Market News - Gold, Oil & Forex

China’s state-owned oil and gas major and top refiner Sinopec is ramping up exploration in the shale formations of the Sichuan basin with a view to increasing the country’s shale gas production by a third over the next ten years. Currently, China’s shale gas total is below government targets, Reuters noted in a report on the news, adding shale gas represents only a tenth of China’s total natural gas production. Beijing has a shale gas output target of 80 to 100 billion cu m by 2030. This has...

The Bank of England is due to update its monetary policy on Thursday.

The US dollar remains well supported against most major currencies, although the next phase of its movement will largely depend on the outcome of the Federal Reserve meeting. Investors are adopting a cautious stance ahead of the interest rate decision, the release of updated FOMC economic projections, and Jerome Powell’s press conference. Particular attention will […] The post Dollar Holds Near Key Levels Ahead of the Fed Verdict appeared first on ActionForex.

UK inflation data offered some relief ahead of this week’s Bank of England meeting, with headline CPI holding steady at 2.8% yoy in May, below expectations for a rise to 3.0% yoy. On a monthly basis, CPI slowed sharply from 0.7% mom to 0.2% mom, also undershooting forecasts of 0.4% mom. Core inflation edged higher […] The post UK Inflation Holds at 2.8% as Goods Disinflation Offsets Services Pressure appeared first on ActionForex.

Two tankers that were heading to Africa have changed course and are now moving to the Middle East, Bloomberg reported today, citing ship-tracking data. One of the tankers, a Suezmax, which was originally sailing for Gabon, is now signaling its destination as Fujairah, the UAE port just outside the Strait of Hormuz, Bloomberg said. The other vessel, a very large crude carrier, was originally en route to South Africa but is now also signaling Fujairah as its destination. News about a peace deal...

In Focus Today In the US, new Fed Chair Kevin Warsh will hold his first press conference following the FOMC meeting. We expect the policy rate to remain unchanged at 3.75%, in line with market pricing. The focus will be on Warsh’s policy leanings, his assessment of the economy, and any indications of changes to […] The post Riksbank and Fed Expected to Stay on Hold, with Focus on First Warsh-Led Meeting appeared first on ActionForex.

At least three Iranian tankers carrying nearly five million barrels of crude oil have exited the U.S. Navy blockade.

The DOW is sending a very different message from the rest of Wall Street. While the S&P 500 and NASDAQ spent much of the past two sessions showing signs of caution ahead of today’s FOMC rate decision, the DOW Jones Industrial Average pushed to a new record high. Under normal circumstances, traders would be reluctant […] The post DOW Hits Record High as Falling Oil Prices Offset Fed Fears appeared first on ActionForex.

Key Highlights GBP/USD attempted a fresh increase and tested the 1.3460 resistance. A key contracting triangle is forming with resistance at 1.3450 on the 4-hour chart. The UK Core CPI could increase 2.7% in May 2026 (YoY). The Fed might keep interest rates unchanged from 3.75%. GBP/USD Technical Analysis The British Pound found support near […] The post GBP/USD Braces for Breakout as Fed and UK CPI Draw Near appeared first on ActionForex.

Gold (XAUUSD) has completed its cycle from the April 17 peak and is now positioned for a corrective rally in three waves. The decline from that peak ended at $4025, which marked the completion of wave ((W)). From this low, the market began a corrective phase in wave ((X)), unfolding as a zigzag structure. Within […] The post Elliott Wave Forecast: Gold (XAUUSD) Impulsive Structure Supports Bullish Continuation appeared first on ActionForex.