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
4 Mar 2020

GBP/JPY bounces off multi-week low amid risk reset

  • GBP/JPY recovers from 20-week low as Asian equities register gains.
  • Expectations of further liquidity infusion seem to have favored fresh bids.
  • UK Services PMI, coronavirus and Brexit headlines are among the key catalysts to watch.

GBP/JPY recovers 0.21% losses to take a U-turn from the mid-October 2019 lows while trading around 137.60 ahead of the UK session on Wednesday. While the market’s fear from coronavirus (COVID-19) as well as no clarity of post-Brexit EU-UK trade terms keep weighing on the pair, the recent positive performance by the Asian equities seems to have helped the quote.

With larger than initially estimated coronavirus spread outside China, global policymakers are pushed to take emergency steps to avoid harsh economic implications. However, Asian nations are more titled towards fiscal stimulus than the west, which in turn helped share traders to portray the recent recovery. Also contributing to the market mood could be upbeat Aussie GDP.

Following that, MSCI’s index of Asia-Pacific shares outside Japan mark 0.86% gains whereas Japan’s NIKKEI rise 0.40% to 21,160 by the press time.

On the Brexit front, the EU-UK policymakers continue to jostle with the EU Chief Brexit negotiator Michel Barnier’s latest comments mentioning the talks as positive. Elsewhere, the UK Foreign Secretary Dominic Raab will head to Saudi Arabia today to push the Arab nation towards more acceptable human rights. Further, BOE policymakers showed a higher preference for fiscal measures over monetary policy moves while also terming coronavirus as disruption and not the destruction.

Moving on, the final readings of the UK Services PMI for February will act as the immediate catalyst whereas headlines concerning Brexit and coronavirus could keep the market players entertained.

Technical Analysis

The September 2019 top surrounding 135.75 will grab the bears’ attention once the pair closes below 137.00 on the daily chart. Meanwhile, any recovery below November 2019 low close to 140.55 seems to be tepid.

 

Mar 4, 2020

S. Korean FinMin: Will take stern action if needed to stabilize markets

South Korean Finance Minister said on Wednesday, the government will take stern action if needed to stabilize markets. Additional quotes Volatility in
Read more Previous
Mar 4, 2020

GBP/USD struggles to remain above 1.2800 ahead of UK Services PMI

GBP/USD seesaws around 1.2812, up 0.03%, while heading into the London open on Wednesday. The Cable recently benefited from the broad US dollar weakne
Read more Next