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
5 Jan 2024

AUD/USD extends its downside below 0.6700 ahead of US NFP data

  • AUD/USD drops sharply below 0.6700 as investors turn cautious ahead of US labor market data.
  • An upbeat US NFP report would impact higher prospects for early rate cuts by the Fed.
  • The Australian Dollar will dance to the tunes of the monthly Retail Sales data.

The AUD/USD pair has witnessed a steep fall as investors have rushed towards safe-haven assets to safeguard themselves against escalating volatility ahead of the United States Nonfarm Payrolls (NFP) data, which will be published at 13:30 GMT. The Aussie asset has dropped below the crucial support of 0.6700 in the early New York session.

S&P500 futures have generated losses in the European session, portraying a dismal market mood. The US Dollar Index (DXY) has printed a fresh three-week high at 102.70. 10-year US Treasury yields have jumped to near 4.04%.

The release of the US NFP data is expected to trigger sheer volatility in the FX domain. Analysts at TD Securities TD Securities analysts said that they expect a steady 150,000–200,000 growth in payrolls for the third straight month. As per their forecasts the Unemployment Rate will rebound by a tenth after unexpectedly dropping to 3.7% in November. Wage growth likely printed 0.3% m/m.”

It is likely that an upbeat labor market report will challenge the narrative of ‘rate cuts by the Federal Reserve (Fed) from March’. The chances of an interest rate reduction from March have dropped recently as Fed policymakers have been emphasizing on keeping interest rates higher for a longer period.

On the Australian Dollar front, investors will focus on monthly Retail Sales for November, which will be published on Tuesday. As per the estimates, the consumer spending grew by 1.2% after contracting 0.2% in October. This may allow Reserve Bank of Australia (RBA) policymakers to stay with argument of keeping interest rates elevated for longer.

 

Jan 5, 2024

Swiss Franc stalls against Euro after mixed inflation data from the Eurozone

The Swiss Franc (CHF) traded flat against the Euro (EUR) on Friday after Eurozone inflation data painted a mixed picture in December.
Read more Previous
Jan 5, 2024

United States Average Hourly Earnings (MoM) came in at 0.4%, above expectations (0.3%) in December

United States Average Hourly Earnings (MoM) came in at 0.4%, above expectations (0.3%) in December
Read more Next