Bitcoin Can Collapse Completely, Says Agustín Carstens, Former Secretary of The Treasury

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

At the height of the cryptocurrency boom, the manager of the Bank for International Settlements (BIS) , Agustín Carstens , warned about the dangers of investing in them. The former finance secretary warned that Bitcoin is increasingly vulnerable and could completely collapse .

Yesterday, January 27, during the policy seminar of the Hoover Institution , the Mexican economist said that Bitcoin is a speculative asset, not money .

“Investors should be aware that Bitcoin can completely crash. Scarcity and crypto alone are not enough to guarantee exchange, “ explained Carstens , adding that Bitcoin is increasingly vulnerable .

The also former governor of Banco de México , affirms that central banks must control the issuance and management of digital money . Consider that they have the financial structure to guarantee the stability of the cryptocurrencies .

“For digital money to exist, the central bank must play a fundamental role, guaranteeing the stability of the value, ensuring the elasticity of the aggregate supply of said money and overseeing the general security of the system. Such a system must not fail and cannot tolerate serious errors , ”Carstens said

pic.twitter.com/18523AdPeg– Bitcoin (@Bitcoin) January 29, 2021

The BIS manager said that other private stablecoin projects, such as Facebook’s , are more credible than Bitcoin , but need to be regulated.

“In general, private stablecoins cannot serve as the foundation for a sound monetary system ,” he said. “But to remain credible, they must be strictly regulated and supervised. They must build on the foundations and confidence that the existing central banks give them and, therefore, be part of the existing financial system .

For now, many countries are targeting Central Bank digital currencies (CBDC) . In fact, 86% of major central banks are actively exploring CBDCs , according to a recent BIS survey.

Carstens indicated that national CBDCs would be used in various ways, such as the transmission of monetary policy and the management of interest rates. He explained that they should be complementary to the existing cash system , as completely replacing all bank accounts and cash with digital money is “undesirable” and “unrealistic .”

By: Entrepreneur en Español Entrepreneur Staff

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Sam Dolke

00:00 Intro 00:28 Halving and Support explained 03:34 Analysis of the previous Bull run 05:31 Analysis of this Bull run 06:42 How to counter Pullbacks 09:00 Conclusion 10:15 Outro Bitcoin is now worth more than 41k and it just keeps on climbing. But is this growth sustainable? Is a pullback, correction or crash in front of our door? Unfortunately timing the market is impossible but we can look at historical data and trends to get a general idea of the possibilities. In this video we’re going to do a technical analysis and look at previous trends.

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China Is Expanding Its Digital Currency Pilot To Two New Cities

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China has outlined plans for further tests of its digital currency initiative, now aiming for trials in areas including Beijing and Hong Kong.

A digital renminbi trial will start in some of the country’s most developed regions, the Commerce Ministry said in an announcement on Friday that didn’t provide a timeline. Tests will take place in the area of northern China encompassing Beijing, coastal city Tianjin and Hebei Province; the city cluster in the Yangtze River Delta region including Shanghai; and the Greater Bay Area in the Pearl River Delta Region including Shenzhen, Hong Kong and Macau.

Cities in central and western China may also undertake the trials if they meet certain conditions, the ministry said, without specifying what they were.The exercise will kick off in Shenzhen, Chengdu, Suzhou, Xiong’an and sites for the 2022 Winter Olympics and will then expand to other regions, the announcement said.

The digital currency trials are part of a broader package of initiatives Beijing rolled out on Friday to stimulate innovation and encourage further opening of its service sector. The same day, the country reported steady industrial growth in July, though retail sales continued to show weakness.

China has been ramping up plans and testing for the People’s Bank of China digital currency in recent months, an initiative that some see as a threat to cryptocurrencies like Bitcoin and even potentially someday to the U.S. dollar’s dominance.

In April, Bloomberg News reported that state-owned Chinese banks were conducting internal, hypothetical-use tests of the currency. Last month, Softbank Group Corp.-backed ride-hailing company Didi Chuxing said it was working with the PBOC on tests of the currency and Bloomberg reported that Tencent Holdings Ltd.-backed food delivery giant Meituan Dianping was planning tests on its platforms as well.

