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The global economy is settling into a newfound stability and central banks can continue to cautiously cut rates, said the OECD yesterday, but warned that the major central banks should maintain their data-dependent approach and be ‘prudent’ while cutting their rates. We are all looking at you Jerome Powell! Anyway, one thing that stood out […]

The post Where Are The Oil Bulls? appeared first on Action Forex.

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13/06/2024

Oil Prices Recovers Sharply, Fed Holds Rates Steady

Key Highlights Crude oil prices started a strong recovery wave above the $75.00 resistance zone. There was a break above a key bearish trend line with resistance at $74.90 on the 4-hour chart. Bitcoin surged above $67,500 before trimming most gains. GBP/USD rallied to a new multi-week high and traded above 1.2800. Crude Oil Price […]
28/06/2024

Canada’s Economy Rebounded in April, Modest Growth Expected in May

The Canadian economy bounced back in April, up 0.3% month-on-month (m/m). This print landed in line with Statistics Canada’s advanced guidance and market expectations. The flash estimate for May points to a slight advance of 0.1% m/m. April’s reading was broad-based, with output expanding in 15 of 20 industries. The gain was evenly split between […]
26/07/2024

Fed Preview: Opening the Door But Not Pre-committing

We expect the Federal Reserve to maintain its monetary policy unchanged next week. Focus will be on upcoming rate cuts, which we expect to begin in September. The two latest CPI prints have built significant confidence in inflation remaining en route to target, but with the economy still on a stable footing, we doubt Powell […]