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Preliminary Eurozone PMI estimates sent the EURUSD down 0.67% over the hour, as they were much weaker than expected and increased pressure on the ECB to continue easing monetary policy. This is not the first time that a significant divergence of preliminary PMIs from expectations has become a driver of the European currency market. In […]

The post Nosedive in Eurozone Economic Activity appeared first on Action Forex.

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Gold Reaches New Record as Investors Eye Further Rate Cuts

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16/01/2024

Gold Wave Analysis

Gold reversed from support level 2020.00 Likely to rise to resistance level 2075.00 Gold recently reversed up from the pivotal support level 2020.00 (former minor support from the middle of December). The support level 2020.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse 1 from […]
09/01/2024

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently displays an overall bearish momentum which is highlighted by the bearish channel. In this context, there is a potential scenario for price to make a bearish continuation towards the 1st support. The 1st support level at 102.07 is identified as a pullback support that aligns with the […]
20/08/2024

A Softer Dollar Remains the Way to Go

Market Commentary Markets Last week’s directional moves on key markets were extended yesterday in absence of any guidance coming from eco data or central bankers. Core bond yields fail to recover from the early August setback with daily changes in the US ranging between -1.8 bps (30-yr) and +1.6 bps (2-yr). German yields closed almost […]