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Changelly How To Exchange Currency At The Best Rates

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Changelly is a fast and relatively anonymous cryptocurrency exchange service that allows you to trade almost any cryptocurrency out there. In this post I’ll review the company and its services. Changelly Review Summary Changelly does what it says on the tin: Users can quickly and simply trade between cryptocurrencies to suit their needs.

A 0.5% cryptocurrency trade fee is not extortionate – it’s actually quite cheap for such a convenient product. However the company can be a bit more transparent about their business. The main thing to remember is to not use Changelly for fiat trades because the exchange rates are ridiculously high. That’s Changelly in a nutshell. If you want a more detailed review of Changelly keep on reading, here’s what I’ll cover:

1.Company Overview

Changelly allows you to trade cryptocurrency instantly and without registering at any exchange or verifying your identity. In operation since 2015 and headquartered in Malta, Changelly was originally associated with the Minergate team, which I reviewed as well. However, today these are two different companies (according to a source inside Changelly). Changelly uses an automatic trading robot that integrates with some of the largest trading platforms, including Poloniex, Binance and Bittrex.It operates by making bids and asks on respective exchanges to suggest the best available rates on trading pairs. This is similar to the service offered by Shapeshift.

2. Changelly Services

Changelly offers an instant, simple and relatively anonymous crypto to crypto exchange service. The service can be accessed via the company’s website, its mobile app (Android only) or through various 3rd party wallets. The most popular wallets that integrate Changelly are  TREZOR, Ledger, Exodus, Jaxx, Coinomi and Edge.

Changellyalso offers its API and a customizable payment widget for websites. Using the widget, users can exchange crypto from within the site without needing to go to Changelly’s website. The company’s website also allows you to buy Bitcoin with a credit card via an integration with Simplex. While Changelly boasts about its simple and relatively anonymous buying process, it states that it may require a full verification process if a certain trade or user seems suspicious.

How to Use Changelly?

Decide what coins you want to change (e.g., Bitcoin to Ethereum, Litecoin to Dash, etc.). Verify the transaction fees. Enter your receiving address. Confirm and pay in your chosen currency.

3. Currencies and Payment Methods

Changelly offers access to over 140 different cryptocurrencies. The wide range of cryptocurrency creates an opportunity to exchange any two currencies directly with minimal fuss. Traditional cryptocurrency trading platforms generally have a limited selection of trading pairs, meaning that sometimes users have to make multiple transactions to receive their desired cryptocurrency. With Changelly, you can make up your own trading pairs with any of the cryptocurrency available on the platform, in one transaction.

You only need to select the trading pair and the software will take care of the trades. For example, you can easily trade Doge for Steem in one transaction.  Click here to see all of the supported currencies. Recently, Changelly has added fiat currency support, with the inclusion of credit and debit card purchases. While this is a welcome addition for new users, it’s important to pay attention to the fees with this feature.

4. Changelly Fees

Changelly boasts about its static-rate fees as a major benefit of its service. With Changelly, all trades guarantee a 0.5% fee, which is fairly competitive, when all is said and done. However, cheaper rates can be found when working directly on trading platforms like Bitstamp or Kraken.

Still, If you’re making multiple trades to move altcoins, then Changelly may actually become a cheaper option, particularly with smaller amounts. When it comes to trades using fiat currency, there’s a massive caveat to mention here. Trades from fiat currency (i.e., dollars, euros, etc.) claim to hold the 0.5% static fee, but in reality, this doesn’t appear to be true. The rates vary with this method and you’re more likely to be trading at higher rate due to the unfair exchange rate. In their defence, Changelly does warn you about the high fees and the team claim this is out of their control. The reason for that is that to process these transactions, Changelly needs a third-party payment service (currently Indacoin and Simplex), which massively varies the rate.

