Monthly Archives: October 2023

Russian Authorities Track Down Illegal Brokers in Saint Vincent

Posted on by

Russian police and authorities crack down on illegal forex brokers registered in Saint Vincent and the Grenadines, according to local media outlets. The move comes to protect traders and investors in the vast yet often-shady industry.
The number of the apprehended scammers remain undisclosed as of writing. According to the country’s Ministry of Internal Affairs, the said brokers were operating an illegal online trading scheme.

The authorities confirmed the arrests yesterday in an official statement. The initiated criminal proceedings occurred on suspicions of fraud and false representations.

Local reports say that the Russian police held over a dozen officers and approximately 40 private apartments. During the raid operations, the police captured computers and other documents as well. Irina Volk, the official representative of the Russian Ministry of Internal Affairs Irina Volk, representative of the Ministry of Internal Affairs

Irina Volk, the official representative of the Ministry of Internal Affairs, said that about 21 million rubles received damage from the illegal activities. Volk gave information about the preliminary investigations and estimates of the Russian police on the large scale fraud.

The fake online brokers were disguising themselves as official representatives of Larson & Holts, a licensed forex broker. The apprehended suspects were registered in the Marshall Islands but did not have licenses by the Central Bank of Russia who regulates the foreign exchange industry there. Too-Good-To-Be-True Operations

The Russian police also named some of the firms involved in the raid, MTS, and RBC. However, the authorities have not disclosed the names of the individuals involved.

According to the official police statement, the scammers operated a high yield investment program, otherwise called as HYIP. The minimum deposit required by the broker sits at 5,000 US dollars, and the returns were very promising.

Local police advised aspiring investors and traders to remain vigilant on the sites they that respect. An expert advised checking the broker properly before signing up.

It’s important to remain vigilant as more and more online brokerages keep popping up. But one fraud doesn’t generalize the industry. Fortunately, Saint Vincent is also home to some of the world’s leading and best forex brokers.

Dollar Jumbled as Market Gets Ready for the Holiday

Posted on by

Forex Market
Meanwhile, the dollar index, which measures the greenback versus a basket of developed-market currencies, was at 97.92. It was up a little less than 0.1% from late Thursday.

On the flip side, the Euro was valid at $1.1116. The pound was at $1.3030, higher by 0.2%.

According to a piece of Forex News, EUR/GBP was set down by 0.1% at 0.8531. It was after reaching its highest in two weeks on Thursday.

However, Sterling got a small lift from the publication of statistics demonstrating consumer confidence at its highest since July.

On the other hand, Eurozone consumer confidence data due is not really in focus. It is to show any comparable progress but will, in any case, merely be an adjustment of preliminary data.

The same goes for the modification of the Michigan U.S. consumer sentiment survey.

Elsewhere, there will be a third and final comprehension of U.S. GDP in the third quarter.

It should be the last most important data before the markets settle down firmly into the inactivity of the holiday season next week.

Looking ahead to next week, the European and U.K. data calendars are considering light over the Christmas period. It is with political and global economic changes likely to persist in driving the Euro.

Any signs of expanding US-China trade relations before the New Year may prop up the EUR/GBP exchange rate. It is on increasing prospects of some upturn for the Eurozone’s trade-reliant economy.”>Recently, the dollar was mixed in early trade in the forex exchange market in Europe.

Also, it is strengthening robust gains counter to the pound and Euro last Thursday.

The decline was by renewed fears over associations between the U.K. and E.U. next year.

Meanwhile, the dollar was also under pressure for U.S. equities. It rose to a new record high last Thursday.

The upsurge has been shrugging off the impeachment of President Donald Trump and pricing in a further benign trade prospect with China in the near term.

Last Thursday, the new U.K. parliament met for the first time since the General Election last week.

In the conference, the Queen’s Speech has summarized a program that makes it much simpler for the U.K. government to engage in a potentially destabilizing policy of brinkmanship.

Moreover, the plan goes with the E.U. in discussions next year over future forex trading relations.

The speech also drew significant upturns in health spending, grand pledges on infrastructure investment, particularly in broadband provision.

It is likely to put a burden on the budget scarcity at a time when the economy is facing only a moderate improvement after years of Brexit-related uncertainty.

Further Movements in the Forex Market

Meanwhile, the dollar index, which measures the greenback versus a basket of developed-market currencies, was at 97.92. It was up a little less than 0.1% from late Thursday.

On the flip side, the Euro was valid at $1.1116. The pound was at $1.3030, higher by 0.2%.

According to a piece of Forex News, EUR/GBP was set down by 0.1% at 0.8531. It was after reaching its highest in two weeks on Thursday.

However, Sterling got a small lift from the publication of statistics demonstrating consumer confidence at its highest since July.

On the other hand, Eurozone consumer confidence data due is not really in focus. It is to show any comparable progress but will, in any case, merely be an adjustment of preliminary data.

The same goes for the modification of the Michigan U.S. consumer sentiment survey.

Elsewhere, there will be a third and final comprehension of U.S. GDP in the third quarter.

It should be the last most important data before the markets settle down firmly into the inactivity of the holiday season next week.

Looking ahead to next week, the European and U.K. data calendars are considering light over the Christmas period. It is with political and global economic changes likely to persist in driving the Euro.

Any signs of expanding US-China trade relations before the New Year may prop up the EUR/GBP exchange rate. It is on increasing prospects of some upturn for the Eurozone’s trade-reliant economy.