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

GBP/USD refreshes session tops, awaits a move beyond 1.4100 mark post-US Retail Sales

  • Renewed USD selling bias assisted GBP/USD to regain positive traction on Friday.
  • Weaker US Retail Sales report, sliding US bond yields weighed heavily on the buck.
  • The lack of any strong follow-through buying warrant caution for bullish traders.

The GBP/USD pair refreshed daily tops in reaction to weaker US Retail Sales figures, with bulls now awaiting a sustained move beyond the 1.4100 mark.

The pair managed to regain positive traction on the last trading day of the week and build on the overnight rebound from the key 1.4000 psychological mark. The uptick was exclusively sponsored by the emergence of some fresh selling around the US dollar, which was being weighed down by declining US Treasury bond yields amid dovish Fed expectations.

The intraday USD selling picked up pace during the early North American session following the disappointing release of US monthly Retail Sales figures for April. In fact, the headline sales remained virtually unchanged during the reported month, marking a sharp deceleration from March's upwardly revised reading of 10.7% (9.8% estimated previously).

Adding to this, sales excluding autos decline 0.8% MoM in April and the closely watched Retail Sales Control Group also fell short of market expectations, coming in at -1.5% as against consensus estimates for a 0.7% growth and -0.2%, respectively. The data reaffirmed the Fed's dovish view and forced investors to trim their bets for an earlier than anticipated tightening.

Despite the supporting factor, the GBP/USD pair struggled to capitalize on the move beyond 100-hour SMA. This, in turn, warrants some caution for bullish traders and makes it prudent to wait for some strong follow-through buying before positioning for any further appreciating move.

Technical levels to watch

 

Canada: Manufacturing Sales rise by 3.5% in March as expected

Manufacturing Sales in Canada increased by 3.5% to the highest level since June 2019 at $57.8 billion in March, the data published by Statistics Canad
Read more Previous

Fed's Mester: Fed policy is in a good place

Cleveland Federal Reserve President Loretta Mester told Bloomberg TV on Friday that the Fed's policy is in a good place and reiterated that the Fed wi
Read more Next