Direct Buying Fees

When you’re looking to buy cryptocurrencies with a credit card on Changelly, you’ll notice fees are considerably higher. It’s important to understand why. All bank card transactions on Changelly are provided by Simplex and Indacoin. For BTC, BCH, LTC, XRP and ETH Changelly supports direct payments, which are provided by Simplex, so you can buy these cryptos without double conversion. However, when buying an other coin listed on Changelly, the transaction will be operated by Indacoin. In this case, the fiat amount will be converted twice: from fiat to BTC and from BTC to your requested cryptocurrency.

5. Buying Limits

When trading crypto to crypto there is no limit on the transaction amount. However fiat transaction have buying limits:

  • USA, Canada and Australia – $50 limit for the first transaction. The next purchase could be made in 4 days (100$ limit) and $500 after 7 days of the first buy. No more than 3 payments within the first week. No limits in one month at all.
  • CIS region (Russia/Ukraine/Belarus/Kazakhstan/Armenia/Georgia) – $200 limit for the first transaction. The next limit increase could be done in 24 hours. The total limit for the first week is $2000 and for the first month is $10000.
  • EU and other countries – $100 limit for the first transaction, the next purchase could be made in 4 days with 200$ limit and $500 after 7 days of the first buy. No more than 6 payments within the first week. No limits in one month at all.

https://i0.wp.com/coiniq.com/wp-content/uploads/2018/04/Changelly-1280x500.png?resize=924%2C362&ssl=1

If you’re looking to buy Bitcoin with a credit card via Changelly you’ll have the following limits:

  • First transaction: from $50 to $10,000
  • Daily limit: up to $20,000
  • Monthly limit: up to $50,000

6.Supported Countries

According to Changelly’s Terms of Service you will not be able to use the exchange if you live in any of the following countries: Cuba, Iran, North Korea, Crimea, Sudan, Syria, United States of America (including all USA territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Islands (St. Croix, St. John and St. Thomas), Bangladesh and Bolivia, as well as any other country subject to United Nations Security Council Sanctions List and its equivalent.

7. Customer Support and Customer Reviews

There is no doubt that the whole industry is struggling to provide reliable customer service. For the most part, Changelly seems to be doing a respectable job with a relatively high satisfaction score on TrustPilot. Team members often reply to queries within hours, and there are many reports of problems being fixed in under 24 hours. The website is particularly clean and easy to understand, so users have a minimal learning curve to start trading.

An in-depth FAQ also helps you educate yourself about the site and service. Support is provided through a chatbox on the website. However, aside from the  respected amount of positive reviews, there are many one-star reviews about expensive trades and missing funds. As mentioned above, Changelly claims to have 0.5% fees, but in reality, it can get a lot more expensive for USD and Euro transactions. Changelly seems to be responding to each and every review with a request for a follow up. You can also read the comment section in this post for additional reviews of the platform.

8. Changelly vs. Shapeshift

Changelly’s ultimate competition is Shapeshift, a similar service headed by Erik Vorohees in 2014 that has gained a lot of respect from the Bitcoin community. From a user perspective, there isn’t a lot of difference between the two services, with Changelly being the cheaper one. From a reputation perspective, Shapeshift is much more open about its business and the people who run the company. I’ve compared both companies in the past, if you’re looking for a more detailed perspective.

9. Frequently Asked Questions

Does Changelly Accept Debit Cards?

Yes, Changelly accepts debit cards for cryptocurrency purchases. You may pay with a 3D-secure card from any country and in any currency. Debit cards are much more recommended to use than credit cards, since the latter can get declined by the issuing bank.

How Long Does Changelly Take to Exchange Between Cryptocurrencies?

Changelly transactions usually take between 5-30 minutes. Transactions over 1 BTC have a longer processing time, and can take longer depending on their size.

Source: http:/www.changelly.com

https://i2.wp.com/coinzodiac.com/wp-content/uploads/2019/05/changelly-logo.png?resize=924%2C260&ssl=1

Survey Shows 65% of Central Banks Actively Researching Central Bank Digital Currencies (CBDC)

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  • A CBDC survey conducted by a London-based journal revealed that 65% of the respondents are researching about Central Bank Digital Currencies.
  • 71% of the respondents prefer DLT-based CBDC.

