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GBP/USD clings to mild losses near 1.2665 on the firmer USD. Richmond Fed Barkin said the potential for additional rate hikes remains on the table. The fear of recession in the UK economy weighs on the British pound (GBP). Investors await the UK Composite PMI and the US ADP Employment Change. The GBP/USD pair posts […]

The post GBP/USD Posts Modest Losses Above the Mid-1.2600s Ahead of US ADP Report appeared first on Action Forex.

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06/12/2023

USDCAD Slows Down Before BoC Rate Decision

USDCAD halts near last week’s limits Bias remains skewed to the downside BoC policy announcement awaited USDCAD opened with mild losses on Wednesday after Tuesday’s remarkable rally stalled near last week’s resistance of 1.3593. Traders were also in a wait-and-see mode ahead of the Bank of Canada’s rate decision at 15:00 GMT. The 1.3593 bar […]
11/06/2024

Gold Wave Analysis

Gold reversed from support level 2300.00  Likely to rise to resistance 2385.00 Gold recently reversed up from the pivotal support level 2300.00 (which stopped the previous waves A, (4) and ii, as can be seen below). The support level 2300.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of […]
18/05/2024

Weekly Economic & Financial Commentary

Summary United States: Let’s Wait and See There was no shortage of economic data this week, but little did much to change the macro landscape. The April inflation data were a step in the right direction, and if sustained, we see the first rate cut coming in September. Next week: Existing Home Sales (Wed.), New […]