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Gold struggles for direction ahead of key US data releases as geopolitics take a backseat. People’s Bank of China (PBoC) pauses gold buying following 18-Month spree. Downside momentum appears to be building as buyers lack conviction. Fundamental Overview Gold has edged higher this week yet remains under pressure heading into the US inflation data release […]

The post Gold (XAU/USD) Vulnerable Heading Into US CPI and FOMC Releases appeared first on Action Forex.

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20/05/2024

Australian Dollar Eyes RBA Minutes

The Australian dollar is unchanged at the time of writing, trading at 0.6692 in the European session. There are no economic releases out of the US or Australia today, which should translate into a quiet day for AUD/USD. The Aussie is coming off an excellent week, gaining 1.36% and hitting its highest level since January. […]
09/08/2024

Canada’s Job Market Softens Further in July

For the second straight month, Canadian employment was essentially unchanged (-2.8k), disappointing expectations for a modest 25k gain. Full-time positions rebounded (+62k), but were offset by sizeable part-time job losses (-64k). The unemployment rate also remained unchanged at 6.4%, as a slight decline in the labour force (-0.1% month-on-month (m/m)) offset job losses. The decline […]
19/04/2024

Halving Helped Bitcoin Digest Sell-off

Market picture The crypto market was relatively quick to digest the sell-off that gripped markets following Israel’s attack on Iran. The capitalisation rose 4.7% in 24 hours to $2.33 trillion, but this is down from $2.62 trillion seven days earlier. Halving and strong technical support are supporting a ‘buy on dips’ pattern in Bitcoin, and […]