The GBP/USD pair trades with caution below the crucial resistance of 1.3100 in Wednesday’s London session.
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GBP/USD trades cautiously below 1.3100 with FOMC minutes on the horizon
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FOREX NEWS & BLOG
Use caution over potential US dollar weakness – UBS
Intergiro and FinchTrade Partner to Bridge Fiat and Crypto Ecosystems
FinchTrade, a Swiss OTC & crypto liquidity provider, and Intergiro, a Swedish Banking as a Service (BaaS) provider, have announced a strategic partnership to bridge the gap between traditional banking and cryptocurrency ecosystems, and address key challenges for crypto-oriented businesses. This partnership will deliver streamlined financial solutions and instant on/off-ramp options, making it easier for crypto businesses to serve their users more efficiently and drive growth.
Two integrated solutions for Web 3.0
Intergiro and FinchTrade deliver two complementary solutions designed to create a seamless financial experience. These solutions are:
Intergiro’s embedded banking solutions
Intergiro provides exchanges with embedded banking services to offer both fiat and crypto solutions to their users. This includes:
- Instant on-ramp – users can instantly deposit fiat funds via bank transfers or card acquiring into an embedded bank account, providing real-time access to fiat services with zero friction.
- Instant off-ramp – users can manage, spend, and withdraw funds instantly through white-label debit cards or bank transfers. This flexibility allows them to withdraw cash at ATMs, make everyday purchases with debit cards, or transfer funds to other IBAN accounts, ensuring a flawless and user-friendly experience.
FinchTrade’s instant liquidity-FinchTrade equips crypto exchanges, card acquirers, crypto payment processors, and OTC platforms with access to a wide range of trading assets and instant settlement capabilities. This ensures businesses can seamlessly handle large transaction volumes and manage real-time settlements when banking with Intergiro, offering immediate access to liquidity for trading, payments, and other financial operations. Similarly, clients can scale their operations without the risk of delays, a key advantage in the fast-paced Web 3.0 financial landscape.
Driving market innovation and customer experience
Not only will this partnership simplify operations, but it will also remove obstacles for crypto exchanges and empower them to offer a wider range of financial services to their users. By integrating fiat payments, settlements, and instant currency conversions, exchanges can deliver a smoother, more comprehensive experience for end-users to drive engagement and loyalty.
Nick Root, CEO of Intergiro, commented: “Our collaboration with FinchTrade addresses key needs by enabling embedded fiat services for crypto platforms and providing real-time liquidity. We’re offering a solution that equips businesses to thrive in both the traditional, digital and virtual economy.”Yuri Berg, Board Member of FinchTrade, added: “This partnership is a game-changer for crypto exchanges, card acquirers, and payment processors. By providing immediate access to deep liquidity and instant settlements when banking with Intergiro, we’re equipping businesses to scale rapidly and stay ahead in the ever-evolving Web 3.0 landscape.”
About FinchTrade
FinchTrade (http://finchtrade.com/) specializes in digital asset liquidity and investment tools. It offers technology-driven trading, investment, and custodial solutions in the cryptocurrency sector. FinchTrade has also developed MarketGuard, a plug-and-play AML & KYC solution for Web3 companies.
About Intergiro
Intergiro connects the digital economy by embedding banking into business systems and products. Thousands of internet platforms use Intergiro’s core suite of payment APIs to increase revenue, reduce costs, and drive engagement.
This article was written by FM Contributors at www.financemagnates.com.
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Wirex Pay Rolls Out Non-Custodial Wallet for Global Crypto Transactions
Wirex Pay has launched early access to its new app for
select whitelisted users. The app is part of Wirex’s decentralized payment
network, aiming to update the use of digital assets in everyday payments.
This early phase allows users to test the system before a broader rollout.
Direct Crypto Payments Worldwide
Wirex Pay is designed to give users complete control over
their digital assets through a non-custodial wallet.
It offers crypto payment
capabilities for both online and in-store purchases across over 200 countries.
The app is structured to eliminate the need for intermediaries, giving users
direct access to their assets for secure transactions.
Meanwhile, payment card provider Visa
is expanding its collaboration with Wirex to promote Web 3 payments in the
UK and the European Economic Area (EEA), as reported by Finance Magnates.
The partnership aims to enhance payment services by
integrating Visa cards and minimizing payment friction through Visa’s network. The
official announcement highlights the introduction of Wirex Pay, a modular Zero
Knowledge (ZK) payment chain.
Blockchain Technology Made Accessible
Some features include real-time crypto payments, control
through a non-custodial wallet, and a focus on privacy. Wirex Pay integrates ID
verification for added security while maintaining user autonomy over assets.
According
to the firm, the platform aims to make blockchain technology more accessible
for real-world spending, allowing users to carry out instant transactions
globally.
“Wirex Pay represents a significant step forward in the
evolution of crypto payments,” commented Pavel Matveev, Co-Founder of Wirex Pay.
“We’ve removed the barriers between crypto and everyday
transactions, giving users the power to spend their assets freely and securely.
We’re thrilled to offer this exclusive early access to our community and can’t
wait for everyone to experience the future of payments.”
Recently, Wirex
has integrated ZeroFox’s monitoring tools to address dark web threats and
money mule accounts. The solution uses human and artificial intelligence to
detect risks like leaked data and fake credentials.
This article was written by Tareq Sikder at www.financemagnates.com.
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Kiwi falls after hefty rate cut, U.S. dollar edges up
Interest rate expectations for upcoming policy decisions
Implied rate expectations for the upcoming policy decisions for major central banks:
ECB: -25 basis points of easing implied for October 17th meeting (100% probability implied for a cut)
BoC: -32 basis points of easing implied for October 23rd meeting (100% probability implied for a cut)
BoJ: 1 basis point of tightening implied for the October 31st meeting (87% probability implied for a hold)
RBA: -2 basis points of easing implied for the November 5th meeting (91% probability implied for a hold)
BoE: -21 basis points of easing implied for the November 7th meeting (84% probability implied for a cut)
Fed: -22 basis points of easing implied for the November 7th meeting (88% probability implied for a cut)
RBNZ: -45 basis points of easing implied for the November 27th meeting (100% probability implied for a cut – almost fully priced for another 50bp move)
SNB: -30 basis points of easing implied for the December 12th meeting (100% probability implied for a cut)
This article was written by Arno V Venter at www.forexlive.com.
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ECB’s Patsalides says room for rate cut but Middle East implications need assessment
- ECB’s Patsalides: There seems to be room for a rate cut.
- ECB’s Patsalides: But we should discuss all new data as usual.
- ECB’s Patsalides: Middle East implications should be assessed.
This article was written by Arno V Venter at www.forexlive.com.
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GBP: No real signs of independent weakness yet – ING
The UK press is starting to reach a fever pitch with its speculation over what Chancellor Rachel Reeves will present in her first budget on 30 October, ING’s FX analyst Chris Turner notes.
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RBNZ Cuts Interest Rates, Analysts Forecast Further Easing On The Way
The Reserve Bank of New Zealand decided to cut its official cash rate by 50 basis points in line with market expectations. Read more here.
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NZD/USD: Still seems weak – UOB Group
The New Zealand Dollar (NZD) still seems weak; it remains to be seen if it has enough momentum to reach the next major support at 0.6075, UOB Group Quek Ser Leang and Peter Chia note.
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Views on major FX from UBS
USD:
- Bias: Weakness anticipated, but with temporary support.
- Rationale: The USD decline has stalled due to geopolitical risks (e.g., Middle East conflict) and weaker macroeconomic data from Europe. However, strong US rate-cut expectations and inflation readings leaning to the downside should limit gains.
- Targets: DXY should ultimately fall below 100, with EUR/USD forecasted to reach 1.15, GBP/USD 1.40, and AUD/USD above 0.70 by 2025.
EUR:
- Bias: Mixed, but primarily weak in cross-pairs.
- Rationale: Weaker-than-expected inflation and PMIs point to back-to-back rate cuts from the European Central Bank (ECB). EUR is expected to be the weakest currency in crosses like EUR/GBP, though EUR/USD could rise due to broader USD weakness.
- Targets: EUR/USD at 1.10 (key support), but expected to strengthen toward 1.15 in the longer term.
GBP:
- Bias: Bullish in the medium to long term.
- Rationale: Strong performance in September, but recent comments about quicker Bank of England (BoE) rate cuts could push the GBP lower in the near term. Long-term bullish outlook as GBP is seen benefiting from policy expectations.
- Targets: GBP/USD support at 1.30, medium-term target of 1.38 by September 2025.
JPY:
- Bias: Bearish short term, but bullish medium term.
- Rationale: The USD/JPY has regained short-term strength but is expected to decline in the medium term as US-Japan yield differentials narrow.
- Targets: USD/JPY target of 138 by September 2025.
CHF:
- Bias: Mixed to slightly bearish.
- Rationale: The Swiss National Bank (SNB) indicated further rate cuts, with the possibility of returning to negative rates under a global crisis scenario. However, the CHF will likely be influenced by geopolitics and global risk sentiment.
- Targets: USD/CHF resistance levels at 0.855 and 0.873.
AUD:
- Bias: Bullish.
- Rationale: Tailwinds from relative interest rates and higher commodity prices, especially due to China’s stimulus measures, are driving AUD strength. The currency has hit its year-end target but is expected to continue rallying.
- Targets: AUD/USD projected to reach 0.72 by year-end 2024, 0.74 by mid-2025, and 0.75 by September 2025. AUD/NZD target of 1.13 over three months.
NZD:
- Bias: Bearish.
- Rationale: The Reserve Bank of New Zealand (RBNZ) is expected to implement multiple large rate cuts, driven by weak domestic macro data and a self-reinforcing disinflation process.
- Targets: NZD underperformance expected, with a long AUD/NZD position targeting 1.13-1.15 over six months.
This article was written by Arno V Venter at www.forexlive.com.
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Israeli PM Netanyahu held extensive talks with senior officials on response to Iran
Last night PM Netanyahu met for over five hours with a group of senior ministers and senior IDF and intelligence community officials to try to reach a decision regarding the scope and timing of the Israeli response against Iran.
This article was written by Arno V Venter at www.forexlive.com.
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