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
24 Jan 2024

GBP/USD surges to near 1.2760 on the upbeat UK PMI data, focus shifts to US PMI

  • GBP/USD advances as UK PMI data beats the market expectations in January.
  • UK Services and Manufacturing PMI improved to 53.8 and 47.3, respectively in January.
  • US bond yields decline on expectation of Fed’s rate cuts in May, undermines the US Dollar.

GBP/USD rises to near 1.2760 during the European session on Wednesday. The positive Purchasing Managers Index (PMI) data from the United Kingdom (UK) contribute to a rise in the Pound Sterling (GBP) against the US Dollar (USD). The preliminary S&P Global/CIPS Services PMI for January demonstrated growth, reaching 53.8 compared to the previous figure of 53.4. Additionally, the Manufacturing PMI increased to 47.3 from the earlier reading of 46.2. Concurrently, the Composite PMI showed appreciation, reporting a figure of 52.5 as compared to the previous reading of 52.1.

These upbeat Purchasing Managers Index (PMI) figures indicate that the Bank of England (BoE) may refrain from implementing monetary policy loosening measures in the upcoming February meeting. However, market participants are expected to remain cautious and await additional economic indicators to provide momentum leading up to the May meeting. There is speculation that the Bank of England might consider initiating rate cuts as early as May, with the possibility of three more cuts throughout 2024.

The US Dollar faces a challenge due to the downward movement in the bond market, driven by market expectations that the Federal Reserve (Fed) might commence rate cuts in May. There is full pricing in of a 25 basis point (bps) cut in interest rates for May, reflecting the anticipation of a more accommodative monetary policy.

However, the market is pricing in the possibility of no adjustment by the Fed in the upcoming February meeting. This suggests a cautious stance among market participants as they await further signals from the central bank. Looking forward, market participants are expected to keenly observe the release of the S&P Global Purchasing Managers Index (PMI) data from the United States (US) scheduled for Wednesday.

 

Jan 24, 2024

A broader Dollar correction could have legs today – ING

The Dollar strengthened across the board on Tuesday with no clear catalyst.
Read more Previous
Jan 24, 2024

USD/JPY to come back under pressure on more confidence that the Fed could begin to cut rates in March – MUFG

USD/JPY rose to a high on Tuesday at 148.70 after hitting a low of 146.99 in the initial aftermath of the BoJ policy update.
Read more Next