 0.6588 after a small correction, continuing the downtrend; or it may return to the target level at 0.6726. Judging by the current situation, further decline looks more probable for several upcoming sessions.

USD/CHF, “US Dollar vs Swiss Franc”

On H4, the pair keeps developing ascending dynamics. A reversal Shooting Star pattern has formed near the resistance level. Currently, we may suppose that the execution of the signal from the pattern will lead the price to a small correction. The landmark for a pullback is the support level of 0.9805. After the correction, the pair may continue ascending with the target level of 0.9870. However, further growth without a noticeable pullback is not excluded.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.07909
• Open: 1.08043
• % chg. over the last day: +0.16
• Day’s range: 1.07894 – 1.08153
• 52 wk range: 1.0879 – 1.1572

The EUR/USD currency pair has stabilized after a prolonged decline. At the moment the trading instrument is consolidating. Local support and resistance levels are at 1.07850 and 1.08250, respectively. Financial markets participants are estimating FOMC protocols. The Fed is optimistic about the prospects of the US economy. The regulator plans to keep interest rates at current levels. Central Bank officials also believe that the pneumonia epidemic in China is a new risk for the global economy. Demand for greenback remains at a high level. However, we do not rule out technical correction of EUR/USD quotes in the nearest future. We recommend opening positions from key levels.

The Economic News Feed for 20.02.2020:

• – Publication of the minutes of the ECB Monetary Policy Meeting (EU) – 14:30 (GMT+2:00);
• – Philadelphia PMI (US) – 15:30 (GMT+2:00);

Indicators do not give accurate signals: the price is consolidating near 50 MA and 100 MA.

MACD is in the negative zone, which indicates a bearish sentiment.

The Stochastic Oscillator is located near the oversold area, the %K line crosses the %D line. No signals at the moment.

Trading recommendations

• Support levels: 1.07850, 1.07500
• Resistance levels: 1.08250, 1.08650, 1.09000

In case the price fixes below 1.07850, further EUR/USD quotes fall is expected toward 1.07500-1.07300.

Alternatively, the price could rise toward 1.08600-1.08800.

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.29988
• Open: 1.29158
• % chg. over the last day: -0.56
• Day’s range: 1.29002 – 1.29284
• 52 wk range: 1.1959 – 1.3516

The GBP/USD currency pair has gone down. During yesterday’s and today’s trades the drop in quotations exceeded 90 points. Sterling has set new local lows. At the moment the trading instrument is testing the round level 1.29000. 1.29450 is already a mirror resistance. The technical pattern signals a further fall of GBP/USD quotes. We expect important economic reports from the UK. Positions should be opened from key levels.

At 11:30 (GMT+2:00) the UK will publish data on retail sales in the UK.

The indicators signal the sellers’ strength: the price has fixed below 50 MA and 100 MA.

MACD histogram is in the negative zone, which gives a sell signal for GBP/USD.

The Stochastic Oscillator is in the neutral zone, the %K line crosses the %D line. There are no signals at the moment.

Trading recommendations

• Support levels: 1.29000, 1.28700, 1.28500
• Resistance levels: 1.29450, 1.29750, 1.30150

If the price fixes below the round level of 1.29000, expect the quotes to fall toward 1.28700-1.28500.

Alternatively, the quotes could grow toward 1.29750-1.30000.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.32606
• Open: 1.32283
• % chg. over the last day: -0.29
• Day’s range: 1.32117 – 1.32404
• 52 wk range: 1.2949 – 1.3566

Bearish sentiment prevails on the USD/CAD currency pair. The trading instrument has updated the local lows. At the moment the CAD is consolidating. Local support and resistance levels are at 1.32150 and 1.32400, respectively. USD/CAD quotes have potential for further decline. We expect important statistical data on US economy. We also recommend youto pay attention to the dynamics of oil prices. Positions should be opened from key levels.

The news feed for the Canadian economy is calm.

Indicators do not give an accurate signal: 50 MA crossed 100 MA.

Histogram MACD is in the negative zone, but above the signal line, which gives a weak signal to sell USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

• Support levels: 1.32150, 1.31800, 1.31500
• Resistance levels: 1.32400, 1.32600, 1.32750

If the price fixes below 1.32150, expect the quotes to fall toward 1.31800-1.31500.

