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
7 Sep 2020

EUR/GBP climbs to one-week tops, beyond mid-0.8900s

  • EUR/GBP gains traction on Monday and recovers further from three-month lows set last week.
  • Growing fears about a no-deal Brexit undermined the British pound and remained supportive.

The bearish pressure around the sterling picked up pace in the last hour and pushed the EUR/GBP cross to one-week tops, around the 0.8960 region.

The cross caught some fresh bids on the first day of a new trading week and built on last week's recovery move from the 0.8865 region, or near three-month lows. The momentum was sponsored by the emergence of some fresh selling around the British pound amid fears of a no-deal Brexit.

The UK Brexit negotiator David Frost said on Sunday that Britain was not scared of a no-deal exit at the end of the year. Separately, the Telegraph reported that UK Prime Minister Boris Johnson has set a deadline of October 15 to strike a free-trade deal with the European Union.

This comes on the back of dovish comments by the BoE MPC member Michael Saunders last week. Saunders said that the UK central bank will probably add to their already unprecedented emergency support measures in the coming months to achieve a sustained return of inflation.

On the other hand, the shared currency remained depressed on the back of the ECB’s concerns over the exchange rate level. It is worth recalling that the ECB Chief Economist Philip Lane commented last week that the euro-dollar exchange rate does matter for monetary policy.

Hence, the market focus now shifts to the latest monetary policy update by the European Central Bank on Thursday. In the meantime, the incoming Brexit-related headlines will play a key role in influencing the GBP price dynamics and produce some meaningful trading opportunities.

Technical levels to watch

 

Sep 7, 2020

EUR/USD to dive towards 1.1620 on a break below 1.1732 – Commerzbank

EUR/USD extends its overnight range play below mid-1.1800 into the European session. Karen Jones, Team Head FICC Technical Analysis Research at Comme
Read more Previous
Sep 7, 2020

IEA sees oil market stuck between no major slowdown but stalled recovery

Keisuke Sadamori, the International Energy Agency (IEA) Director for Energy Markets and Security, told Reuters on Monday, “there is an enormous amount
Read more Next