A London based international journal of Central Banking revealed in a survey conducted on CBDC that 65% of the central banks who participated had researched about digital currencies. The survey included 19 central banks based in Europe and 27 central banks from the other parts of the world.

57% of those exploring CBDCs are still in the initial stages of the research, while 25% have already developed the Proofs of Concept and another 13% has propelled to the pilot stage of the project. The survey further revealed that a close majority of the respondents preferred a token-based model to an account-based design. A token-based model was preferred because most participants would rather want the design to resemble cash – depending on the local policy requirements.

Some banks are focused at widening payment options to counter the reduced cash usage, while the others want to reduce the cash dependence of the public to do away with the distribution challenges and the expenses borne.

A whopping 71% of the banks prefer a DLT-based CBDC. However, only one respondent stated that it would consider blockchain – a type of DLT.

By Muskan Bagrecha

Source: https://bitcoinnews.com

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In 2013 the price of Bitcoin surged to over $1100 causing central banks around the world to take notice. Four years later, the price of Bitcoin is twice as high as its previous peak and central banks around the world are exploring the benefits of issuing crypto-based digital representations of fiat monies, more commonly known as central bank digital currencies. Rod Garratt, UCSB Professor of Economics, describes his work on a project to build a proof of concept for a wholesale interbank payment system that facilitates payments of central bank digital currency using a distributed ledger. Recorded on 07/17/2017. [11/2017] [Show ID: 32757] More from: GRIT Talks (https://www.uctv.tv/grit) Explore More Business & Careers on UCTV (https://www.uctv.tv/business) From entrepreneurship to economic policies these programs introduce you to leaders and issues in the business community.
UCTV is the broadcast and online media platform of the University of California, featuring programming from its ten campuses, three national labs and affiliated research institutions. UCTV explores a broad spectrum of subjects for a general audience, including science, health and medicine, public affairs, humanities, arts and music, business, education, and agriculture. Launched in January 2000, UCTV embraces the core missions of the University of California — teaching, research, and public service – by providing quality, in-depth television far beyond the campus borders to inquisitive viewers around the world. (https://www.uctv.tv)

Digital Yuan Can Replace Cash If Four Conditions Are Met: Former Bank of China President

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The digital yuan can replace cash if it meets four conditions: greater efficiency, lower transaction costs, enough economic scale with commercial value, and people’s acceptance.

Former President of the Bank of China Li Lihui has said that the launch of the digital yuan is close and imminent. According to Li, the currency, which is currently at testing phase, could replace fiat currency in China if it meets four conditions.

The imminent launch of the currency has garnered excitement among investors and online searches about the impact of digital yuan and cryptocurrencies, in general, has seen a surge. In a live streaming talk on People’s News on 5 May, he said that the digital currency is different from other payment platforms such as Alipay and WeChat pay in the fact that the digital yuan has no association with any third party. In addition, he mentioned four conditions that need to be met in order for Yuan t replace other forms of payment.

“Whether the digital Yuan can become the dominant form of currency and mainstream payment means, depends on whether it has greater efficiency, lower transaction costs, enough economic scale with commercial value, and people’s acceptance.” Image Courtesy: Pixabay

By Muskan Bagrecha

Please follow my Instagram: http://instagram.com/arminhamidian67

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China is set to introduce its own digital currency. Experts are predicting that the digital currency will be used to allow the government and central bank to watch over what people spend their money on. With the aim to replace cash, China’s digital currency is likely to be more akin to electronic money stored on a physical medium. Central bank governor Yi Gang said the currency may be associated with existing electronic payment systems like the WeChat and AliPay apps. Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service on Telegram: https://cna.asia/telegram Follow us: CNA: https://cna.asia CNA Lifestyle: http://www.cnalifestyle.com Facebook: https://www.facebook.com/channelnewsasia Instagram: https://www.instagram.com/channelnews… Twitter: https://www.twitter.com/channelnewsasia

How Digital Transformation Is Revolutionizing Government

Infrastructure modernization has become critical for governments looking to serve citizens in the digital era. To provide services and programs that improve the lives of their constituents, local, state, and federal government agencies are undergoing digital transformations to take advantage of new technologies that enable them to harness the power of the cloud.

