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.
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.
Octa trading broker
Open trading account
Back

US Dollar takes a nose dive, drops below 93 amid political jitters

  • Flynn is said to testify against Trump in Russia probe.
  • US 10-year T-bond plummets on flight-to-safety.
  • Wall Street suffers heavy losses.

After advancing to a fresh session high at 93.21 on upbeat macroeconomic data releases from the United States, the US Dollar Index, which tracks the greenback against a basket of six trade-weighted peers, encountered a massive selling wave and slumped to its lowest level in five days at 92.56. Following the initial sell-off, the index is now staging a modest recovery and was last seen at 92.76, down 0.23% on the day.

Russiagate investigation heats up

On Friday morning, Michael Flynn, Trump's ex-national security adviser, was taken into custody after he pleaded guilty to lying to the FBI during the investigation of Russia's involvement in the 2016 presidential election. Following this development, Brian Ross of ABC News reported that Flynn was ready to cooperate and was prepared to testify that as a candidate, Donald Trump had directed him to make contact with the Russians.

The markets reacted quickly to the news and investors moved away from risky assets, which weighed on the US Treasury-bond yields. The 10-year reference lost as much as 4% with the knee-jerk reaction and was down 2% at 2.36% as of writing. In the meantime, both the Dow Jones Industrial Average and the S&P 500 indexes dropped more than 1% before retracing a portion of their losses and were still down around 0.7%.

In the meantime, the number of Senators who voice their support for the tax bill continues to increase on Friday, which ramps up the expectations of the bill passing through the Senate later today. A positive outcome on that end could help the greenback continue to recover its losses. On the other hand, investors are likely to remain on edge until they see how much of an impact today's plea hearing will have on the markets.

Technical levels to consider

In case the index retakes the 93 (psychological level) handle, it could aim for 93.50 (Nov. 30 high) and 94.60 (Nov. 7 high). On the downside, supports could be seen at 92.40 (Nov. 27 low), 92 (psychological level) and 91 (psychological level/Sep. 8 low). 

EUR/USD surges above 1.19 as USD slumps on US political turmoil

The EUR/USD pair surged higher and added more than 50-pips in a matter of minutes and broke above the 1.19 mark after the USD came under a heavy press
Read more Previous

Gold jumps to $1290 after Flynn pleads guilty

A new round of the Russiagate hit US markets late on Friday. Former national security adviser Michael Flynn pleaded guilty to lying to the...
Read more Next