Brokers Minutes

Coinsetter Soon to become a full-featured, institutional-class Bitcoin exchange

By Forexminute - Deepak Tiwari | Bitcoin | Jul 24, 2014 3:17PM BST




The New York-based, low latency Bitcoin exchange and ECN, Coinsetter is yearning to become a full-features and institutional-class Bitcoin exchange and in that pursuit it has launched a Beta version. According to the press release from the company with its completed launch, Coinsetter will become a full-featured, institutional-class Bitcoin exchange.

The company wrote a blog about the announcement and showed the happiness. The blog says, “Today, we’re pleased to announce that our full-featured Bitcoin exchange is officially out of beta. The Bitcoin space has matured rapidly over the past two years of our company’s history, and the platform we offer has grown along with it.”

Now, professionally tested to execute Bitcoin trades in as low as 40 milliseconds, Coinsetter is all set to cater the requirements from the customers who want fast and better trading experience. According to the company it has expanded functionality which gives its users access to a variety of account funding options.

For instance, customers can now fund through compliance-approved bank transfers and highly secure Bitcoin transfers as well. The company says that as it has already been providing unequaled customer support to traders with both email and live phone support from its New York City headquarters, there won’t be any trouble for customers.

The announcement says that the company has reduced trade fees to industry-leading levels, with the commission charged on trades now extending to as low as 0.10% for the most active users. Thus, it has tried not just to lure customers with the rich features but also attractive offers for the traders who want to initiate trading with it.

Existing and New Traders Going to Get New Accounting Funding Options

In his statement CEO Jaron Lukasiewicz admitted that Coinsetter’s early focus was to support active traders with a best-in-class trading platform. He also expressed his opinion about the expansion and said that his company succeeded in building a trading platform with outstanding technology and services.

The CEO believes that over the past few months his company has extended the scope of the development to support the growing group of Bitcoin users and companies that demand access to a reliable API and deep Bitcoin liquidity. According to him by expanding the platform’s capabilities, he now offers an institutional-class, plug-and-play package for Bitcoin ATMs.

This is also helping out bringing up Bitcoin payment processors, brokerages and other businesses that need to connect to a Bitcoin exchange for liquidity. He says that the transformation into a full exchange benefits active traders as well as they too can now avail new account funding options that make it easier than ever to deposit and withdraw.


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The US dollar showed signs of strength in recent forex trading, despite mixed data from the US economy. Initial jobless claims was stronger than expected at 284K versus the estimated 310K reading and the previous 303K figure, indicating a pickup in hiring. The US flash manufacturing PMI fell short of expectations and showed a drop from 57.3 to 56.3 instead of improving to the estimated 57.5 figure. New home sales was also weaker than expected at 406K instead of 485K while the previous month’s reading was downgraded to 442K. For today, US headline and core durable goods orders data are up for release. The headline figure might show a 0.4% rebound while the core figure could print a 0.6% gain.

The euro regained ground in yesterday’s London forex trading session as German and French PMIs came in mostly stronger than expected. The German flash manufacturing PMI climbed from 52.0 to 52.9 while the flash services PMI improved from 54.6 to 56.6. French flash services PMI increased from 48.2 to 50.4 yet the manufacturing PMI slipped from 48.2 to 47.6. Overall, the euro zone flash manufacturing PMI came in at 51.9 while the services PMI landed at 54.4, reflecting stronger expansion in the industries. GfK German consumer climate and German IFO business climate data are up for release today, and another round of improvements could lead to more gains for the euro.

Fundamentals Forex Review

The pound retreated again in yesterday’s forex trading sessions, as the UK retail sales fell short of expectations. The report showed a mere 0.1% uptick instead of the projected 0.2% gain, barely enough to rebound from the previous 0.5% decline. This added support to the BOE’s less upbeat outlook for the economy, convincing more traders that the central bank might not hike rates this year. UK preliminary GDP data is due today and it might show another 0.8% reading.

The franc consolidated for the most part as it drew a bit of support from the euro zone PMI readings yet had no data from Switzerland to give it an extra boost. There are still no reports due from Switzerland today, which suggests that the franc might be in for a bit of consolidation or might be vulnerable to euro movements once more.

