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Oil prices have declined over the past four days, but Brent oil remains at a crucial support level. The Chinese government has cut rates to stimulate economic growth following disappointing data. Will this help keep oil demand strong in H2? US GDP, PMI and PCE data could play a role in Oil price moving ahead […]

The post Oil Price Update: Brent Holds Critical Support Amid US Inventory Decline appeared first on Action Forex.

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14/02/2024

US: Progress on the Inflation Front Grinds to a Halt in January 

The Consumer Price Index (CPI) rose 0.3% month-on-month (m/m) in January, ahead of the consensus forecast calling for a more modest gain of 0.2%. CPI rose 3.1% year-over-year, down from 3.4% in December. Energy prices fell 0.9% m/m, largely driven by a pullback in prices at the pump (-3.3% m/m). Meanwhile, food prices (+0.4%) jumped […]
26/04/2024

US National Account Figures Spook Markets, Bank of Japan Stays Put

In focus today In the US, today’s main data focus will be on the March PCE. Consensus expects both headline and core PCE inflation to remain steady at 0.3% m/m after mixed signals from March CPI and PPI reports. After yesterday’s GDP release, we got the quarterly PCE print as well, showing increased price pressures […]
29/08/2024

EURAUD Wave Analysis

EURAUD falling inside impulse wave (1) Likely to reach support level 1.6260 EURAUD currency pair continues to fall inside the weekly downward impulse wave (1) which started earlier from the key resistance level 1.7000 (former yearly high from the middle of 2023). The downward reversal from resistance level 1.7000 created the weekly Japanese candlestick reversal […]