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DailyFX US AM Digest: US Dollar Gaps Open Higher to Start the Week

DailyFX US AM Digest: US Dollar Gaps Open Higher to Start the Week

2017-10-23 12:39:00
DailyFX Research,
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The US Dollar gapped higher at the start of the week thanks to a culmination of factors abroad shifting not necessarily in its favor, but certainly against other currencies. The Japanese Yen took a hit after polls showed Japanese Prime Minister Shinzo Abe would be elected for a third term, cementing the prior economic reforms that led to Yen weakness while clearing the path for new ones that very well may do the same. The Euro proved to be hurt by headlines out of Spain, where the federal Madrid-based government is ready to seize power from the regional government in Catalonia. Contagion remains limited, as Spanish Bonos and the IBEX 30 are bearing the brunt of investor concern.

DailyFX Economic Calendar: Monday, October 23, 2017 – North American Releases

DailyFX US AM Digest: US Dollar Gaps Open Higher to Start the Week

The start to the week is quiet in both Canada and the United States, no ‘high’ rated events on either Monday or Tuesday. Today, there are only four data releases or events in total, none of which even garner a ‘medium’ importance ranking. As such, the economic calendar won’t provide much by way of actionable information; time is better spent paying attention to the news wire.

DailyFX Webinar Calendar: Monday, October 23, 2017

DailyFX US AM Digest: US Dollar Gaps Open Higher to Start the Week

IG Client Sentiment Index Chart of the Day: EURUSD

DailyFX US AM Digest: US Dollar Gaps Open Higher to Start the Week

Learn more about the IG Client Sentiment Index on the DailyFX Sentiment page

EURUSD: Retail trader data shows 37.9% of traders are net-long with the ratio of traders short to long at 1.64 to 1. The number of traders net-long is 8.3% lower than yesterday and 11.0% lower from last week, while the number of traders net-short is 17.5% lower than yesterday and 7.7% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.

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