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Asia AM Digest: Euro Pressured as ECB Meeting Looms Ahead

Asia AM Digest: Euro Pressured as ECB Meeting Looms Ahead

2017-10-23 23:20:00
DailyFX Research,
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Most major currencies were little-changed amid a lull in top-tier economic news flow. The Euro was alone standout, sinking against all of its major counterparts. The drop may reflect prepositioning ahead of a much-anticipated ECB policy announcement later in the week that is expected to bring clarity on the fate of the central bank’s QE asset purchase program.

A quiet economic data docket in Asia Pacific trading hours offers little besides Japanese manufacturing PMI data. The outcome may not inspire a strong response from the Yen considering its limited implications for the direction of BOJ monetary policy, especially after Prime Minister Abe’s triumph in a snap election held over the weekend.

DailyFX Economic Calendar: Asia Pacific (all times in GMT)

Asia AM Digest: Euro Pressured as ECB Meeting Looms Ahead

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Asia AM Digest: Euro Pressured as ECB Meeting Looms Ahead

IG Client Sentiment Index Chart of the Day: NZD/USD

Asia AM Digest: Euro Pressured as ECB Meeting Looms Ahead

CLICK HERE to learn more about the IG Client Sentiment Index

Retail trader data shows 61.7% of traders are net-long NZD/USD, with the ratio of traders long to short at 1.61 to 1. The number of traders net-long is 10.8% higher than yesterday and 51.6% higher from last week, while the number of traders net-short is 5.7% higher than yesterday and 6.1% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests NZD/USD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bearish contrarian trading bias.

Five Things Traders are Reading

  1. FX Week Ahead: UK & US GDP, BOC & ECB Meetings Ahead by Christopher Vecchio, CFA, Sr. Currency Strategist
  2. AUD/USD Under Pressure as USD Strength Continues by James Stanley, Currency Strategist
  3. Weekly Technical Outlook: USD Turn or Burn at Key Resistance by Michael Boutros, Currency Strategist
  4. Oil Flirts With Resistance as US Output Falls, OPEC Looks at All Optionsby David Song, Currency Analyst
  5. A Burden Removed Looks Set To Help Drive USD/JPY Higher by Tyler Yell, CMT

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