Yet while technology can help government become more effective, change of this magnitude doesn’t happen overnight. Based on myriad factors, different governments and government agencies are at various points in their digital transformations. Many will need to take a look at how they currently work and embrace technology that will help them scale their efforts and fulfill their commitments to constituents.

Here’s a look at how these digital transformations are enabling government agencies to reimagine how work gets done and redefine how they serve their citizens.

Automation Saves Time, Spurs Innovation

Government bureaucracy is known for the inordinate amount of paperwork required for the operation of any given department or agency. Workers spend time on meetings, paperwork, email, and data collection and reporting that they could be using to work on future activities and programs and more effectively serve other goals as well, according to a survey by the Governing Exchange.

Thanks to automation, this is starting to change. According to a recent report from Deloitte Consulting, the past year has seen a shift from government agencies experimenting with automation to implementing it across the board — a shift that is saving government workers thousands of hours previously spent on processing data and data entry. Now, employees at agencies leveraging automation are able to spend time on more valuable, mission-critical work to further innovation and better serve constituents.

As government entities rethink how work gets done, some are turning to a work execution platform to track, automate, and manage their operations and processes from end to end. A work execution platform enables government workers to automate data collection and other processes and workflows to move work forward more effectively and efficiently.

Governments Collaborate to Serve Constituents

Digital transformation can also help facilitate collaboration between different government entities, improving programs and services to better the lives of citizens. Governments that are able to work together to quickly, effectively, and securely share the resources, budget, or information needed to solve big problems can better serve citizens and communities at many levels.

One example of intergovernmental collaboration is evidenced the Deloitte-NASCIO Cybersecurity Study, which looks at how state chief information security officers can succeed in overcoming the top challenges of implementing effective cybersecurity programs. In order to meet critical security controls that protect privacy around healthcare data, state Health and Human Services (HHS) agencies worked with the federal Centers for Medicare and Medicaid Services (CMS) to successfully secure funding in order to put in place the recommended Minimum Acceptable Risk Safeguards (MARS) for systems that interact with Medicare and Medicaid data. This additional funding provided state HHS agencies with the resources needed (in addition to their state IT budgets) to further their digital transformations.

A common platform that serves as a single source of truth for an organization can help facilitate collaboration and reduce friction. Smartsheet Gov is the only work execution platform in the FedRAMP marketplace. It offers fast user adoption and seamless, secure sharing that helps organizations to easily collaborate and break down silos across departments and agencies — or even between federal and local government — to drive the best results for citizens. Through the use of data collection forms, Smartsheet Gov also enables agencies to quickly capture information across departments and regions, so they can analyze and act on the latest information.

Smart Cities Serve Tech-Savvy Citizens

In addition to digital platforms, governments are exploring and embracing the internet of things (IoT) and other innovative technologies as it applies to communities. Smart cities create a digitally connected environment to help governments better serve citizens.

Features of smart cities might include “smart meters” that enable public utilities to help citizens save energy or conserve water, and road sensors that track traffic patterns to support infrastructure development. This type of innovation can help local governments reduce spending and improve efficiency.

More comprehensive initiatives are in the works as well. For example, the Greater Phoenix Smart Region, seeks to bridge the gap between innovative technology and the needs of communities and policy makers through a partnership between the public sector, educational institutions, and government entities to create, advance, and adopt smart city technology “that improves the quality of life for all citizens.”

To plan for these complex initiatives that bridge the public and private sectors, as well as academia, a work execution platform can help drive the effective collaboration and transparency needed to manage innovative approaches to governance.

Learn more about how Smartsheet is powering digital transformation in government.

