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
21 Dec 2023

EUR/GBP approaches 0.8700 as the soft UK Inflation weighs on the Pound

 

  • The Euro remains moderately bid approaching resistance at 0.8680.
  • The soft UK inflation levels are weighing on the Pound.
  • EUR/GBP is likely to face strong resistance at the 0.8680/90 area.


The Euro maintains a moderately bid tone on Thursday´s European session, with the pair edging closer to the 0.8685 resistance area. The weak UK inflation data released on Wednesday is hampering any meaningful GBP recovery.

Soft UK inflation raises hopes of BoE rate cuts

Consumer prices decelerated well below expectations in November in the UK, with the yearly CPI dropping below the 4% threshold for the first time in two years. 

These figures have put into question the BoE’s hawkish rhetoric, boosting hopes that the bank might start cutting rates as soon as May, which has pushed the Sterling lower across the board.

The Euro, however, is facing hurdles of its own. The downbeat macroeconomic data suggests a scenario of weak growth with falling inflation which is fuelling investors’ bets on rate cuts in early 2024.

In this scenario, the hawkish comments by ECB Vice President De Guindos in an interview released earlier today have had a marginal impact on the pair.

Technically speaking, the immediate bias remains bullish although the 0.8680/90 area might offer a strong resistance. This is the 61.8% retracement of the late-November sell-off and a common target for corrective moves.

Technical levels to watch

 

 

Dec 21, 2023

Euro ticks lower as market braces for US PCE inflation data

The Euro (EUR) is trading with a moderate bearish tone at the mid-range of 1.0900 on Thursday’s European morning session.
Read more Previous
Dec 21, 2023

NZD/USD Price Analysis: Fresh rally above 0.6300

The NZD/USD pair turns sideways after correcting from the round-level resistance of 0.6300 in the European session.
Read more Next