Alternatively, the quotes could grow toward 1.32600-1.32800.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 109.869
• Open: 111.337
• % chg. over the last day: +1.20
• Day’s range: 111.111 – 111.798
• 52 wk range: 104.45 – 113.53

Aggressive purchases are observed on USD/JPY currency pair. During yesterday’s and today’s trades the growth of quotations exceeded 190 points. The trading instrument overcame and strengthened above key extremums. The demand for safe haven currencies has considerably weakened amid the reduced fears about further coronavirus spreading in China. At the moment USD/JPY quotes are testing resistance at 111.800. The mark 111.200 is the nearest support. We do not rule out further weakening of the yen against the greenback. Positions should be opened from key levels.

The news feed on Japanese economy is calm.

The indicators signal the strength of buyers: the price has fixed above 50 MA and 100 MA.

Histogram of MACD is in the positive zone, which indicates a bullish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also gives a signal to buy USD/JPY.

Trading recommendations

• Support levels: 111.200, 110.750, 110.300
• Resistance levels: 111.800, 112.000, 112.500

If the price fixes above 111.800, expect further growth toward 112.000-112.500.

Alternatively, the quotes could descend toward 110.800-110.600.

by JustForex

By TheTechnicalTraders – FANG stocks seem uniquely positioned for some extreme rotation over the next 6+ months.  The continued capital shift that has taken place over the past 5+ years has driven investment and capital into the Technology sector – much like the DOT COM rally.  The euphoric rally in the late 1990s seems quite similar to today.

The biggest difference this time is that global central banks have pushed an easy-money monetary policy since just after 2000.  The policies and rallies that took place after 9/11 were a result of policies put in place by George W. Bush and Alan Greenspan.  Our research team believes these policies set up a  process where foreign markets gorged on cheap US Dollars to expand industry and manufacturing throughout the late 1990s and most of the early 2000s.  This process sets up a scenario where the US pumped US Dollars into the global markets after the 9/11 terrorist attacks and foreign markets gobbled this capital up knowing they could expand infrastructure, industry, and manufacturing, then sell these products back to the US and other markets for profits.  Multiple QE attempts by the US Fed continued to fuel this capital shift.

It wasn’t until after 2008-09 when the US Fed entered a period of extreme easy money policy.  This easy money policy populated an extensive borrow-spend process throughout most of the foreign world.  Remember, as much as the US was attempting to support the US markets, the foreign markets were actively gorging even more on this easy money from the US and didn’t believe anything would change in the near future.  China/Asia and most of the rest of the world continued to suck up US Dollars while pouring more and more capital into industry, manufacturing and finance/banking.

This process of borrowing from the US while tapping into the expanding US markets created a wealth creation process throughout much of Asia/China that, in turn, poured newly created wealth back into the US stock and real estate markets over the past 7+ years.  It is easy to understand how the trillions pushed into the markets by the US Fed created opportunity and wealth throughout the globe, then turned into investments into US assets and the US stock market.  Foreign investors wanted a piece of the biggest and most diverse economy on the planet.

This foreign investment propelled a new rally in the Technology sector, which aligned with a massive build-out of technology throughout the world and within China.  Remember, in the late 1990s, China was just starting to develop large manufacturing and industry.  By the mid-2000s, China had already started building huge city-wide industry and manufacturing.  But in the late-2000s, China went all-in on the industry and manufacturing build-out.  This created a massive “beast” in China that depends on this industry to support finance and capital markets.  This lead to the recent rise in the global and US markets as all of this capital rushed around the globe looking for the best returns and safest locations for investment.

FANG stocks have taken center stage and the recent rally reminds of us the DOT COM rally from the 1990s.  Could the Coronavirus break this trend and collapse future expectations within the global markets?  Is it possible that we are setting up another DOT COM-like bubble that is about to break?

The weekly chart of Apple (AAPL)

This first Weekly chart of Apple (AAPL) shows just how inflated price has rallied since August 2019.  The share price of AAPL has risen from $220 to almost $320 in the last 6 months – an incredible +49%.  We attribute almost all of this incredible rise to the Capital Shift that took place in the midst of the US/China trade war.  Foreign capital needed to find a place to protect itself from currency devaluation and to generate ROI.  What better place than the US Technology Sector.

The weekly chart of Facebook (FB)

Facebook has also seen a nice appreciation in value from the lows in late 2018.  From the August 2019 date, though, Facebook has seen share prices rise about +25% – from the $180 level to the $225 level.  Although many traders may not recognize the Double Top pattern set up near the $220 level, we believe this setup may be an early warning that Technology may be starting to “rollover” as capital may begin searching for a safer environment and begin exiting the Technology sector.

The weekly chart of Google (GOOG)

Google (Alphabet), GOOG, is another high-flier with share prices rising from $1200 to $1500 from August 2019 till now – a +28% price increase.  We can clearly see that GOOG is well above the historic price channel set up by the rotation in late 2018.  We believe resistance near $1525 will act as a price boundary and may prompt a downside price rotation associated with the rotation away from risk within the Technology sector.  Any downside move, if it happens, could prompt a price decline targeting $1350 or lower.

Concluding Thoughts:

Remember, we are warning of a change in how capital operates within the markets.  The Capital Shift that has continued to drive advancing share prices in Technology may be nearing an end.  It does not mean the capital shift will end, it just means this capital may rotate into other sectors in an attempt to avoid risks and seek out returns.  We believe this is a real possibility because we believe the Coronavirus in China is disrupting the markets (supply/manufacturing and consumer spending) by such a large factor that we believe capital will be forced to identify new targets for returns.  In other words, we believe the Technology Sector may be at very high risk for a price reversion event if this “black swan” event continues to disrupt the global markets.

Let’s face it, a very large portion of our technology originates and is manufactured in China.  In fact, a very large portion of almost everything we consume is manufactured in China.  Heck, the cat food I buy every week is made in China.  If this Coronavirus continues to force China to shut down large sections of their nation and manufacturing while it continues to spread, then the only real outcome for the rest of the world is that “China manufacturing capabilities will be only 10~20% of previous levels” (if that).

Once supply runs out for most items originating from China, then we are going to have to deal with a new reality of “what are the real future expectations going to really look like” and that is why we are preparing our followers and friends the Technology sector may be one of the biggest rotating sectors in the near future.

Join my Swing Trading ETF Wealth Building Newsletter if you like what you read here and ride my coattails as I navigate these financial markets and build wealth while others lose nearly everything they own.

Chris Vermeulen
TheTechnicalTraders.com

NOTICE: Our free research does not constitute a trade recommendation or solicitation for our readers to take any action regarding this research.  It is provided for educational purposes only.  Our research team produces these research articles to share information with our followers/readers in an effort to try to keep you well informed.  Visit our web site (www.thetechnicaltraders.com) to learn how to take advantage of our members-only research and trading signals.

By TheTechnicalTraders.com

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Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

The pair has broken out the lowe4r border of the Triangle and reached the goal of the declining wave, covering 1.0785. The market also demonstrated a technical reversal and tested 1.0785 from below. Now the market is trading in the consolidation area under 1.0800. With a breakout of 1.0788 downwards, the quotations might decline to 1.0775. With a breakout of 1.0803 upwards, the quotations might rise to 1.0814.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has performed a correction to 1.3030. The market is currently trading in yet another wave of decline to 1.2947. Upon reaching this level, a consolidation area might develop. When the pair escapes it downwards, it might reach 1.2868. The goal is local.

USDCHF, “US Dollar vs Swiss Franc”

The pair has reached the local goal of another structure of growth – 0.9836. Today, the market is trading in the consolidation area around the level 0.9829. The growth might continue to 0.9844. Then, we expect a correction to 0.9800 and then – growth to 0.9888.

USDJPY, “US Dollar vs Japanese Yen”

The pair has broken the consolidation area upwards and grown to 110.10. Today, we may see a technical test of 109.95 from above. Then the pair may grow to 110.15. With a breakout of this level upwards, the pair might grow to 110.30.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has performed a correction to 0.6700. Today, it might decline to 0.6682. With a breakout of this level downwards, the quotations may further decline to 0.6665.

USDRUB, “US Dollar vs Russian Ruble”

The currency pair has formed a consolidation area in the shape of a Triangle. With a breakout of 64.00 upwards, a measured movement to 64.50 is not excluded. With a breakout of 63.35 downwards, the trend might continue to 62.70.

USDCAD, “US Dollar vs Canadian Dollar”

The currency pair has performed a correction to 1.3275. The market is now trading under pressure for a decline to 1.3232. With a breakout of this level downwards, the quotations might decline to 1.3180. The goal is local.

XAUUSD, “Gold vs US Dollar”

Gold traded successfully in the consolidation area 1587.10. If it escapes it upwards, the trend might continue to 1660.00. Today, the market is trading in another consolidation area around 1597.85. With an escape upwards, it may reach 1611.90. With an escape downwards, it might return to 1574.90.

BRENT

Oil has broken 57.53 upwards and performed a way of growth to 58.28. Today, it might decline to 57.53. Then, it may grow to 59.42.

