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
5 Aug 2021

EUR/GBP flirts with weekly lows, around 0.8500 mark ahead of BoE

  • A modest pickup in demand for the GBP prompted fresh selling around EUR/GBP on Thursday.
  • The improving COVID-19 situation in the UK continued acting as a tailwind for the British pound.
  • The latest BoE monetary policy decision will now be looked upon for a fresh directional impetus.

The EUR/GBP cross extended its steady intraday descent through the first half of the European session and was last seen trading near weekly lows, around the key 0.8500 psychological mark.

Following the previous day's good two-way price swings, the EUR/GBP cross came under some renewed selling pressure on Thursday and was pressured by a pickup in demand for the sterling. The optimism over the declining trend of new COVID-19 cases in the UK was seen as a key factor behind the British pound's relative outperformance.

This comes on the back of the European Union's decision to pause legal proceedings against the UK over the Northern Ireland protocol dispute. The GBP bulls further took cues from speculations that the Bank of England (BoE) could be among the first major central banks to begin the process of weaning its economy off stimulus support.

On the other hand, the shared currency witnessed a subdued/range-bound price action and so far, has failed to benefit from a modest US dollar weakness. With the GBP price dynamics turning out to be an exclusive driver of the EUR/GBP pair's intraday movement, the market focus will remain on the outcome of the latest BoE MPC meeting.

The UK central bank is widely expected to leave monetary policy settings unchanged. Hence, the key focus will be on the MPC vote distribution and updated economic projections. This, along with the BoE Governor Andrew Bailey's comments at the post-meeting press conference, will infuse some volatility around the GBP crosses.

Technical levels to watch

 

Aug 5, 2021

Spain 10-y Obligaciones Auction declined to 0.2% from previous 0.354%

Spain 10-y Obligaciones Auction declined to 0.2% from previous 0.354%
Read more Previous
Aug 5, 2021

GBP/USD to challenge the 1.40 mark as covid developments look hopeful – Westpac

The GBP/USD pair is now inching towards the 1.40 level as further tentative signs of improving case counts/hospitalisations adds to the sense that fur
Read more Next