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Introduction to WSO2 Message Broker


Introduction to WSO2 Message Broker

Introduction
WSO2 Message Broker (MB) is a new Open Source project and product from WSO2 that provides messaging functionality within the WSO2 Carbon platform and to other clients in various languages. It works either standalone or in conjunction with products and components such as the WSO2 ESB and WSO2 Complex Event Processing Server.

MB is based on the Apache Qpid/Java project (http://qpid.apache.org). From Apache Qpid, MB gets core support for the AMQP protocol and JMS API. On top of that WSO2 has added support for Amazon SQS APIs and WS-Eventing support.

Understanding how the MB broker fits into Enterprise Architecture
The Message Broker provides three main capabilities into an overall Enterprise Architecture:
·               A queueing/persistent message facility
·               An event distribution (pub/sub) model
·               An intermediary where multiple systems can connect irrespective of the direction of messages.

To give some concrete examples of these benefits, here are some scenarios:
1)   In the WSO2 ESB, a common pattern is to persist the message from an incoming HTTP request into a persistent message queue, and then process onbound from there. MB can provide the persistent queue.
2)   The WSO2 ESB already has an event distribution model and eventing support, but the QPid-based broker provides higher performance as well as supporting the JMS API.
3)   For example, you may wish to send messages from outside a firewall to a server inside. You could connect an ESB or Service Host within the firewall to a Message Broker running outside the firewall (for example on Amazon EC2). This model is used by the WSO2 Cloud Services Gateway.

Where does AMQP fit?

AMQP (www.amqp.org) is an open protocol for messaging. Whilst the AMQP protocol is still under development, it has released three stable releases (0-8, 0-9-1, and 0-10), with a 1.0 due during 2011. There are a number of implementations of the AMQP standard in production, including Apache Qpid (both Java and C++ versions), RabbitMQ, OpenAMQ and others.

WSO2 has been a member of the AMQP working group for several years, and we strongly support AMQP as the way to introduce interoperability and greater openness into the messaging space.

The Qpid broker supports a variety of clients on top of the AMQP protocol. The most useful of these for Carbon is the Java JMS 1.1 API, which provides a portable API as well as the main interface with the WSO2 ESB. In addition there are C# and other APIs. WSO2 MB also extends these with WS-Eventing and Amazon SQS APIs for interoperability using HTTP, REST and SOAP.

Installing the WSO2 MB

You can download the WSO2 MB Beta from:

Once you have downloaded and unzipped, simply switch to the install directory

            cd wso2mb-1.0.0-SNAPSHOT
            binwso2server.bat  [ON WINDOWS]
            bin/wso2server.sh [ON LINUX/MACOSX]

Let’s refer to the install directory as from now on.

You should see the server startup:
[2011-03-16 14:00:12,471]  INFO {org.wso2.carbon.server.Main} -  Initializing system...
[2011-03-16 14:00:12,840]  INFO {org.wso2.carbon.server.TomcatCarbonWebappDeployer} -  Deployed Carbon webapp: StandardEngine[Tomcat].StandardHost[defaulthost].StandardContext[/]
[2011-03-16 14:00:14,147]  INFO {org.wso2.carbon.atomikos.TransactionFactory} -  Starting Atomikos Transaction Manager 3.7.0
[2011-03-16 14:00:19,952]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  Starting WSO2 Carbon...
[2011-03-16 14:00:19,983]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  Operating System : Mac OS X 10.6.6, x86_64
[2011-03-16 14:00:19,984]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  Java Home        : /System/Library/Java/JavaVirtualMachines/1.6.0.jdk/Contents/Home
[2011-03-16 14:00:19,984]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  Java Version     : 1.6.0_24
[2011-03-16 14:00:19,985]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  Java VM          : Java HotSpot(TM) 64-Bit Server VM 19.1-b02-334,Apple Inc.
[2011-03-16 14:00:19,985]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  Carbon Home      : /Users/paul/wso2/wso2mb-1.0.0-SNAPSHOT
[2011-03-16 14:00:19,985]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  Java Temp Dir    : /Users/paul/wso2/wso2mb-1.0.0-SNAPSHOT/tmp
[2011-03-16 14:00:19,986]  INFO {org.wso2.carbon.core.internal.CarbonCoreActivator} -  User             : paul, en-US, Europe/London
2011-03-16 14:00:12,471]  INFO {org.wso2.carbon.server.Main} -  Initializing system...

some logs deleted

[2011-03-16 14:00:41,691]  INFO {org.wso2.carbon.core.transports.http.HttpsTransportListener} -  HTTPS port       : 9443
[2011-03-16 14:00:41,691]  INFO {org.wso2.carbon.core.transports.http.HttpTransportListener} -  HTTP port        : 9763
[2011-03-16 14:00:42,422]  INFO {org.wso2.carbon.ui.internal.CarbonUIServiceComponent} -  Mgt Console URL  : https://192.168.1.100:9443/carbon/
[2011-03-16 14:00:42,499]  INFO {org.wso2.carbon.core.internal.StartupFinalizerServiceComponent} -  Started Transport Listener Manager
[2011-03-16 14:00:42,500]  INFO {org.wso2.carbon.core.internal.StartupFinalizerServiceComponent} -  Server           :  WSO2 MB -1.0.0-SNAPSHOT
[2011-03-16 14:00:42,506]  INFO {org.wso2.carbon.core.internal.StartupFinalizerServiceComponent} -  WSO2 Carbon started in 27 sec
2011-03-16 14:00:12,471]  INFO {org.wso2.carbon.server.Main} -  Initializing system...

WSO2 Message Broker is installable in more ways for production systems. Typically it is either registered as a Linux Daemon or as a Windows Service – but for now we will stick with the command-line version for simplicity.

Once the server is running you can access the management console. Point your browser at:
            https://localhost:9443

Initially you will see a browser screen warning you about the certificates. Please tell your browser to continue (For a production server you would normally install a proper SSL/TLS certificate, but for initial install we generate a self-signed certificate that you need to agree to use).

Once you have accepted the certificate, you should see a screen like:


You can login using the default user/password which is admin/admin.

Once you login you should see the following screen:


Before we examine the admin console, lets first create a simple JMS client that will communicate with the server via AMQP on TCP/IP.

Getting Started with JMS
The Java Message Service (JMS) specification - http://www.oracle.com/technetwork/java/index-jsp-142945.html - is a specification for talking to message brokers. It is unfortunately poorly named: the word “service” implies this is an implementation, but JMS does not define an actual messaging service, instead just the API which is used to access JMS providers. “Java Messaging API” would more accurately express what JMS is. The result is that there are a variety of JMS providers, and they often have quite different approaches to their core model.

The WSO2 Message Broker is based on the Apache Qpid project (http://qpid.apache.org) and is a compliant implementation of the JMS specification, as well as various levels of the AMQP specification (0-8, 0-9-1, 0-10). 

To write completely standard portable JMS code, you need to use a JNDI provider to gain access to the JMS connection, queues, etc. In this example we will use a Qpid JNDI provider backed by a simple set of properties. This makes the overall system simple and highly portable.

Here is a sample JMS application that can be used to test access to the Message Broker.  You can find this code here:



First are some required imports.

import javax.jms.*;
import javax.naming.Context;
import javax.naming.InitialContext;
import java.util.Properties;

Next is a simple “main” class definition:

public class JMSExample {

public static void main(String[] args) {
       JMSExample producer = new JMSExample();
       producer.runTest();
}

      
private void runTest() {

Since this is just an example, we will place the complete logic in a try/catch block.

try {

Normally the JNDI is configured by a properties file, but you can also do it from an in-memory set of properties. To see a similar setup with a properties file, take a look at the ESB example below.  Here is a properties object to store the properties:

Properties properties = new Properties();

In order to bootstrap the JNDI entries for the connection factory and queue, we set name/value pairs into the simple properties object:                   

properties.put("connectionfactory.cf",
       "amqp://admin:admin@carbon/carbon?brokerlist='tcp://localhost:5672'");

The property name “connectionfactory.cf” denotes that we are creating an object of type ConnectionFactory with name “cf”. The value is a URL that is used to bootstrap the ConnectionFactory: this URL points to the AMQP broker. The syntax is broken up as follows:
       amqp://               Indicates this is an AMQP URL
       admin:admin@  This is the username/password
       carbon/carbon The client ID and virtual host
       ?                     separator for options
       brokerlist=’tcp://localhost:5672’          A list of broker URLs to use

For more information on this URL syntax please see:

The virtual host name is part of the definition in:
/repository/conf/qpid/etc/virtualhosts.xml

This file also defines aspects such as the maximum number of messages in a queue and the queue depth (maximum size in bytes of the queue).

Now we need to create a JNDI entry for the queue we are going to talk to:

properties.put("destination.samplequeue", "samplequeue; {create:always}");

The property name “destination.samplequeue” indicates creating a destination with a JNDI name of “samplequeue”. The property value “samplequeue; {create:always}” indicates a queue named “samplequeue” with an attribute which tells the broker to create the queue if it doesn’t exist.

These properties are specific to the particular JNDI implementation we are using, which is the Qpid “PropertiesFileInitialContextFactory”. So now we need to configure JNDI to use this implementation:
                     
                     
properties.put("java.naming.factory.initial", "org.apache.qpid.jndi.PropertiesFileInitialContextFactory");

Now we can do our JNDI lookups:

Context context = new InitialContext(properties);

ConnectionFactory connectionFactory =
(ConnectionFactory) context.lookup("cf");

Having “found” a JMS Connection Factory in the JNDI, we can now create a connection to the broker:

Connection connection = connectionFactory.createConnection();
connection.start();

And now we can create a JMS Session:

Session session = connection.createSession(false,
                                    Session.AUTO_ACKNOWLEDGE);

One more lookup from JNDI will lookup our queue:

Destination destination = (Destination) context
                                    .lookup("samplequeue");


Now we can create a Producer, and send a message:
                     
MessageProducer producer = session.createProducer(destination);
TextMessage outMessage = session.createTextMessage();
outMessage.setText("Hello World!");
producer.send(outMessage);

Of course, in real life you would most likely NOT now retrieve that same message from the same application, but for this example we will now retrieve the message:                      
MessageConsumer consumer = session.createConsumer(destination);
Message inMessage = consumer.receive();
System.out.println(((TextMessage)inMessage).getText());

And close up the connection and the initial context:
                     
connection.close();
context.close();
} catch (Exception exp) {
       exp.printStackTrace();
}

To try out this client you need the correct client JARs.

In the beta release you will find:
/jms-client-lib/geronimo-jms_1.1_spec-1.1.0.wso2v1.jar
/jms-client-lib/qpid-client-0.9.wso2v2.jar

You also need to reference
/lib/log4j-1.2.13.jar





Once you have those in your classpath you can run the program. You should see some simple output:

log4j:WARN No appenders could be found for logger (org.apache.qpid.jndi.PropertiesFileInitialContextFactory).
log4j:WARN Please initialize the log4j system properly.
Hello World!

If you got that far, congratulations!

In the next section we are going to look at using the ESB with the Message Broker.

There are two approaches for this:
1) If you are using the existing WSO2 ESB 3.0.1 or similar, you can deploy the MB client libraries and communicate using the network.

2) As of the next WSO2 ESB release (3.1.0) it will include the Qpid/MB features as part of the release and you can utilize the Message Broker/JMS runtime locally in the same JVM.

WSO2 MB and WSO2 ESB together
In this first instance we are going to get the WSO2 ESB and MB to work together.
Assuming that you already have the MB installed and running, you will first need to install the ESB and change the ports of the admin console so that they don’t clash. You can download WSO2 ESB 3.0.1 from:
            http://wso2.org/downloads/esb

The install procedure is similar: unzip the ESB, but don’t start it up yet. Let’s name (for this guide) the directory where you installed the ESB as .

First let’s edit the ports on which the ESB listens. (Alternatively you could do the same to the MB instead).

Edit the epositoryconfmgt-transports.xml

This file defines which ports the management console runs (HTTP and HTTPS).

Please change:

<transport name="http" class="org.wso2.carbon.server.transports.http.HttpTransport">
        <parameter name="port">9763</parameter>

to read:
<transport name="http" class="org.wso2.carbon.server.transports.http.HttpTransport">
        <parameter name="port">9764</parameter>

Similarly change the HTTPS port to be 9444.

Now the next step is to ensure that the ESB has the right drivers to talk to the MB. Copy the following JARs into the epositorycomponentslib directory:
/jms-client-lib/geronimo-jms_1.1_spec-1.1.0.wso2v1.jar
/jms-client-lib/qpid-client-0.9.wso2v2.jar


We also need to configure the JMS transport correctly. To do this we edit the axis2.xml file:
  epositoryconfaxis2.xml

This file has the JMS transport commented out. It also needs the settings updated to use the Qpid libraries. Change the file so that the JMS receiver and sender sections look like this:
  
       <transportReceiver name="jms" class="org.apache.axis2.transport.jms.JMSListener">
        <parameter name="myTopicConnectionFactory" locked="false">
         <parameter name="java.naming.factory.initial" locked="false">org.apache.qpid.jndi.PropertiesFileInitialContextFactory</parameter>
         <parameter name="java.naming.provider.url" locked="false">resources/jndi.properties</parameter>
         <parameter name="transport.jms.ConnectionFactoryJNDIName" locked="false">TopicConnectionFactory</parameter>
<parameter name="transport.jms.ConnectionFactoryType" locked="false">topic</parameter>
        </parameter>


        <parameter name="myQueueConnectionFactory" locked="false">
         <parameter name="java.naming.factory.initial" locked="false">org.apache.qpid.jndi.PropertiesFileInitialContextFactory</parameter>
         <parameter name="java.naming.provider.url" locked="false">resources/jndi.properties</parameter>
         <parameter name="transport.jms.ConnectionFactoryJNDIName" locked="false">QueueConnectionFactory</parameter>
<parameter name="transport.jms.ConnectionFactoryType" locked="false">queue</parameter>
        </parameter>


        <parameter name="default" locked="false">
         <parameter name="java.naming.factory.initial" locked="false">org.apache.qpid.jndi.PropertiesFileInitialContextFactory</parameter>
         <parameter name="java.naming.provider.url" locked="false">resources/jndi.properties</parameter>
         <parameter name="transport.jms.ConnectionFactoryJNDIName" locked="false">QueueConnectionFactory</parameter>
<parameter name="transport.jms.ConnectionFactoryType" locked="false">queue</parameter>
        </parameter>
    </transportReceiver>
You can find my copy of the edited axis2.xml here:

If you have looked through the JMS config you will notice it references a JNDI resource: resources/jndi.properties.

This is used to do the same thing the hard-coded properties we used above do – configure the local JNDI that the JMS client inside the ESB will use. In a future release of the ESB we expect to automatically configure this JNDI, but in the meantime, we can simply create a file in the /resources directory.




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U.S. Elections: what to expect? Octa Broker Offers Its View

The U.S. presidential election draws near, and investors are on high alert as the outcomes of Kamala Harris's and Donald Trump's contrasting economic policies could have significant ramifications for the financial markets. With key decisions looming around tax rates, regulation, energy policy, and trade, the potential for market volatility increases depending on who gets into the White House and what the new balance of power in the U.S. Congress will be. In this article, Octa Broker's financial analyst, Kar Yong Ang, breaks down the candidates' divergent economic visions and outlines possible scenarios for market reactions post-election, offering critical insights for traders to navigate the uncertain financial landscape ahead.

With less than a day to go until the U.S. presidential election, investors and traders are bracing for the potential impact on the financial markets. Although both candidates (Kamala Harris and Donald Trump) proclaim to pursue similar goals–––notably, creating jobs and boosting the U.S. manufacturing base–––they offer very different approaches to economic policy. Therefore, financial markets will almost certainly respond differently depending on who ultimately gets into the White House. Furthermore, it is important to factor in the possible changes in the arrangement of power on Capitol Hill, as 33 out of 100 senators and all 435 delegates in the House of Representatives will also seek re-election this November.

At Octa Broker, we decided to offer our view about what to expect from the upcoming elections and what could be the possible impact on the financial markets in general and on gold and the U.S. dollar in particular. Before we lay out the possible scenarios, let’s first briefly recap the economic policy visions of Vice President Kamala Harris, the Democratic Party candidate, and of former President Donald Trump, the Republican Party nominee, and underline their key differences. Please note that this article will focus specifically on the candidates' economic policies that are expected to have the most impact on the financial markets and affect an average trader. Thus, the general focus is on tax policy, regulation, energy policy, foreign policy, and tariffs. The article will not delve into the details of other policies, such as abortion rights, immigration, housing, and healthcare policy.

Table 1: Comparing the Candidates

‘When you wake up on 6 November to check the results of the U.S. presidential elections, there are two things to keep in mind’, argues Kar Yong Ang, a financial market analyst at Octa Broker. ‘Firstly, it is vital to realise just how decisive the victory of either of the candidates is. Secondly, it is very important to ascertain the new composition of the Legislative Branch'. Indeed, if either Harris or Trump wins the national popular vote with only a slim majority or the Electoral College produces mixed and uncertain results, the investors may get nervous, and market volatility will rise. ‘Contesting results are not good for the markets, as they may trigger disputes among the parties and delay important economic decisions in the best-case scenario and lead to social unrest and violence in the worst case’, Karr says.

The composition of the House and the Senate is equally important as they will largely determine the ultimate balance of power and the direction of the legislation. According to ABC News simulation, Republicans win control of the Senate 88 times out of 100[1], meaning that it is highly unlikely that the Democratic Party can manage to take out the upper chamber of the U.S. Congress. When it comes to the House of Representatives, however, the chances are 50/50. Thus, it seems reasonable to infer that only four potential scenarios exist in this election (see the table below).

Table 2: Possible Scenarios and the Dollar Impact

Scenarios 1 and 2

Scenarios 1 and 2 assume that Kamala Harris becomes the next President of the United States, but her executive power is severely or partly limited. In case Republicans capture both the House and the Senate, Harris's policy initiatives will be blocked or substantially amended. On balance, a Harris presidency facing a hostile Congress would bring about a politically unstable and unpredictable environment, which investors despise. As a result, the economy will underperform, stocks will decline, and the dollar will weaken.

‘A government paralysed by dysfunction and gridlock is the worst-case scenario for the U.S. economy in general and for the U.S. dollar in particular’, says Kar Yong Ang, a financial market analyst at Octa Broker. ‘The probability of a protracted government shutdown is very high under this scenario. U.S. stock market indices will certainly take a hit’.

Indeed, Harris's progressive initiatives on climate and the environment will be blocked, while fiscal and economic policy will become a key point of contention, leading to a major standoff over the budget. At the same time, Harris's presidency might result in less government spending, which will have a disinflationary impact, enabling the Federal Reserve (Fed) to continue reducing interest rates. That, too, however, will have a long-term bearish impact on the U.S. dollar.

In turn, the greenback's weakness may have a bullish impact on commodities, especially gold, as it will become more affordable for holders of other currencies. Another bullish factor for commodities in general and for gold, in particular, is that the conflict in Eastern Europe will likely drag on under Harris, given that she has been more in favour of supplying the weapons rather than pushing for a peace deal.

‘All in all, I think Harris's presidency will be met with a bearish reaction in U.S. equity markets–––especially in the energy sector. Companies focusing on renewables may perform better but still suffer in the long term as Harris will struggle to push her environmental agenda. The U.S. dollar will almost certainly sell off, while the euro and Chinese yuan will strengthen’, concludes Kar Yong Ang.

Scenarios 3 and 4

Scenarios 3 and 4 assume that Donald Trump becomes the next President of the United States, but his executive power will either be partly limited by the Democratic House or, alternatively, he manages to achieve a sweeping victory with the Republican Party taking full control over both chambers of Congress. In this case, investors will likely cheer (at least in the short term), as Trump promises to cut red tape and reduce taxes. Stock indices will rally, and the dollar may strengthen. Still, there will be long-term risks associated with Trump’s trade policy.

‘The fears over U.S. debt sustainability will certainly rise under Trump’, says Kar Yong Ang, a financial market analyst at Octa Broker. ‘He will extend as well as enlarge the tax cuts, essentially bringing about a loose fiscal policy, which, in turn, will force the Fed to be hawkish’. Indeed, a Republican sweep victory is the most bullish scenario for the greenback in the midterm. Inflationary tax cuts will boost the economy and may potentially force the Fed to stop its rate-cutting campaign, which will support the U.S. dollar vs other currencies. However, the U.S.'s gigantic deficit will likely keep expanding. Reuters estimates that Donald Trump’s tax cut plans would add some $3.6 trillion to $6.6 trillion to federal deficits over a decade.

On the one hand, tax cuts may serve as a catalyst for U.S. economic growth, which should support oil prices, especially given that Trump is likely to enforce stricter sanctions against Iran. On the other hand, U.S. crude oil and natural gas output may rise as the Trump administration will likely support the companies engaged in fossil fuel production.

Trade policy is not expected to be Trump’s top priority, but he may still introduce new tariffs in 2025-2026. First and foremost, this will negatively affect China and its currency, the yuan. At the same time, Trump’s victory will be a major bullish factor for the crypto industry in general and for digital currencies in particular. He made no secret of his support for crypto and even advocated for the establishment of a national Bitcoin reserve.

‘All in all, I think Trump’s presidency will be met with a bullish reaction in U.S. equity markets–––especially in the energy sector, and especially in case of a sweeping victory. Companies with a focus on renewables will underperform, bitcoin will rally, while the euro and the Chinese yuan will fall. However, the market has already partly priced in Trump’s victory. Therefore, in a classic ‘buy the rumour, sell the news’ scenario, the asset prices I just mentioned may actually drop immediately after the election, but will likely remain supported in 2025’, concludes Kar Yong Ang.

About Octa

Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

Since its foundation, Octa has won more than 70 awards, including the ‘Best Forex Broker 2023’ award from AllForexRating and the ‘Best Mobile Trading Platform 2024’ award from Global Brand Magazine.

This article was written by FL Contributors at www.forexlive.com.




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Octa Broker Explains Early Market Reaction Following Trump Victory

What we know so far

As of 7:00 a.m. UTC, most data providers, including ABC, CBS, NBC, and CNN, projected that Donald Trump would become the next president of the United States. However, even as Trump’s victory looks almost guaranteed at this point, it is the balance of power in the U.S. Congress that will determine how successfully and effectively the next president will be able to govern.

So far, Republicans have won an extra seat in the Senate, but neither of the parties has a clear advantage in the battle for the House of Representatives. Overall, the counting of votes is still at a relatively early stage, and it could be hours or even days before a final outcome is known. The contest will come down to seven swing states, only three of which (North Carolina, Georgia, and Pennsylvania) have been most likely won by Trump so far. Still, judging by the latest market reaction, it appears reasonable to infer that global investors are pricing in a decisive victory by Donald Trump.

What has been the impact so far

As of 7:00 a.m. UTC, the global markets were positioned for Donald Trump’s victory. U.S. Treasury yields and U.S. stock benchmark indices rallied sharply, pushing the U.S. Dollar Index (DXY) higher. Given that, it is no wonder other major fiat currencies plunged, with EURUSD and GBPUSD down 1.82% and 1.32%, respectively, while bitcoin hit a new all-time high of $75,410, as per Coinbase.

'Such a dramatic shift in market sentiment is explained by Trump’s official policies, or more precisely by the possible effect these policies are likely to have,' says Kar Yong Ang, a financial market analyst at Octa Broker. 'Generally, it all boils down to Trump's tax, immigration, and trade policies, which differ greatly from what Harris proposed. The market perceives them as inflationary, which is why we are seeing a bullish impact in the U.S. dollar.'

The United States controls the world's primary reserve currency, the U.S. dollar, so only a few countries will not feel the effect of the latest U.S. presidential and congressional elections. Major currencies are already experiencing the initial impact. 'Major currencies are falling predominantly because the U.S. dollar is rising, but there is also a fear that Trump's policy on tariffs may hit their domestic economies,' Kar said.

Indeed, the primary reason for such a dramatic decline in EURUSD, for example, is that investors fear that Trump's policies on immigration and taxes will spur inflation and force the Federal Reserve (Fed) to tighten its monetary policy. This may expand the interest rate differential between the two economies, favouring the greenback. In addition, Trump has repeatedly threatened to impose tariffs on certain European goods like autos and chemicals. According to some analysts, Trump's proposed 10% universal tariff on all U.S. imports may erode Europe's GDP by up to 1.5% or about €260bn.

A similar kind of impact may await the United Kingdom, where Trump's blanket tariffs would hit billions of pounds of U.K. automotive, pharmaceutical, and liquor exports. It stands to logic that GBPUSD was down more than 1.3% today.

For similar reasons, CNYUSD (Chinese renminbi / U.S. dollar spot rate) hit a 3-month high. 'For the Chinese economy, the risks are even greater, as Trump promised to impose higher tariffs on Chinese goods. On top of that, under his administration, tensions are likely to grow over the CNYUSD exchange rate,' comments Kar Yong Ang, a financial market analyst at Octa Broker. Although the currency policy of the future Trump Administration is unclear, in his interview with Bloomberg, he had this to say: ‘We have a big currency problem because the depth of the currency now in terms of strong dollar / weak yen, weak yuan, is massive.

Interestingly, the impact on the gold market has been relatively muted so far. As of 7:00 a.m. UTC, XAUUSD was down 1.2%, but historically, it is not a significant swing, especially given how much the U.S. dollar has strengthened. 'Because Trump's victory appears to be decisive, it lowers the probability of social tensions in the U.S., which is not a minor factor considering how fractious U.S. politics has become lately. Thus, XAUUSD is selling off, but I think there are bullish risks ahead as relations between China and the U.S. turn bitter,' comments Kar Yong Ang.

Indeed, Donald Trump will likely heighten the Sino-U.S. trade tensions, which is a positive factor for gold in general. In addition, Trump's massive tax cuts will likely expand the U.S. fiscal deficit and may turn some strategic investors away from the U.S. dollar and into gold and bitcoin. In fact, BTCUSD hit a new all-time high on the news of Trump's potential victory. He is seen as more actively supportive of cryptocurrencies than Harris.

In the short term, all the bullish dollar trades may temporarily reverse as traders buy the dips in EURUSD and GBPUSD in hope of a technical rebound. In the long term, however, the bearish pressure on these pairs will likely persist.

About Octa

Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

Since its foundation, Octa has won more than 70 awards, including the ‘Best Forex Broker 2023’ award from AllForexRating and the ‘Best Mobile Trading Platform 2024’ award from Global Brand Magazine.

This article was written by FL Contributors at www.forexlive.com.




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The Benefits of Accepting Crypto Payments for Forex Brokers

Cryptocurrency payments have made financial transactions faster and safer. Forex brokers that integrate a cryptocurrency payment gateway can provide these advantages and more for their users. Crypto payment integration results in real-time transaction settlement, lower fees, and improved fraud prevention. These benefits increase forex brokers' operational efficiency, help them attract a global clientele, and remove geographical barriers. To grow and scale as a broker in this dynamic era, blockchain technology must be applied strategically to increase a business’s competitive edge, and drive scalability. Discover how accepting crypto payments can improve your forex brokerage business in this article.

Increased Global Reach

Forex brokers can expand their global reach by integrating a cryptocurrency payment gateway. Research by Oxprocessing and B2Broker shows that forex brokers saw a 20-30% increase in their client base when they started accepting cryptocurrency payments.

The rising forex broker client base after crypto adoption stems from the popularity and user realization of the benefits of crypto like real-time transaction settlement, unlike banks. The lower fees, flexibility, and additional security also attract many users as we shall see subsequently.

Accepting crypto through payment gateway solutions like Onchainpay.io connects a forex broker and its customers with the innovation and flexibility offered by decentralized finance. Crypto payment gateway integration is crucial in expanding and getting a bigger global customer market share.

Improved User Security

Integrating a proven and transparent cryptocurrency payment gateway like Onchainpay.io which uses two-factor authentication, permissioned API access, and real blockchain addresses to secure user funds offers all the advantages.

Advanced encryption and decentralized verification through blockchain technology ensure secure transactions and minimize fraud. No one can alter blockchain transactions as they are recorded on a public ledger that is almost impossible to counterfeit.

Transactions are traceable and secure onchain, increasing user confidence in the forex brokers who adopt crypto payments. With crypto payment, transactions occur in simple sends or receives between wallet addresses without intermediaries that can delay the process. By adopting crypto payment forex brokers can establish user trust and stand out from the competition.

Transaction Speed and Overall Efficiency

Real-time payment settlement is a game changer for forex brokers. Payment gateway comparison experts Crypto Payment Gateways note that while the average traditional payment processing time takes 7-14 days, cryptocurrency payments settle in a few seconds to a few minutes.

Crypto payments increase speed, boost operational efficiency, and drive forex broker customer satisfaction by providing quick access to funds. Lower transaction fees from crypto payment integration lead to massive cost savings. Forex brokers can operate more efficiently, save customer time, and remain at the forefront of innovation by integrating state-of-the-art crypto payment processing solutions like Onchainpay.io.

Affordable Fees

Analysis from Blockdata shows that cryptocurrency payments can cut transaction costs by 70% compared to traditional methods. Paying with known methods like credit cards often incurs 1.5% to 3.5% in transaction fees. Cryptocurrency transactions using payment methods like Bitcoin cost about 0.01%-1%.

Reduced transaction cost presents a business advantage for brokers who can also attract customers seeking affordable trading options. With blockchain technology forex brokers can offer real-time and competitive transaction costs as a strategic move to increase overall user experience.

Seamless Cross-Border Payment Processing

Decentralized finance offers direct and seamless cross-border payment settlement with lower fees and zero delays. Through digital currency payment integration, forex brokers can attract a global user base interested in innovation and opportunities in decentralized finance. Crypto payment integration makes cross-border transactions more efficient with no intermediary and additional security. With it, forex brokers can enjoy frictionless cross-border payment processing and devote more time to expanding other aspects of their business.

Easy Scalability

From declined card transactions to restricted regions, the limitations of traditional payment systems impact forex brokers’ ability to scale. Brokers can tap into the global market and attract clients across the globe by adopting crypto payment solutions. The flexibility of crypto integration also helps brokers build adaptable business models and solutions that serve their client base perfectly. These benefits coupled with cost savings and instant settlement mentioned before improve brokerage efficiency and user satisfaction helping forex brokers grow their business beyond expectations.

User Satisfaction and Competitive Edge

Crypto Wallet

Self-custody wallets are a huge advantage for crypto users. Imagine the ability to own and control 100% of your assets. Crypto wallets make this possible and withdrawing forex profit into self-custodial crypto wallets is a dream for most participants in the financial market today. Crypto wallets are a convenient option that improves customer satisfaction. Hence brokers who accept crypto win more customers and stand out from the crowd of available options.

Crypto Adoption

Through crypto payment and transaction settlement integration, forex brokers can get along with the current trend and preference for digital assets. A report released by Fxleaders notes that traders and investors are ahead of the pack in the rapid race toward cryptocurrency adoption which has already attracted over 300 million users globally.

Profit Withdrawal and Deposit

The last thing traders want after the close shave of almost getting drowned due to market volatility is waiting forever to withdraw. Instant settlement cryptocurrency payment gateways like Onchainpay.io provide an excellent payment processing solution for instant deposits and withdrawals. With real-time secure payments on Onchainpay.io, users enjoy a better experience while the forex broker competes favorably among the available alternatives.

Smart Contracts

Smart contracts are self-executing codes on the blockchain designed to streamline user experience. They ensure secure transactions as they cannot be altered once deployed, and are transparently verifiable onchain. Recurring payment solutions on Onchainpay.io, for example, are powered by a series of secure smart contracts and can also be helpful in automated withdrawals for trader’s discipline and plan.

Conclusion

Cryptocurrency payments save time lower cost and offer competitive advantages to forex brokers. It enables instant settlement of cross-border transactions and enhances user experience with a range of options such as self-custody which gives users complete control over their assets. Onchainpay.io’s cryptocurrency payment gateway and merchant solution are designed to help brokers provide secure, flexible, and reliable crypto withdrawals and deposit options for their customers. Onchainpay is simple to integrate and works perfectly with almost all known payment setups. With customizability, segregated payments, and automatic settlements Onchainpay.io is the best thing since sliced bread for forex broker payment.

This article was written by FL Contributors at www.forexlive.com.




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COP29 Azerbaijan fossil fuel scandal sums up the crisis of modern climate diplomacy – Host country ‘attempted to use the UN climate summit to broker fossil fuel deals’

https://www.intellinews.com/cop29-azerbaijan-fossil-fuel-scandal-sums-up-the-crisis-of-modern-climate-diplomacy-352396/ By bne IntelliNews November 11, 2024 A damning investigation has revealed that Azerbaijan’s COP29 leadership attempted to use the UN climate summit to broker fossil fuel deals, drawing fierce criticism from former UN climate chief Christiana Figueres, who condemned the actions as “a treason” to the climate process. Secret recordings and documents obtained through an undercover […]




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Port Canaveral seeks solutions to broker smooth cruise and space relationship

It’s actually good one of the world’s largest cruise ships strayed into the safety zone and delayed a SpaceX rocket launch, Port Canaveral CEO Capt. John Murray says.




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Nigeria: Agama, Bajomo, 78 Others Bag Fellowship of Stockbrokers' Institute As 210 Inducted Associates

[Leadership] The director-general, Securities and Exchange Commission (SEC), Dr Emomotimi Agama and an Octogenarian, Senator Felix Bajomo were among the 80 Stockbrokers invested as Fellows by Chartered Institute of Stockbrokers (CIS).




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Turkey: Broker for Israeli-Palestinian Conflict

Despite Israel's ongoing sabotage of peace talks, Turkey continues to work toward reconciliation between theocratic rivals in the Middle East.




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Maximize Your Profits With the Right Used Car Auction Platform ─ A Guide for Dealers and Brokers

Searching for the ideal platform to handle your used car auction needs? You’ve come to the right place. This guide is specifically designed for dealers and brokers who want to make the most out of their efforts in the used car market. Understanding the Market Dynamics of Used Car Auctions The first step in choosing […]

The post Maximize Your Profits With the Right Used Car Auction Platform ─ A Guide for Dealers and Brokers appeared first on Chart Attack.




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