The GBPUSD pair recently surged above its previous peak, indicating a strong bullish trend in the market. This upward movement confirms the higher high bullish sequence from the recent low in September 2022. The current rally from the April 2024 low appears to be following a 5-wave impulse pattern based on the Elliott Wave theory.
The Dow Jones Industrial Average soared to new heights on Monday, showcasing bullish momentum in the U.S. stock market. However, the enthusiasm was not shared by the tech sector giants, as the S&P 500 and Nasdaq experienced slight dips in performance. Despite this mixed finish, there is a silver lining to be noted – a
Recent reports have shown that China’s new property sales have remained weak, which is also affecting steel demand and production. This is a concerning trend that can have ripple effects on the global economy. Judo Bank Chief Economic Advisor, Warren Hogan, expressed his concerns regarding the August PMI Survey and the RBA rate path, suggesting
The recent remarks by Kazuo Ueda, the Governor of the Bank of Japan, have caused a stir in the forex market. Ueda’s hints at adjusting the monetary policy based on economic forecasts have raised speculations of a potential interest rate hike. This comes as Japan’s core consumer price index rose to 2.7% in July, signaling
The impact of Federal Reserve holdings on the economy’s momentum has been a topic of ongoing interest and concern. A recent paper presented at a central bank research conference shed light on the pivotal role played by the Fed’s holdings of mortgage bonds in shaping monetary policy. The paper highlighted the significance of quantitative easing
The recent dovish shift in the U.S. Federal Reserve’s policy has provided some relief for the Bank of Japan in its efforts to manage the strength of the yen. However, this shift could also present challenges for the BOJ, particularly in its plans to raise interest rates. With the divergence in policy paths between the
In a recent development, the Canada Industrial Relations Board ordered a halt to work stoppages at the country’s largest railways, Canadian National Railway (CNR) and Canadian Pacific (CPKC) Kansas City. This decision signifies an end to a disruptive service disruption that was threatening to have a significant impact on Canada’s export-driven economy. The ruling came
NASA officials announced that two astronauts who flew to the International Space Station in Boeing’s Starliner capsule will have to return to Earth on a SpaceX vehicle due to issues with the Starliner’s propulsion system. This decision was made after the propulsion system suffered glitches during the flight to the ISS, forcing the astronauts to
The S&P 500 saw a recovery after a weak Thursday close, with indications pointing towards interest rate sensitive plays outperforming largecaps on Friday. This trend was expected to continue throughout the week, driven by stable interest rates and growing confidence in a soft landing. However, this positive outlook came at the expense of the dollar,
In recent years, efforts to enforce tax payments through passport revocation have been on the rise. The federal government now has the authority to revoke or limit a traveler’s passport if they have a seriously delinquent tax debt. This measure is considered a last resort to collect unpaid tax levies, according to experts in the
The future of Turkish banks seems to be uncertain and challenging according to Hakan Aran, the chief executive of Isbank, Turkey’s largest private bank. Aran predicts that challenges will continue throughout 2025 due to the economic turnaround in the country. These challenges are expected to impact various aspects of the banking sector, including net interest
On Tuesday, August 27, industrial profit figures from China could impact buyer demand for the Aussie dollar. Economists predict industrial profits will rise by 3.3% year-to-date, year-on-year, in July, down from 3.5% in June. Lower industrial profits may signal a weakening demand environment, negatively affecting Australian trade terms and the Aussie dollar. China accounts for