Bitcoin Passes US Regulatory Approval as Euronext Makes Key Irish Exchange Acquisition

UFX weekly fx market review

Your Weekly Trading Review by – Sunday, December 3rd, 2017

Some of this past week’s leading economic news and events affected the financial markets:

The EUR/USD and GBP/USD both fell by -0.07% and -0.35%, respectively. Gold enjoyed a slight increase of 0.44%, while Crude Oil also jumped in value by 1.67%.

The 3 major US indices all ended the week down, disappointing investors across multiple markets. The Dow dropped by -0.17%, the S&P decreased by -0.20%, and NASDAQ fell by -0.38%.

Bitcoin Passes US Regulators

The Commodity Futures Trading Commission – known as the CFTC – ruled on Friday that Bitcoin may be traded in major US financial markets. The US regulator held lengthy discussions over 6 weeks with the Chicago Mercantile Exchange and the CBOE Futures Exchange. The CFTC has determined that there will be acceptable supervision over BTC contracts, ensuring customer protections.

Euronext Makes a €137 Million Acquisition

The Euronext Stock Exchange acquired the Irish Stock Exchange for a massive 137 million Euro buyout. Both parties made public statements agreeing that the acquisition was an important move in preparation for a Europe without the key participation of the United Kingdom. At a news conference announcing the deal, Euronext CEO Stephane Boujnah commented, “This transaction gives us access to a new geography, especially post-Brexit, because in a post-Brexit environment, three out of the four cities that are going to be the potential recipients of the post Brexit financial communities — Frankfurt, Amsterdam, Paris and Dublin – now Dublin, Amsterdam and Paris will be operating under the same roof.”

That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for the next review from UFX.

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