BTCUSD, “Bitcoin vs US Dollar”

The market keeps developing a correction. Today, it might grow to 10260 and then – decline to 9850. Around this levels, a consolidation area may form. With an escape downwards, the quotations may decline to 9550. And with a breakout of this level downwards, the cryptocurrency might decline to 8900. The goal is local.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the quotations tried to reach 50.0% (1.2856) Fibo and pulled back to 38.2%, which may be interpreted as the beginning of a short-term correction. The main resistance level is at 23.6% (1.3203). After the correction, we should expect a new wave of declining to 50.0% (1.2856) and 61.8% (1.2700).

On H1, a local correctional flat is forming around 38.2% Fibo. After the end of the local correction, we should expect a new impulse of growth to 38.2% (1.3116). The support is at the low of 1.2871.

EURJPY, “Euro vs. Japanese Yen”

On H4, the quotations have reached 61.8% Fibo but they are aimed at declining to 76.0% (117.55) and the low of 115.86. With the development of the downtrend, we should note a convergence forming on the MACD, warning us of a pullback approaching. The resistance is now at 38.2% (120.18).

On H1, we can see the EURJPY quotations test 61.8% in more detail. A local convergence hints on an upcoming pullback.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.08334
• Open: 1.07909
• % chg. over the last day: -0.38
• Day’s range: 1.07902 – 1.08037
• 52 wk range: 1.0879 – 1.1572

EUR/USD quotes continue to show a steady downtrend. The trading instrument has renewed its three-year lows against greenback. The euro continues to be under pressure from the flow of weak economic releases. Currently, EUR/USD currency pair is consolidating in the range of 1.07850-1.08250. Participants of the financial markets expect the publication of FOMC protocols, as well as a number of important statistical data on the U.S. economy. We recommend opening positions from key levels.

The Economic News Feed for 19.02.2020:

• – Manufacturer Price Index (US) – 15:30 (GMT+2:00);
• – Real Estate Market Report (US) – 15:30 (GMT+2:00);
• – FOMC Minutes Publication (US) – 21:00 (GMT+2:00);

The indicators signal the sellers’ strength: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone, which indicates a bearish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also gives a sell signal for EUR/USD.

Trading recommendations

• Support levels: 1.07850, 1.07500
• Resistance levels: 1.08250, 1.08650, 1.09000

If the price fixes below 1.07850, further decline of EUR/USD quotes is expected. Potential of movement to 1.07500-1.07300.

Alternatively the quotes could grow to to 1.08600-1.08800.

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.30033
• Open: 1.29988
• % chg. over the last day: -0.08
• Day’s range: 1.29871 – 1.30048
• 52 wk range: 1.1959 – 1.3516

The technical pattern on the GBP/USD currency pair is ambiguous. GBP is moving sideways, there is no defined trend. At the moment, local support and resistance levels are at 1.29750 and 1.30150, respectively. Financial markets participants are waiting for important economic reports from the UK and USA. Positions should be opened from key levels.

At 11:30 (GMT+2:00) the UK inflation data will be published.

Indicators do not give an accurate signal: 50 MA crossed 100 MA.

The MACD histogram has crossed the negative zone, which gives a sell signal for GBP/USD.

The Stochastic Oscillator is located in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

• Support levels: 1.29750, 1.29450, 1.29200
• Resistance levels: 1.30150, 1.30450, 1.30650

If the price fixes below 1.29750, expect the quotes to fall toward 1.29450-1.29200.

Alternatively, the quotes could grow toward 1.30450-1.30700.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.32330
• Open: 1.32606
• % chg. over the last day: +0.15
• Day’s range: 1.32417 – 1.32606
• 52 wk range: 1.2949 – 1.3566

USD/CAD keeps being traded in a long flute. There is no unidirectional trend. At the moment, local support and resistance levels are at 1.32400 and 1.32600, respectively. USD/CAD quotes have a downside potential. Today, investors will appreciate important economic releases from Canada and USA. We also recommend to pay attention to the dynamics of oil prices. Positions should be opened from key levels.

At 15:30 (GMT+2:00) the inflation data for Canada will be published.

Indicators do not give accurate signals: the price has crossed 50 MA and 100 MA.

MACD has crossed to the negative zone, which indicates the development of bearish sentiments.

The Stochastic Oscillator is located in the oversold area, the %K line has crossed the %D line. No signals at the moment.

Trading recommendations

• Support levels: 1.32400, 1.32250, 1.32000
• Resistance levels: 1.32600, 1.32750, 1.33000

If the price fixes below 1.32400, expect the quotes to fall toward 1.32000.