The yen had a mixed performance recently, as it functioned more as a counter currency. It lost ground to the dollar and euro then gained against the Kiwi and the pound, as Japan’s flash manufacturing PMI came in weaker than expected at 50.8. Earlier today, the Tokyo core CPI release showed a stronger than expected increase of 2.8% versus the estimated 2.7% rise while the national core CPI came in line with expectations of a 3.3% gain.

The Kiwi suffered a sharp selloff in recent forex trading, as the RBNZ signaled that it is pausing from its rate hikes to assess the impact on the economy. Wheeler also jawboned the currency in saying that its exchange rate levels are unjustified and unsustainable. Earlier today, the ANZ business confidence index marked a drop from 42.8 to 39.7, reflecting a downturn in sentiment. No other reports are due from the comdoll economies for the rest of the day.



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Wall Street plunged, after the Standard $ Poor’s 500 Index expanded a record, as Amazon.com Inc. and Visa Inc. reported earnings that missed projections and durable goods data propelled fears that corporate investment still is volatile.

Amazon declined 9.9% after missing analysts’ outlook for the second quarter in a row. Visa lost 4% after lowering its revenue projection for the full year. Pandora Media Inc. was down 12% after the number of active listeners to the most popular online radio platform was lower than some analysts had forecast. Baidu Inc. advanced 10% after its earnings beat estimates.

The S&P 500 dropped 0.5% to 1,977.48 as of 1:50 pm in New York. The Dow Jones Industrial Average declined 141.92 points or 0.8% to 16,941.88 on Friday. The volume of shares changing hands in the S&P 500 was lower than the average for the past 30 days by 7.6% at the particular time of the day.

“The market is really looking at micro level numbers on a lot of these companies. There is skepticism going into the weekend. We have a lot of important numbers coming out next week with GDP, inflation and jobs, so we might see some profit-taking today,” Ian Kerrigan of Seattle-based JP Morgan Private Bank told Bloomberg.

The S&P 500 has seen little change this week. The index added 0.5% over the past 5 days as firms’ earnings reports bolstered confidence in the economy and inflation data indicated that the Federal Reserve will not have to hike rates in the foreseeable future. The Fed will reveal its next policy position after the conclusion of a two-day convention on July 30.

According to Reuters, Starbucks slid 2.1% to $78.76, despite its quarterly sales at established shops in its Americas market soared 6%, a rate that surpassed expectations.

El Pollo Loco Holdings Inc stock surged 52% to $22.77 in its IPO.


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Last week the USD strengthened in anticipation of this week’s FOMC meeting. The market has replaced concerns that stemmed from poor Q1 GDP with USD-positive reactions to Q2 data, which have been in-line or better than expectations. The euro was a big loser last week as data continues to suggest the ECB might need further stimulus (QE). This week will be full of key US fundamentals. Let’s be prepared by taking a look at this week’s key fundamental releases for the majors.

Monday (7/28)

US Pending Home Sales for June, is forecast to have contracted at -0.2%. Pending home sales have been volatile and just came off a 6.1% gain in May. A slide in June is not the end of the world. We had 3 straight months of gains, which is something we have not seen since 2010. On the other hand, a positive reading could be USD-positive in the near-term, given it has not already rallied sharply before the housing data.

Tuesday (7/29)

US Conference Board Consumer Confidence for July is expected to edge up to 85.5 from 85.2. This reading would reflect the strongest reading since January 2008. It has risen sharply since the Jan. 2013 low of 58.6 and bodes well for the USD. A reading in line with forecast or better should keep the USD-buoyed. A reading below 85.0 might weigh slightly on the USD, but we should keep the implications in the intra-session time-frame.

Wednesday (7/30)

German Preliminary CPI for July is forecast to be 0.2% on the month, after a 0.3% reading in June. The annual reading in June was 1.0%. If the annual CPI reading for Germany falls below 1.0%, we might see some more pressure on the EUR. A ready above 1.0% on the year could help EUR consolidate, but should not be able to help EUR reverse its recent downtrend.

US ADP Non-Farm Employment Change for July is a precursor to Friday’s Non-Farm Payroll, which was hot last month. The ADP report was hot last month too, and came in at 281K, which was the strongest reading since December 2011, and was the 3rd strongest reading since the financial crisis. Economists are expecting July’s job market to have leveled off, and to have added 234K jobs, which is still a strong reading.

