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At today’s monetary policy meeting the BoE left the Bank Rate unchanged at 5.25% as widely expected. As we expected, the BoE retained much of its previous guidance but delivered a slight dovish twist, laying the groundwork for an August cut. Gilt yields tracked lower and EUR/GBP moved higher on the dovish twist, but overall […]

The post Bank of England Review – August Rate Cut in Play appeared first on Action Forex.

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02/02/2024

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently exhibits a neutral overall momentum, suggesting a lack of a strong trend in either direction. Price could potentially fluctuate between the 1st resistance and 1st support levels. The 1st support level at 102.79 is identified as an overlap support and is reinforced by the presence of the […]
20/12/2023

Will US Data Bring Pre-Christmas Joy to the Dollar?

Core PCE inflation to fall further on Friday 13:30 GMT, no big surprises expected Philly Fed manufacturing index, new home sales also on the agenda Investors see more than three rate cuts in 2024; US dollar could react moderately The transition to monetary easing The transition to monetary easing could be a hot theme in […]
11/01/2024

USD/JPY: Recovery Acceleration Signals that Corrective Phase Might Be Over

Bulls regained traction and pushed the price up 0.75% on Wednesday, retracing the largest part of pullback from 2024 high (145.97, Jan 5) to 143.41 (Jan 9). Fresh strength emerged after corrective dip was strongly rejected just above 200DMA (143.37), marking a healthy correction and keeping in play near-term bulls off 140.25 (Dec 28 low). […]