Forex News: Saxo Bank, Newedge, USD/CAD

Saxo Bank purchases Uruguayan broker Saxo Bank announced the acquisition of multi-asset broker NVN Securities, Agente de Valores from Uruguay. The company will be dragged to Saxo Bank’s brand and will be renamed Saxo Capital Markets, Agente de Valores. The transaction expands Saxo’s presence within Latin America with new offices in different places. Saxo Bank is an online trading and investment specialist, offering private investors and institutional clients a complete set of tools for their trading and investment strategies. Newedge updates FXPB platform Newedge has launched an updated version of its Foreign Exchange Prime Brokerage platform. The new version provides unrivaled access to the global currency market to institutional customers.  The forex market’s electronic platforms was pretty much expanded, according to the company. “Newedge’s FX offering, coupled with our wider capabilities as a leading prime broker and global futures commission merchant (FCM), provides hedge fund managers and institutional investors with the most efficient platform to support their FX and multi-asset business,” said Jasper Chua, Associate Director, Origination & Structuring at Newedge. USD/CAD trades higher USD/CAD has traded nearly 0.9815 on Wednesday. Over the last three days, there was a consolidation below the 0.98 figure. On late Tuesday, it had last traded at 0.9780. The new figures is likely to be a consequence of an improvement in the US economy. "A deceleration in global growth is being offset by stronger US data, rising expectations for BoC interest rate hikes and an ongoing focus on how FX reserve diversification impacts currencies like CAD and AUD," explains Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank.