Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
9 Mar 2023

GBP/USD attempts to surpass 1.1850, downside looks favored as focus shifts to US NFP

  • GBP/USD is struggling to cross the immediate resistance of 1.1850 as the dismal market mood is solidifying further.
  • An increase in US taxes will deliver an expression of contracting fiscal policy that might contribute to restricting inflation.
  • The BoE could consider a pause in the policy-tightening spell amid the vulnerable UK manufacturing sector.

The GBP/USD pair is juggling near the immediate resistance of 1.1850 in the Asian session. The Cable is gathering strength to scale above the aforementioned resistance. However, the odds are favoring for resumption of the downside as the US Dollar Index (DXY) is expected to remain in the driving seat ahead of the release of the United States Nonfarm Payrolls (NFP) data.

S&P500 futures have given up their entire gains earned on Wednesday, portraying further strengthening of the risk-aversion theme. The weak risk appetite of investors has allowed the 10-year US Treasury yields to rebound above 3.98%.

The latest headline of higher taxes on US billionaires and rich investors, a proposal endorsed by US President Joe Biden for the Budget is putting more pressure on US stocks. US President Joe Biden has proposed raising corporation tax from 21% to 28%. This might result in a contraction in US fiscal policy, which could contribute firmly to softening US inflation.

No doubt Federal Reserve (Fed) chair Jerome Powell has confirmed bigger rates and a higher terminal rate to strengthen its defense in the battle against stubborn inflation, the release of the US Nonfarm Payrolls (NFP) data will deliver more clarity. The economic data is expected to show a decline in the payrolls to 203K from the former release of 514k.

Meanwhile, Pound Sterling might deliver a power-pack action after the release of the United Kingdom’s manufacturing sector data. Monthly Manufacturing production (Jan) and Industrial Production are expected to contract by 0.1% and 0.2% respectively.

Investors should be aware of the fact that the performance of the UK manufacturing sector has remained vulnerable in the past few months. This could force the Bank of England (BoE) to pause the policy-tightening process for the time being and allow current monetary policy to show its impact.

 

Mar 9, 2023

Gold Price Forecast: XAU/USD eyes $1,800 as upbeat US labor market fuels hawkish Fed bets

Gold price (XAU/USD) looks vulnerable above $1,810.00 as the upside looks capped amid rising bets for bigger rates by the Federal Reserve (Fed). The p
Read more Previous
Mar 9, 2023

USD/IDR Price News: Rupiah ignores lowest Indonesia Retail Sales since September 2021

USD/IDR remains sidelined near 15,440, recently making rounds to the intraday low, even as Indonesia Retail Sales flashed disappointing data during ea
Read more Next