US Advanced GDP for Q2 will probably trump the jobs data in terms of importance. Q1 GDP was -2.9% at an annualized rate. This seems distant memory now. We can’t blame the weather anymore in the second quarter, and manufacturing, sales, and other economic data points for Q2 have not disappointed. Economists forecast a 3.1% advanced reading. Ability to show 3.0% and above should help the USD maintain its recent strength. A reading below 3.0% could be seen as disappointing, and might urge traders to pare USD’s recent gains.

The Federal Open Market Committee will conclude its monetary policy meeting and make a statement. It will have the GDP data to talk about. This is important because after Q1′s dismal growth data, the Fed showed concern about Q2 data. The market will be on top of the Fed’s reaction to the Q2 GDP and how it may affect the rate hike time-line, which is current projected to mid-2015.

Australian Building Approvals for June is forecast to have grown 0.2%, after a strong 9.9% reading in May.The AUD has regained some strength after seeing Australia’s annual CPI inflation grow from 2.9% to 3.0% in Q2. The housing data should have limited impact on the Aussie.

Thursday (7/31)

Eurozone CPI Flash Estimate for July is forecast to be 0.5% on the year. It has been stuck at 0.5% since May. ECB president Mario Draghi had predicted that inflation was at the bottom when it was 0.5% in February. So far, his prediction has neither materialized or been invalidated because the annual CPI inflation is still 0.5%. A drop below 0.5% will very likely weigh on the EUR because the ECB’s inaction is based on inflation not dropping further. a drop in inflation will be further impetus for the ECB to apply more monetary stimulus.

Eurozone’s unemployment rate is expected to stay at 11.6% for the month of July. There is more room for disappointment because the prevailing trend has been a steady improvement, and if the reading is 11.5% for example, it would not be such a big surprise. A reading of 11.7% however will buck the trend and provide the ECB with more reason to loosen monetary policy further.

Canadian GDP for the month of May is forecast to be 0.3%, which would be the strongest month since January when it was 0.5%. The monthly GDP was 0.1% for April and March. There has not been any negative readings so far this year. If we can keep that up, the CAD should maintain its recent strength (though it consolidated for a couple of weeks). A negative reading might be needed to hold CAD back and keep it in consolidation or bearish correction. A reading above 0.5% can definitely revive CAD-strength.

US Jobless claims was at a 10-year low this week, at 284K. Next week’s reading is expected to rise back to 306K which would still be at the lower range of 2014-data. A reading below 300K should be positive for the USD in the near-term. A reading above 320K might be needed to hold USD, but only in the intra-session time-frame. This assessment is assuming that the FOMC did not shake things up and put the USD in a medium term bearish outlook. We are assuming the USD continues to be bullish.

Chinese Manufacturing PMI for July provided by the government, is expected to improve to 51.4 from 51.0. This would reflect 5 straight months of steady improvement in manufacturing, and also reflects the quick recovery after we saw Chinese data slump in 2013. The final version of HSBC’s Chinese Manufacturing PMI is expected to be 52.0, which would also reflect the recovery in China’s economy.

Australia’s Producer Price Index is forecast to show inflation of 0.7% in Q2, down from 0.9% in Q1. Q1 PPI inflation compared to Q1 2013 was 2.5%. If this reading increases, we might see some AUD-strength, and if it declines we should see AUD consolidate. It is still too early to anticipate any economic data point to be able to put AUD into reversal, into a bearish market.

Friday (8/1)

UK Manufacturing PMI for July is forecast to be 57.2, slightly lower than the 57.5 reading in June. This is a second tier data point and shouldn’t have much impact on the GDP other than in the very near-term. The market is focused on whether the Bank of England can raise rates in 2014. Right now lack of wage growth is the concern, so even a strong improvement in manufacturing will not ease that concern, nor should a singular worse-than-expected reading add to that concern.

US Non-Farm Payroll report for July will be the key data point to wrap up the week. The 288K reading for June revived USD strength. Economists expect about a 230K reading, which is still decent. A reading above 200K is decent, and if it is above 250K, the Fed should have more reason to raise rates earlier than mid-2015 rather than after. A reading below 200K however might bring USD back into at least some short-term consolidation, especially if it has been gaining throughout the week.



