USD/CAD Continues to Climb as Bulls Eye More Gains

Markets Close to consensus and partially irrelevant; yesterday’s European flash PMIs had little impact on markets. An improvement in the services sector lifted the composite indicator to a still below-neutral 49.5. But most of the responses were collected prior to the signing of the US-Iran agreement June 17, setting the stage for upward revisions to […] The post Sunrise Market Commentary appeared first on ActionForex.

A wave of selling in the technology sector that emerged earlier this week has weighed on European equities. The trigger was investor concern over the profitability of large-scale debt-funded investments by major US tech companies in AI infrastructure. The Nasdaq and S&P 500 fell to their lowest levels in more than a week, with semiconductor […] The post Dax 40: Consolidation Amid Technology Sell-Off appeared first on ActionForex.

Dollar’s rally gathered further momentum this week as a combination of technology-sector liquidation, quarter-end positioning, and growing expectations of additional Federal Reserve tightening pushed Dollar Index through a critical long-term technical barrier. The move marks one of the most important developments for the currency market in 2026, as the break above the 38.2% retracement of […] The post Dollar Index Breaks Key Fibonacci Barrier, Sets Stage for July’s Bigger Battle appeared first...

The May CPI fell –0.7%mth to be up 4.0%yr. Trimmed mean rose 0.4%mth/3.6%yr. The May CPI fell –0.7%mth to be up 4.0%yr. This was below our estimate of 4.4%yr and market expectations of 4.3%yr. May is typically a seasonally softer month for the CPI. In seasonally adjusted terms, the CPI dipped –0.1%mth, compared with our […] The post Australia: First Impressions – May CPI appeared first on ActionForex.

The Bank of Japan’s Summary of Opinions from its June meeting revealed a notably hawkish tone beneath last week’s widely expected rate hike to 1.00%. Several members argued that inflation risks remain skewed to the upside, with one warning that “underlying CPI inflation will deviate upward to a level above the price stability target of […] The post BoJ Hawks Eye Path Toward 2% Neutral Rate, Summary Shows appeared first on ActionForex.

Australia’s May inflation report delivered something for both doves and hawks. On the surface, the numbers looked encouraging. Headline CPI fell -0.7% mom and annual inflation slowed from 4.2% yoy to 4.0% yoy, both coming in below market expectations. Much of that improvement came from the collapse in fuel prices, with automotive fuel costs plunging […] The post Australia CPI Misses Expectations at 4%, Yet Core Inflation Sends Hawkish Signal appeared first on ActionForex.

US business activity accelerated in June, with the Flash Composite PMI Output Index rising from 51.5 to 52.2, its highest level in five months. The improvement was driven largely by manufacturing, where the Manufacturing PMI increased from 55.1 to 55.7, a 49-month high, while the Manufacturing Output Index climbed from 56.6 to 57.7, the strongest […] The post US PMI Improves as Middle East Tensions Ease and Energy Costs Fall appeared first on ActionForex.

At the remarkable age of one hundred, the legendary central banker Alan Greenspan passed away yesterday. An economist who was nominated no fewer than five times by four different U.S. presidents, he spent twenty years at the helm of the Federal Reserve around the turn of the century. If central banks owe their de facto […] The post Warsh: the New Fed Chief Would Like to Repeat Greenspan’s Trick of Ignoring a Productivity Boom appeared first on ActionForex.

Global markets were gripped by a technology-led selloff today, with investors abruptly shifting their attention away from the fading Middle East energy shock and toward mounting concerns over stretched valuations, leverage, and financial conditions. The sharp decline in Asian equities spilled into Europe and U.S. futures, driving classic risk-off positioning across currencies. Yen led gains, […] The post Tech Rout Dominates as Yen Surge Raises Risk of Dangerous Feedback Loop appeared first on...

ECB Chief Economist Philip Lane emphasized on Tuesday that the central bank’s recent policy tightening should be viewed as a measured response to inflation risks rather than the start of an aggressive hiking cycle. Speaking before the European Parliament’s ECON committee, Lane acknowledged that progress toward resolving the conflict in the Middle East was encouraging […] The post Lane: ECB’s Response Is “Calibrated,” Not a “Huge, Gigantic” Tightening Push appeared first on ActionForex.

Warsh’s hawkish debut sparks sharp repricing in Fed funds futures. Inflation is front and centre as September hike now seen likely. Will PCE report due Thursday, 12:30 GMT, support the hawkish bets? Markets brace for first Fed hike in 3 years New Fed chief Kevin Warsh didn’t waste any time in stamping his authority when […] The post Will PCE Inflation Data Fuel Bets of Early Fed Rate Hike? appeared first on ActionForex.

The EUR/USD pair traded near 1.1430 on Tuesday. The US dollar is refreshing its highs from March 2026, supported by expectations of further monetary policy tightening by the Federal Reserve, as well as cautious optimism surrounding negotiations between the US and Iran. An additional factor for the markets was Washington’s decision to grant Tehran a […] The post EUR/USD Remains Under Sellers’ Control as the Dollar Stays Strong appeared first on ActionForex.