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The U.S. economy surprised to the upside in the second quarter of 2024, expanding by 2.8% quarter-on-quarter (q/q, annualized) against expectations for around 2%. Looking under the hood, consumer spending was slightly stronger than we had forecast, advancing by 2.3% q/q. That was driven by a rebound in durable goods spending (+4.7%), while spending on […]

The post U.S. Economic Resilience on Display in the Second Quarter appeared first on Action Forex.

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07/08/2024

USD/CHF: Can The Dollar Rebound from Its Plunge?

Key Highlights USD/CHF declined heavily below the 0.8700 support and tested 0.8430. A major bearish trend line is forming with resistance at 0.8600 on the 4-hour chart. Bitcoin started a recovery wave from the $48,500 zone. Gold corrected gains and might revisit the $2,350 support. USD/CHF Technical Analysis The US Dollar started a major decline […]
13/06/2024

Fantastic, Then

The Federal Reserve’s (Fed) dot plot plotted one rate cut for 2024, down from three in March and the Fed revised its inflation forecasts higher. But the Fed’s announcement didn’t get more hawkish than this because the distribution of the dots was much narrower than in March; 7 members plotted a one-cut preference while 8 […]
10/09/2024

GBPUSD on a Slippery Slope

GBPUSD hovers within critical zone Stochastics and RSI lose momentum GBPUSD has lost its positive momentum after the pullback on the almost two-and-a-half-year high of 1.3265, trading within the restrictive support area of 1.3045-1.3085, which encapsulates the 23.6% Fibonacci retracement level of the upward wave from 1.2300 to 1.3265. In the short term, the market […]