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
25 Jul 2022

Gold Price Forecast: XAUUSD eyes upside above $1,730 as 1% Fed rate hike gets off the table

  • Gold price is likely to display more upside after overstepping the critical resistance of $1,730.00.
  • The DXY has tumbled significantly as the 1% rate hike expectations have been trimmed.
  • Apart from the Fed policy, investors will also keep an eye on US Durable Goods Orders data.

Gold price (XAUUSD) is focused to recapture its weekly high near $1,740.00 after a firmer recovery. The precious metal gained strength last week after slipping to near the critical support of $1,680.00. A two-day stellar recovery by the gold bulls has resulted in a more than 3.30% recovery in the gold prices after re-testing the 11-month low of $1,679.80.

DXY tumbles as 1% rate hike odds get off the table

The US dollar index (DXY) surrendered the opening gains on Friday after the expectations of a 1% rate hike by the Federal Reserve (Fed) got trimmed tremendously. Thanks to the downbeat S&P PMI data and diving inflation expectations, which trimmed the odds of 100 basis points (bps) interest rate hike by the Fed in its monetary policy meeting on Wednesday.

After the long-run inflation expectations slipped to 2.8% from June’s print of 3.1%, investors placed bets on a consecutive 75 bps rate hike by the Fed rather than placing money on a 1% rate hike.

Downbeat S&P PMI data

On Friday, the S&P released the PMI data, which remained downbeat on major aspects. The Global Composite PMI remained extremely lower at 47.5 than the expectations of 51.7 and the prior release of 52.3. Expanding to the Manufacturing and Services front, the former catalyst landed at 52.3 vs. 52.7 the former figure, while the latter was recorded at 47 vs. 52.7 printed earlier. A downbeat PMI indicates that the Fed will not go entirely hawkish as economic activities are not favorable.

Other than Fed’s interest rate decision, the focus of investors will also remain on US Durable Goods Orders, which are due on Wednesday. The economic data is seen at -0.2%, significantly lower than the prior release of 0.8%.

 

Jul 25, 2022

EUR/USD stalls as the greenback bulls rethink ahead of the Fed

EUR/USD bulls have moved in from below parity in a correction of three prior weeks of supply. The single currency ended down 0.13% on the final day of
Read more Previous
Jul 25, 2022

ECB will raise its interest rates until inflation falls back to its 2% target

The European Central Bank President Christine Lagarde said in an interview with Germany's Funke Mediengruppe published on Friday. the ECB will raise i
Read more Next