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The week kicked off with quite a solid appetite, especially for commodities. Gold advanced to a fresh record and traded at $2450 per ounce yesterday despite a further rebound in US yields after more Federal Reserve (Fed) members voiced their preference for keeping the rates ‘high for longer’. Loretta Mester said that she no longer […]

The post Metals Shine appeared first on Action Forex.

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Commodity Currencies Retreat from Local Highs

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08/01/2024

AUD/USD Trades With Mild Negative Bias Above 0.6700, Eyes on Australian Retail Sales Data

AUD/USD trades weaker around 0.6712 amid the USD rebound. US Nonfarm Payrolls rose 216K, beating expectations; the Unemployment Rate was unchanged at 3.7%. Fed funds futures markets are pricing in 56% odds of a Federal Reserve (Fed) rate cut. Australian monthly Retail Sales for November and the US Consumer Price Index (CPI) for December will […]
08/02/2024

WTI Oil Futures Need One More Confirmation

WTI oil aims for some recovery but lacks confidence Price fluctuates within a bullish channel Resistance at 74.40; support at 72.70 WTI oil futures have been tip-toeing higher after last week’s steep downfall paused at the lower boundary of a short-term bullish channel. The price posted a doji green candlestick on Monday with scope to change […]
19/07/2024

Cliff Notes: The Emergence of Slack

Key insights from the week that was. It was a relatively quiet week in Australia, with the June Labour Force Survey the only market sensitive date release. The main surprise in the report was labour supply’s strength, evinced by the participation rate printing its second-highest read for the cycle at 66.9%. The level of employment […]