Smartsheet Contributor Smartsheet Contributor Brand Contributor

At a time when organizational speed and execution are critical to gaining a competitive edge, modern work — especially at scale —

Source: How Digital Transformation Is Revolutionizing Government

Japan’s Mizuho Financial Group to issue digital currency

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation http://www.nationmultimedia.com/detail/Startup_and_IT/30361398 Japan’s Mizuho Financial Group to issue digital currency Tech December 31, 2018 15:20 By The Japan News/ANN TOKYO – Mizuho Financial Group Inc. will issue its own digital currency from March at the earliest, which will allow users to make cashless payments via smartphones and fee-free cash […]

via Japan’s Mizuho Financial Group to issue digital currency — ศาสตร์เกษตรดินปุ๋ย2

NYSE Chair Says Survival of Digital Currencies Is ‘Unequivocal’ – Ana Alexandre

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New York Stock Exchange (NYSE) chairman Jeffrey Sprecher expressed optimism about the survival of digital currencies as an asset class, business news outlet Barron’s reported Nov. 27.

Speaking at the Consensus Invest conference, Sprecher — who is also the CEO of Intercontinental Exchange (ICE) — said that when he saw headlines asking “Will digital assets survive?,” he would say that “the unequivocal answer is yes.” “We’re kind of agnostic to price,” Sprecher added.

On stage at the Consensus Invest event in New York, Sprecher was accompanied by his wife and the CEO of cryptocurrency platform Bakkt, Kelly Loeffler. Bakkt is owned by ICE and anticipates its launch early next year.

Commenting on the Bitcoin (BTC) futures contract offering, Loeffler said that “the Bakkt futures contract will help Bitcoin traders establish a trusted price. Bitcoin now trades at different prices on different exchanges, many of which are unregulated.”

The NYSE and its parent firm ICE demonstrated a proactive approach to the cryptocurrency space. In January, ICE partnered with blockchain tech company Blockstream to bring “disciplined” BTC price information to major Wall Street investors. ICE then planned to pull data from 15 major exchanges and deliver it to big financial names, including hedge funds and professional trading firms.

Later in May, ICE announced plans to offer traders contracts that eventually result in customers owning BTC. ICE reportedly “has had conversations with other financial institutions about setting up a new operation through which banks can buy a contract, known as a swap, that will end with the customer owning Bitcoin the next day — with the backing and security of the exchange.”

Just earlier today, Cointelegraph reported on the establishment of an Association for Digital Asset Markets (ADAM) to create a “code of conduct” for the cryptocurrency sector. Among ADAM’s founding members are former CEO of the NYSE Duncan Niederauer along with Mike Novogratz’s crypto merchant bank Galaxy Digital, global financial services firm BTIG, fintech firm Paxos and crypto liquidity solutions provider GSR.

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Privacy Centric Digital Currency PIVX Partners with UFC Fighter Cris Cyborg to Push Crypto Awareness – Alexander Lielacher

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PIVX emerged in early 2017 and quickly gained in popularity and value due to its community-focused approach and the continuous implementation of innovative new technologies for its digital currency. For example, PIVX was the first cryptocurrency project to allow for anonymous staking, called zPOS. The partnership with Cyborg aims to bring more awareness to the digital currency and blockchain technology as a whole and is one of several sports sponsorships that PIVX has been involved in since its launch. To date, PIVX has sponsored a Polish soccer team, a Dutch field hockey team, and the surfer Tarnea O’Meara………….

Read more: https://btcmanager.com/privacy-centric-digital-currency-pivx-ufc-fighter-cris-cyborg-crypto-awareness/

 

 

 

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Forex Dollar on Track for Weekly Gain on Upbeat U.S. Data, Sterling Slump – Investing Guru

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The dollar rose against its competitors Thursday as largely bullish financial statistics reaffirmed investor expectations that the U.S. economy stays on solid foundation, even though a slump in the pound also lifted sentiment. The, which steps the greenback against a trade-weighted basket of six major currencies, climbed by 0.26percent to 96.91. A deluge of financial data including retail sales which topped economist estimates paved the way for the greenback to add to gains, keeping it on course to record a fifth-straight weekly gain…………..

Read more: http://news.investingguru.com/2018/11/15/forex-dollar-on-track-for-weekly-gain-on-upbeat-u-s-data-sterling-slump/

 

 

 

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