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EUR/USD has tumbled to 1.0789, marking a near three-month low as market sentiment heavily favours the US dollar. The dollar’s strength is driven by expectations of a gradual and limited interest rate cut by the US Federal Reserve and solid prospects for Donald Trump’s re-election, which appears increasingly likely. Concurrently, the Euro is under pressure […]

The post EUR/USD Dips to Three-Month Low Amid Strong Dollar Demand appeared first on Action Forex.

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08/05/2024

Sunset Market Commentary

Markets In yet another dull trading day the weak SEK (cf. below) and JPY stand out. The yen is not impressed by Ueda ramping up warnings. It began in Asian dealings, where the BoJ governor said that a policy response (i.e. rate hike) could be needed depending on the currency’s moves. Ueda said a weak […]
30/01/2024

EURJPY Starts a New Bearish Cycle

EURJPY trims January’s gains within bullish channel Short-term risk skewed to the downside EURJPY started a new bearish cycle within a short-term upward-sloping channel, pulling from a one-and-a-half month high of 161.85 to reach a low of 159.20 on Tuesday. Technically, the 78.6% Fibonacci retracement of the previous downleg halted January’s rally, with the 20- and […]
15/03/2024

USD/JPY Could Recover, Crude Oil Price Breaks $80

Key Highlights USD/JPY is attempting a recovery wave from the 146.50 support. A key rising channel is forming with support at 147.50 on the 4-hour chart. Crude oil prices surged above the $80.00 resistance zone. Gold prices are consolidating near the $2,150 zone. USD/JPY Technical Analysis The US Dollar declined heavily below the 148.00 zone […]