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Oil has lost more than 4% in two days despite the development of a rally in stock markets. The most important news for oil is an article in the FT that Saudi Arabia plans to abandon price targeting at $100 per barrel and intends to increase production. This is similar to the events of early […]

The post Oil Tests Crucial Support appeared first on Action Forex.

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15/02/2024

All Eyes on US Retail Sales

In focus today In the US, January retail sales and industrial production data is due for release. Consensus expects some moderation in retail sales growth, even though early credit card data suggests that consumption has remained brisk at the start of the year as well. The NAHB housing market index and initial claims data will […]
19/03/2024

Another Downside Surprise in Canadian February CPI

Canadian CPI growth was lower than expected in February, dropping to 2.8% year-over-year from 2.9% in January (expectations were for a 3.1% reading.) The downside surprise was broad-based as core CPI ex-food and energy inflation eased further to 2.8% from 3.1% in January. Food and energy inflation were as expected – food CPI growth in […]
18/10/2024

GBP/USD Takes Hit While USD/CAD Remains in Uptrend

GBP/USD started a fresh decline below the 1.3200 zone. USD/CAD is rising and might aim for more gains above the 1.3820 resistance. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound started a major decline from the 1.3400 resistance zone. There was a break above a key bearish trend line forming with resistance […]