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
8 Oct 2020

AUD/USD climbs to two-day tops, beyond mid-0.7100s

  • AUD/USD gained traction for the second consecutive session on Thursday.
  • Renewed hopes for additional US fiscal stimulus boosted investors’ confidence.
  • The risk-on mood undermined the safe-haven USD and remained supportive.

The AUD/USD pair broke out of its Asian session consolidation phase and jumped to two-day tops, around the 0.7155 region in the last hour.

Renewed hopes about the next round of the US fiscal stimulus measures remained supportive of the prevalent upbeat market mood. This was evident from a positive trading sentiment around the equity markets, which dented the US dollar's relative safe-haven status and benefitted the perceived riskier Australian dollar.

After shaking markets by abruptly calling off talks with Democrats over the latest stimulus measures, the US President Donald Trump said that he was ready for gradual spending measures, including support for individuals, small businesses and airlines. This, in turn, changed the market sentiment and undermined safe-haven assets.

Even the minutes of the September FOMC meeting, released on Wednesday, revealed that the upgrade in economic projections was conditioned on additional fiscal measures by the government. Policymakers remain worried the lack of further stimulus would jeopardize the economic recovery that was moving faster than expected.

A mildly softer tone surrounding the greenback assisted the AUD/USD pair to gain traction for the second consecutive session and move away from weekly lows, or levels just below the 0.7100 mark touched on Wednesday. The uptick, however, lacked any strong bullish conviction and thus, warrants caution for aggressive bulls.

Market participants now look forward to the US economic docket, highlighting the release of the usual Initial Weekly Jobless Claims. The data, along with the broader market risk sentiment will influence the USD price dynamics and produce some meaningful trading opportunities.

Technical levels to watch

 

Oct 8, 2020

GBP/USD keeps the mixed outlook unchanged – UOB

In opinion of FX Strategists at UOB Group, Cable’s prospect remains mixed and is now forecasted to trade between 1.2750 and 1.3000 in the short-term.
Read more Previous
Oct 8, 2020

Crude Oil Futures: Look cautious near-term

Traders trimmed their open interest positions by around 19.3K contracts on Wednesday in light of preliminary readings from CME Group. Volume, instead,
Read more Next