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The Bank of Canada cut the overnight rate to 4.50% (from 4.75%), while stating that it will continue with Quantitative Tightening (QT). The Bank outlined a relatively dovish take on the economy, stating that “…the economy’s potential output is still growing faster than GDP, which means excess supply has increased. Household spending, including both consumer […]

The post Bank of Canada Cuts Policy Rate to 4.5% appeared first on Action Forex.

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Crude Oil Prices Continue to Fall, USD/JPY Tumbles

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29/11/2023

USD/JPY: Bears Consolidating for Fresh Push Through Daily Cloud Base

USDJPY bounces from new ten-week low on Wednesday, as bears faced headwinds on probe through the base of daily cloud (147.38) and from 100DMA (146.97). Fresh jump was sparked by dovish comments from BoJ policymaker, who said that it is still early to talk about exiting from negative rate policy. However, bounce is likely to […]
06/03/2024

ISM Shows Services Sector Expansion Continued in February

The ISM Services index slipped to 52.6 in February from 53.4 in January, just shy of the 53.0 consensus expectation. However, growth did become more widespread, with 14 of 18 industries reporting growth for the month – up from ten in January. The business activity sub-index rose to 57.2, while the new orders index ticked […]
26/08/2024

Gold Creates New Bullish Wave Near Record High

Gold rises above short-term SMAs Stochastics turn down MACD and RSI still have positive momentum Gold prices are rallying higher, with the prospect of reaching the record high of 2,531 again. More advances may find resistance at the next round numbers of 2,600 and 2,700. However, the technical signals are mixed. The stochastic oscillator is […]