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The Dollar Index extends recovery into second straight day, lifted by short covering ahead of key supports at 100.29/21 zone (Dec 2023 low / 200WMA). Oversold daily studies contributed to fresh rise, as stochastic and RSI emerged from oversold zone and bearish divergence of stochastic indicator signaled rebound in advance. Bounce is likely to be […]

The post US Dollar Index Outlook: Bears Take a Breather for Limited Correction Ahead of Key US Data appeared first on Action Forex.

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23/05/2024

NZ First Impressions: Retail Trade, March Quarter 2024

Retail spending was much stronger than expected in the March quarter. However, the longer-term trend in spending remains weak. March quarter real retail sales (volumes): +0.5% (Prev: -1.8%) Westpac f/c: -0.5%, Market: -0.3% March quarter nominal sales level: +0.7% (Prev: -1.4%)  Annual changes (March 2024 vs March 2023) Nominal sales: 0.6% Volume of goods sold: […]
30/07/2024

GBP/USD Stalls as Bulls and Bears Clash Ahead of Central Bank Meetings

The GBP/USD pair is currently experiencing a standoff between bulls and bears, with the pair clinging to support at the 1.2850 level. The upcoming Federal Reserve and Bank of England policy meetings are adding to market uncertainty, with the odds of a BoE rate cut hovering around 58%. UK Finance Minister Rachel Reeves has announced […]
25/06/2024

EUR/USD Has Little Upward/Rebound Potential

Markets Fuss about potential Japanese FX interventions (USD/JPY 160) and more French political scenario’s dominated headlines yesterday, but failed to inspire trading. European risk sentiment improved with key indices rising by 0.5% to 1.5%. Safe haven assets like core bonds and the dollar travelled the other direction, resulting in marginally higher German yields and EUR/USD […]