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By Eddie Spence and Megan DurisinThe prices of raw materials used to make almost everything are skyrocketing, and the upward trajectory looks set to continue as the world economy roars back to life. From steel and copper to corn and lumber, commodities started 2021 with a bang, surging to levels not seen for years. The
Canadian Dollar ended last week as the strongest ones on a couple of factors. With some near term resistance taken out, such rally will likely continue for the near term. Swiss Franc ended as the second strongest. While Dollar was pressured for most of the week, it staged a notable rebound on Friday to close
Forex news for North American trade on April 30, 2021: Markets: Gold down $3 to $1769 US 10-year yields down 1 bps to 1.62% S&P 500 down 30 points to 4181 WTI crude oil down $1.43 to $63.58 USD leads, NZD lags The US dollar was strong particularly against the euro, sterling and antipodeans. Consider
NEW DELHI: Copper futures on Friday slipped 0.28 per cent to Rs 754.80 per kg as participants cut their positions amid muted demand in the domestic market. On the Multi Commodity Exchange, copper contracts for May delivery eased by Rs 2.15, or 0.28 per cent, to Rs 754.80 per kg in a business turnover of
The financial markets are trading with a mild risk-off tone in Asia today, despite the resilience in US overnight. Solid economic data from Japan and China provided little support to sentiment. The region is generally in deep worry over record coronavirus infections in India. As for the currency markets, Yen and Dollar are set to
A look at oil WTI crude settled down $1.43 to $63.58 today, a 2.2% drop. The decline comes after three solid days of gains in a row. The bulls continue to point to reopening demand while the bears point to new covid shutdowns and the OPEC+ overhang. In terms of market balance, global inventories are
Domestic gold prices seesawed between gains and losses on Friday amid rising US Treasury yields and a slump on Dalal Street. Where on one hand higher US yields rendered the yellow metal less attractive, deep losses in equities back home led investors to run safer instruments, say analysts. MCX gold futures for delivery on June
Dollar rebound in early US session after much stronger than expected PCE inflation data. Though, at this point, Canadian Dollar remains slightly firmer, as supported by GDP data. Yen is also recovering with mild retreat in German and Japan yields, as well as mild risk aversion. European majors are, on the other hand, the weaker
Bank of Japan At the last BoJ policy meeting on April 27 there were no surprises. Interest rates remained at 0.10%. The Yield Curve Control (YCC) was maintained to target 10 year JGB yields at 0.0%. The vote on YCC was made by 8-1 votes with Katoaka the dissenter. Better times ahead The general outlook
NEW DELHI: Gold and silver futures were trading with cuts on Friday as higher US Treasury yields dampened the metal’s appeal, while palladium eased off a record high scale a day earlier. Benchmark US 10-year Treasury yields rose to a more than two-week high in the previous session, increasing the opportunity cost of holding non-yielding
The Fed voted unanimously to leave the Fed funds rate target at 0-0.25%. It also decided to keep the asset purchases at US$120B per month. As expected, the Fed upgraded the economic assessments but continued to warn of downside risks. Fed Chair Jerome Powell at the press conference noted that the Committee has not talked
GBP/USD up 7 pips to 1.3943 today ANZ Research discusses GBP/USD outlook and maintains a bullish bias through year-end. ANZ targets GBP/USD at 1.46 by year-end and at 1.50 into mid-22. “Supported by growing evidence that the easing of pandemic restrictions is underpinning UK growth, GBP/USD has regained its uptrend,” ANZ notes. “Against the backdrop
LONDON: Copper slipped on Thursday after briefly punching above the $10,000 level, last broken a decade ago, as speculators locked in profits amid worries about industrial demand. Three-month copper on the London Metal Exchange touched $10,008 a tonne before retreating 0.3% to $9,847 a tonne by 1400 GMT. The last time copper rose above $10,000
Yen’s selloff is a dominant theme in the markets today as major global treasury yields strengthen. In particular, Germany 10-year bund year is back at around -0.18, above -0.2 handle. US 10-year yield is trading at 1.675 at the time of writing, with a take on 1.7 handle before weekend a possibility. Dollar recovers mildly
Taper time? The last Bank of Canada interest rate meeting saw the BoC as the first central bank to start exiting easy monetary policy by unwinding some of its asset purchases program. $4 billion per week was trimmed to $3 billion per week and interest rate hikes were brought forward from 2023 to 2022. The
LONDON: Copper paused near 10-year highs on Wednesday ahead of a policy announcement by the U.S. Federal Reserve, but analysts at Goldman Sachs joined others predicting a rally to record levels. Benchmark copper on the London Metal Exchange (LME) was up 0.3 per cent at $9,884.50 a tonne at 1637 GMT after reaching $9,965 on