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The US Dollar Index (DXY) has rebounded since Friday’s jobs data release, driven by altered rate cut expectations. EUR/USD is particularly affected by the DXY recovery, with the Euro’s recent strength potentially waning due to poor German data and shifting rate cut expectations. The DXY’s technical analysis suggests further upside potential, with immediate resistance at […]

The post Is EUR/USD Vulnerable Ahead of ECB Meeting…? DXY to Play a Major Role appeared first on Action Forex.

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23/07/2024

S&P 500 Wave Analysis

S&P 500 continues daily uptrend Likely to rise to resistance level 5675.00 S&P 500 Index recently reversed from the support area between the key support level 5500.00 (former resistance from June) and the 38.2% Fibonacci correction of the previous upward impulse from May. The upward reversal from this support area will likely form the daily […]
24/07/2024

Bank of Canada Cuts Policy Rate to 4.5%

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 […]
22/08/2024

US Dollar Index (DXY) Tumbles as BLS Revises Job Growth Downward, Rate Cuts Loom

US Dollar Index Plummets on Revised Jobs Data and Dovish Fed Minutes BLS Revises US Job Growth Downward. Biggest Downward Revision Since the Global Financial Crisis. Fed Rate Cuts Priced In? Powell’s Jackson Hole Speech in Focus. The US Dollar has been treading water and is on course for a four day losing streak. A […]