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AUD/USD has been making higher lows and finding resistance at the .9460 area, creating a forex trade signal on the ascending triangle on its 4-hour time frame. The pair just found resistance at the top of the triangle and is on its way to test the bottom, which might continue to hold as support.

Stochastic is already in the oversold area, indicating that selling pressure is already exhausted. Price might bounce off the .9375 levels before resuming its climb back to the top of the triangle later on.

If you plan on going long on the forex trade signal at the triangle support, make sure you stet a tight stop below the .9350 area to exit the trade if a breakdown takes place. Aiming for the top of the triangle could yield a 2:1 return on risk for a short-term trade.

AUDUSD Forex Trade Signal

Recall that sentiment has shifted to a more bullish one on the Australian dollar after the Australian economy reported a strong CPI reading. The quarterly figure marked a 0.8% gain in price levels, enough to bring annual inflation to the top of the central bank’s 2-3% target range. This eased fears that the RBA might cut interest rates later on.

Strong data from the US fueled dollar demand on Friday though, along with profit-taking on most trades before the end of the week. After all, there are plenty of geopolitical risks worldwide and this weighs on market sentiment.
Despite that, AUD/USD might bounce off triangle support pretty soon if risk appetite returns to the markets. Also up for release later on this week are the official Chinese manufacturing PMI data and the HSBC PMI, which might both print improvements and spell better prospects for Australia’s export sector.


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Twitter Shares to Resume Upside Momentum? – July 29, 2014

By Forexminute - Jonathan Millet | Stock Tips | Jul 29, 2014 4:14AM BST




Twitter shares have recently made a strong upside break from a key resistance level or the 50 simple moving average. Price had been respecting this indicator as a ceiling for pullbacks before revving up for a strong rally until the $42.50/share level.

From there, price retreated back to the 50 SMA, which appears to be holding as support for now. MACD is in middle ground but is moving down, indicating that price could continue to dip lower. However, if the indicator starts resuming its climb sooner or later, Twitter shares could also gain buying momentum.

Twitter Shares Outlook

Stocks of the social media company have regained traction in the past few months, yet it appears that buying pressure is fading and that traders are looking for more support before pushing the pair to new highs. A bounce off the current levels of Twitter shares could lead to a rally back to $42.50/share and higher.

On the other hand, a break below the 50 SMA could be a sign that the rally was just a fakeout and that the longer-term selloff is still valid. This could lead to a drop back to the stock’s previous lows near $32.50/share.
RSI is also on middle ground on its way down, barely providing any clues on whether buyers or sellers are in control at the moment. A move below the 50.0 level for the RSI could be a sign that more sellers are jumping in and that Twitter shares are in for more weakness.

Twitter is set to release its latest earnings report in Tuesday’s US trading session and this could be a crucial move for the stock price. In their previous earnings release, Twitter reported a loss of earnings per share, leading to more than a 20% decline in its stock price. A rebound for the second quarter of the year could pave the way for more gains in Twitter shares.

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EBAY Stock Testing Key Resistance Zone – July 28, 2014

By Forexminute - Jonathan Millet | Stock Tips | Jul 28, 2014 7:21AM BST




EBAY stock has been in a steady downtrend for quite some time, yet it has managed a strong rally for the past couple of months. All this could prove to be a market correction though, as the pullback is encountering resistance at the 200 simple moving average, which has acted as a dynamic inflection point for the stock price.
It appears to be holding as resistance at the moment, as it lines up with a broken support area, which has held in February and April, before price gapped down in early May this year.

EBAY Stock Forecast

A selloff from the current levels might last until the potential support at the 50 SMA, which has also acted as short-term support or resistance for EBAY stock. MACD is still moving higher, indicating that buying pressure is still present. If it’s strong enough, it might lead to an upside break from the $53/share levels.

A strong selloff might lead to a drop below the 50 SMA and all the way down to the previous lows at $49/share. Near-term support is also located at the $50/share psychological level.

News of the first Superman comic going on sale on Ebay could lead to gains for EBAY stock, as this could potentially drive interest and higher revenue for the online marketplace. Bear in mind that sentiment has shifted for this stock earlier in the year when a security risk plagued the site.

In other news, the company is offering $3.5 billion in debt to help fund general operating activities. This bond sale will close today, yet company executives clarified that the company is not undergoing cash flow problems. In fact, company profits are up $676 million in the second quarter of the year, leading to strong gains for EBAY stock when the earnings report was released earlier this month.


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U.S. home mortgage applications fell last week, lead by a decline in refinancing requests, reported the Mortgage Bankers Association on Wednesday.

The MBA announced that its seasonally-adjusted measure of mortgage applications, which covers both new home purchases and refinancing, plunged 2.2 percent in the week through July 25. Its gauge of refinancing applications declined 4.0 percent, while an index of home purchase loan applications retreated 0.2 percent.
The survey, which involves 75 percent of all retail mortgage requests in the US, also found that the fixed 30-year mortgage rates remained unchanged at 4.33 percent on average last week, reported Reuters.

Meanwhile, the euro area economic sentiment surprisingly rose in July amid the escalating tensions between Russia and the West over the former’s involvement in Ukraine crisis. Morale among consumers increased in 3 out of the 5 biggest economies in the bloc, with Italy, France and Netherlands taking the lead. Spain and Netherlands reported weaker sentiment.

The economic sentiment gauge for 18 nations comprising the euro area increased to 102.2 this month, compared with June’s revised reading of 102.1. A Reuters survey of analysts had projected the measure to decline to 101.8 in July.

Europe rolled out sanctions on Tuesday that are aimed at Russia’s banking, energy and defense sectors in retaliation for what it terms as open support for rebels in Ukraine’s eastern region.

“It is highly likely that events in the Ukraine and heightened global geopolitical tensions are taking an increasing toll on confidence in some countries. This is clearly the case, for example, with business confidence in Germany,” Howard Archer, a chief European economist at IHS spoke to Reuters. Archer expects the new sanctions to affect the sentiment.

The European Central Bank announced various measures aimed at boosting economic growth and combating the threat of deflation in the euro area such as negative deposit rates and injecting further liquidity into the bloc’s banking system.


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Market Correction for Blackberry Shares – July 31, 2014

By Forexminute - Jonathan Millet | Stock Tips | Jul 31, 2014 6:12AM BST




After trading at the $11.50/share levels earlier in the month, Blackberry shares have retreated off its highs and is finding support at the $9.50/share area of interest. Technical indicators show that there’s still some buying pressure left, which might pave the way for a larger pullback.

MACD is still moving down and hasn’t quite reached the oversold area yet, which means that sellers*are pushing Blackberry shares lower for now. RSI is also reflecting a buildup in selling momentum, which might take the price to $9.00/share or lower.

The 50 simple moving average appears to be the next potential support zone, as it also lines up with another area of interest. Traders could be waiting with their orders in that region and spur a bounce for Blackberry shares.

Blackberry Shares Forecast

A larger correction could take price down to the 200 simple moving average, which has acted as a longer-term dynamic inflection point for price action. Currently, the indicator is hovering below the $8.50/share mark.

Just recently, Blackberry has announced its plans to buy Secusmart, a company which offers high-security voice and data encryption. Prior to this, the company cut a deal with Amazon and Android that allows BlackBerry users to have access to more than 200,000 Android applications, including thousands of popular apps and games.

However, investors don’t seem to be too impressed for now as price action is slowly retreating after the recent rallies. Some stock analysts say that the potential Secusmart acquisition would be a vain attempt in staying relevant and would not be enough to keep Blackberry shares supported in the longer-run.

Both companies have confirmed though that Secusuite-enabled Blackberry phones are being used by German Chancellor Angela Merkel as it already meets NATO regulations.


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The disappointing NFP report for July has led the dollar to give up its gains against gold. However, don’t get too excited in selling the dollar just yet. A quick look at the hourly time frame reveals a series of candlesticks which have formed just below the 100 SMA and the 50% Fibonacci retracement level. Stochastic also shows a bearish divergence, making higher highs while price is making lower highs.

This may mean that the dollar rally would soon resume. But be wary of a strong close above 1,300.00 as this could mean that XAU/USD is on its way up the charts!


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