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Sterling surged broadly today, driven by stronger-than-expected PMI data indicating that the UK economy is on track for reasonably solid growth in the third quarter. This positive economic outlook comes at a time when inflationary pressures are easing, which would typically open the door for further rate cuts by BoE. However, the robust performance of […]

The post Sterling Surges on Strong PMI Data, BoE Likely to Hold Off on Rate Cuts Amid Resilient Growth appeared first on Action Forex.

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Dollar Holds Firm Against Euro in Quiet Trading, Cautious Sentiment Prevails
30/07/2024

Dollar Holds Firm Against Euro in Quiet Trading, Cautious Sentiment Prevails

Dollar remains firm against European majors in relatively quiet trading today. Despite slightly better-than-expected GDP data from France, Euro has not gained significant support. While today’s Eurozone GDP and tomorrow’s CPI flash are important, they are unlikely to cause substantial movements in Euro. Traders’ attention is firmly on tomorrow’s FOMC rate decision and the accompanying […]
Canadian Dollar Rises on Strong Job Data, Yen and Franc Weakness Persists
09/02/2024

Canadian Dollar Rises on Strong Job Data, Yen and Franc Weakness Persists

Canadian Dollar bounces broadly in early US session, bolstered by unexpectedly robust Canadian employment data. This development comes amidst cautious remarks earlier in the week from BoC Governor Tiff Macklem, who tempered expectations by noting that achieving the 2% inflation target would be a gradual process, fraught with persistent risks. The January meeting minutes echoed […]
Forex Markets Steady as Traders Shrug US PCE Data
26/07/2024

Forex Markets Steady as Traders Shrug US PCE Data

Trading in the forex markets remains subdued today as investors take a breather from a week of high volatility. Most major currency pairs and crosses are trading within yesterday’s ranges, with little reaction to US PCE inflation data. Annual Core PCE rate was surprisingly unchanged in June, but the slight monthly increase still indicates that […]