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During his speech at Jackson Hole, as reported by Reuters, the Fed Chair unexpectedly focused heavily on the US labour market. Powell stated that weaker employment prospects are unacceptable. As a result of this emphasis, market expectations for a rate cut in September decreased, and the value of the US dollar increased: → On Monday […]

The post EUR/USD Exchange Rate Has Risen to 1.12 Level appeared first on Action Forex.

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15/03/2024

NZ Dollar Extends Losses after Mfg. PMI Contraction

The New Zealand dollar continues to lose ground and has dropped more than 1% since Wednesday. In the European session, NZD/USD is trading at 0.6094, down 0.59%. NZ Manufacturing PMI declines for 12th straight month New Zealand’s manufacturing industry marked an unhappy anniversary on Friday as the sector contracted for a twelfth straight month (a […]
28/05/2024

WTI Crude Oil Price Shows Bullish Trend Ahead of OPEC Meeting

As the chart indicates, on Monday, the price of WTI crude oil rose by approximately 1%. Reuters reports that the bullish sentiment is driven by: → the upcoming OPEC+ meeting scheduled for 2 June; → expectations of high fuel demand with the start of the summer driving season and holiday season in the US. Conducting […]
24/07/2024

Oil (CL) Turning Lower in Elliott Wave Impulsive Structure

Short Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another […]