Big week for GBP/USD: what’s on?

Justin Freeman

Big week for GBP_USD- what’s on_

With a new foreign exchange trading week now getting underway, it’s a good time to look ahead and see what is happening in the markets.

The GBP/USD currency pair will be under close scrutiny this week as sterling finds itself in the spotlight thanks to a number of planned data releases on Tuesday.

Gross domestic product figures for May, for example, are expected out at 6am GMT on that day.

Month on month, these are expected to shift from the pandemic-influenced last recorded position of -20.4% and up to a positive position of +5%.

The pair will be in the spotlight again later in the week when Britain’s consumer confidence figures for July are released late on Thursday evening.

These are expected to show a change from -27 to -26.

Elsewhere, the US dollar index is also likely to face some scrutiny on Thursday.

Data on initial jobless claims will be out at 12:30pm GMT for the dates around 10th July.

These are expected to show a change from 1,314,000 to 1,250,000 in a sign that perhaps economic recovery from the pandemic is slowly breaking through in the world’s biggest economy.

Man fined after alleged forex fraud in the US

A man has been given a fine of over $1m following allegations that he ran a fraudulent foreign exchange scheme in the US state of Missouri.

Joshua Christian McDonald will face the fine along with his firm Perfection PR Firm LLC (PPR).

The level of fine overall has been set at around $1.3m – and has come from the Commodity Futures Trading Commission (CFTC).

McDonald, who is from the state of Texas, allegedly carried out the crimes against at least 12 people.

Many of these people were concentrated in the state of Missouri, which is located in the Midwest.

In a statement, the CFTC accused McDonald of having “misappropriated customers’ funds” – and claimed that he failed to properly register.

“The CFTC charged that, in soliciting funds for and operating a pooled investment vehicle, PPR acted as an unregistered commodity pool operator and McDonald acted as an unregistered Associated Person of PPR,” it said.

“The defendants falsely represented to prospective customers that McDonald was profitably trading forex and promised customers that their accounts would grow in value 10 to 50 percent per month, among other things.”

However, according to the regulator, this was later demonstrated to not be true.

“In fact, McDonald did not trade forex as successfully as he claimed and actually lost money,” it said.

“Moreover, the defendants misappropriated customers’ funds by transferring funds into cryptocurrency accounts in McDonald’s name, paying McDonald’s personal expenses, and failing to return funds upon customers’ requests.”

“Customers lost most or all of their funds as a result of the defendants’ fraud and misappropriation,” it added.

Overall, McDonald and the firm will now have to pay $360,565 in restitution to those who lost their money.

However, the bulk of the fine will come from a civil monetary penalty of $935,907.


Justin Freeman

Latest news

The US Coronavirus Bill’s Effect on the Markets, Must Watch – Market Analysis 21/10
Market Analysis 21/10 – if you watch one event this week, watch this. Read more
How Trade Analytics Tools Can Help You to Improved Returns
IG’s roll-out of their Trade Analytics tool has now been running for long enough for the trading community to offer their view on the exciting new service. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Your capital is at risk Founded: 2012 Global Forex Broker
Number One Broker
Best Trading App Visit broker
5
#3 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#5 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8

    Forex Fraud Certified Brokers

    FXTM Logo
    BlackBull Markets Small Logo
    LegacyFX Small Logo
    VantageFX Small Logo
    Exness Small Logo
    HYCM Logo
    OctaFX Logo
    City Index Logo
    ATFX Logo
    XM Logo
    Plus500 Small Logo
    Oanda Small Logo
    skilling logo
    Pepperstone
    Forex.com Logo
    IQ Option Logo