Alternatively, the quotes will grow toward 1.32750-1.33000.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 109.876
• Open: 109.869
• % chg. over the last day: -0.01
• Day’s range: 109.847 – 110.113
• 52 wk range: 104.45 – 113.53

The USD/JPY currency pair has moved up. The trading instrument reached the key extremums. At the moment USD/JPY is consolidating near the resistance level of 110.100. The mark 109.900 is the nearest support. The participants of financial markets took a waiting position before the publication of FOMC protocols. We also recommend you to pay attention to the US government bond yield dynamics. Positions should be opened from key levels.

The Economic News Feed for 19.02.2020 is calm.

The indicators signal the strength of buyers: the price has fixed above 50 MA and 100 MA.

MACD histogram is in the positive zone, which indicates a bullish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line crosses the %D line. No signals at the moment.

Trading recommendations

• Support levels: 109.900, 109.700, 109.550
• Resistance levels: 110.100, 110.400

If the price fixes above 110.100, USD/JPY purchases should be considered. Potential movement towards 110.400-110.600.

Alternatively, the USD/JPY pair may decline to 109.700-109.550.

by JustForex

by JustForex

The US dollar continued its growth against a basket of major currencies. The US dollar index (#DX) closed yesterday in the positive zone (+0.33%). At the same time, the yen, which is considered a protective asset, went down amid signals about coronavirus spreading slowing down. Investors believe that China has managed to contain the epidemic. China reported yesterday that the number of new infections per day was the lowest since January 29. Chinese officials earlier reported that a clear slowdown in the spread of the infection indicates the effectiveness of the measures taken, but representatives of the global health sector believe that it is still too early to judge what will happen next.

Yesterday, mixed economic data on the UK labour market was published. Thus, the average salary level including bonuses rose in December by 2.9%, while experts expected an increase of 3.0%, while the number of applications for unemployment benefits in January was only 5.5K instead of 22.6K. Weak economic releases continue to put pressure on the EUR. EUR/USD quotes have updated the three-year lows. Today, investors’ attention will be focused on the publication of FOMC Minutes.

Oil prices have gone up. At the moment, futures for WTI oil are testing the level of $52.95 per barrel.

Market indicators

Yesterday the US stock market showed a variety of trends: #SPY (-0.26%), #DIA (-0.54%), #QQQ (+0.04%).

The yields on 10-year US government bonds increased slightly. They are currently at 1.55-1.56%.

• – consumer price index in UK – 11:30 (GMT+2:00);
• – the number of construction permits issued in the USA – 15:30 (GMT+2:00);
• – manufacturer price index in the USA – 15:30 (GMT+2:00);
• – the basic consumer price index in Canada – 15:30 (GMT+2:00);
• – publication of FOMC Minutes – 21:00 (GMT+2:00).

by JustForex

By George Prior

Presidential candidate Michael Bloomberg’s proactive cryptocurrency plans place him on the right side of financial history, affirms the CEO of one of the world’s largest independent financial services and advisory organizations.

The chief executive and founder of deVere Group is speaking out after the New York-based billionaire presidential hopeful proposed creating a regulatory framework for cryptocurrencies in a new financial regulation plan.

The plan notes: “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped.”

Mr Green comments: “Michael Bloomberg is, to date, the only candidate to become president of the world’s largest economy who has devised a coherent plan for cryptocurrencies.

“The staggering pace of the digitalization of economies and our professional and personal lives underlines that there will be – must be – growing demand for digital, global, borderless money.

“Indeed, digital currencies are now almost universally regarded as the future of money.

“This is why most central banks around the world – including the Federal Reserve – major financial institutions, tech giants, and multinationals are all getting involved.

“As such, Bloomberg’s proactive and progressive approach, which could be the first step to providing regulations to protect consumers and prevent illicit activity in the new age, must be championed.”

Nigel Green has long been a vocal advocate for cryptocurrency regulation.

He notes: “Digital currencies are already becoming mainstream and that means that they should adhere to the same standards as the rest of the financial system.

“Regulation is necessary as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.”

Last year, the deVere CEO criticised President Donald Trump who took to Twitter to say: “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

In response, Mr Green blasted: “Does the President seriously think that traditional, fiat currencies are the way forward?”

Nigel Green concludes: “Cryptocurrencies are redefining and reshaping the financial system. The Leader of the Free World needs to be ahead of the curve and on the right side of history on such a fundamental issue.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement