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In focus today Today, in China, PBOC will set the Medium Lending Facility rates, but they are widely expected to keep rates unchanged due to the recent sharp depreciation on the CNY, aiming to avoid to further downward pressure on the currency. Today, in the euro area, we have a string of ECB speeches including […]

The post Heavy Euro Area Data Release This Week appeared first on Action Forex.

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16/05/2024

AUDUSD Wave Analysis

AUDUSD broke key resistance level 0.6650 Likely to reach resistance level 0.6760 AUDUSD currency pair recently broke the key resistance level 0.6650, which has been reversing the pair from the start of March. The breakout of the resistance level 0.6650 coincided with the breakout of the 61.8% Fibonacci correction of the downward correction from the […]
31/05/2024

Bank of Canada Set to Make the First Interest Rate Cut Next Week

All ducks appear to be in a row for the Bank of Canada to kick-start the policy easing cycle and lower the overnight rate by 25 basis points to 4.75% on Wednesday. The move follows cuts from the Swiss National Bank and the Riksbank (central bank of Sweden) in recent weeks and comes after the […]
18/06/2024

European Currencies Adjust to Support Levels: Is Growth Possible?

A week rich in macroeconomic data contributed to the decline of the euro, yen, and pound. Notably, the following events were significant: Inflation falling for the second consecutive month (0.2% against the expected 0.3%); The publication of the updated forecast from the Federal Reserve (one reduction in the federal funds rate by 0.25%, presumably in […]