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In the last years, the renminbi made a pause in his attempt to get stronger against USD dollar. In February 2014, renminbi found support at 6.0153 as wave ((III)) and from there it made a perfect zig – zag correction structure to equal legs at 7.1964 in June 2020. After these 3 swings, USDCNH should […]

The post Renminbi (USDCNH) Bullish Corrective Sequence Still Incomplete appeared first on Action Forex.

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05/08/2024

Aussie Slides on Fears Over the US Economy

The Australian dollar has taken a nasty spill to start off the trading week. AUD/USD dropped as much has 2.5% in the Asian session and fell to its lowest levels since November 2023. The Aussie has pared those losses and is down 0.96% at the time of writing, trading at 0.6448. RBA likely to deliver […]
08/06/2024

Weekly Economic & Financial Commentary: G7 Central Banks Ease into Summer with Rate Cuts

Summary United States: July Cut Bites the Dust; September Hanging on Edge of Its Seat The strong job gain and rebound in average hourly earnings in May reaffirm our expectation that a rate cut remains some time away and is increasingly dependent on a few slower inflation reports. Next week’s CPI report and the FOMC’s […]
11/04/2024

Bank of Canada Upgrades Outlook for Economy, Remains Silent on Rate Cuts

The Bank of Canada maintained the overnight rate at 5.0%, while stating that it will continue with Quantitative Tightening (QT). In its quarterly Monetary Policy Report (MPR), the Bank upgraded its economic growth forecast, stating “this largely reflects both strong population growth and a recovery in spending by households. Residential investment is strengthening, responding to […]