UFX.com Weekly Trading Review – EU zone impresses; Is Ripple the New Bitcoin?

UFX weekly fx market review

Your Weekly Trading Review by UFX.com – Sunday, January 7th, 2018

EU Zone Enters 2018 with Good Results

The Markit’s Final Composite Purchasing Managers’ Index, which tracks the growth of the EU zone announced excellent results for the year. The report rose to its highest value since February 2011.

EU ended 2017 with its strongest growth in almost seven years. The EU accomplished this record performance by pushing European services and manufacturing activities throughout the zone.

Another important report, the Purchasing Managers’ Index increased to one of its highest points in more than six years, 56.6%, an increase from 56.2% in November. According to official survey release, this result pushed the manufacturing PMI to peak to its highest record in more than 20 years.

The EU unemployment rate was at a high of 12.1% in the first half of 2013 and is currently down 8.8%.So far, the Eurozone has had a good entrance into 2018.

Is Ripple the New Bitcoin?

Ripple’s value dove more than a quarter after Coinbase dismissed rumors that it would soon offer XRP trading.

Ripple, a new kind of payment system for banks rose an incredible 36,000% at the end of 2017. Ripple’s blockchain technology connects banks, payment providers and digital asset exchanges on its own ‘RippleNet’ network. Ripple offers an affordable and effortless experience to facilitate cross-border transactions for a wide range of different currencies and assets. XRP has raised tens of millions of dollars’ worth of investment which has made it popular in the eyes of big institutions like banks around the world.  This 36,000% surge in growth generated rumours that the digi coin would be added to Coinbase, a digital currency exchange headquartered in San Francisco.  However, the price of Ripple’s XRP token fell more than 25% after Coinbase announced that it would not offer the coin on its trading platform.

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.com.

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