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DailyFX US AM Digest: US Dollar Gains Build into Daily Three; Pound Turns Higher

DailyFX US AM Digest: US Dollar Gains Build into Daily Three; Pound Turns Higher

Research, Research Team


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The US Dollar rebound is on day three as market participants continue to look favorably upon recent headlines regarding tax reform legislation out of Washington, D.C. While North Korea tested an ICBM overnight, one with the range to hit any major city in the continental United States, the US Dollar could seemingly care less; the typically sensitive USD/JPY was sitting near session highs above 112.00 at the time this note was written. Elsewhere, the British Pound has seen its gains extend across the board as headlines regarding Brexit negotiations are turning structurally positive, at least now that it appears the May-led UK government is willing to come to terms with reality about the extent of liabilities due to the EU once Brexit becomes official.

DailyFX Economic Calendar: Wednesday, November 29, 2017 – North American Releases

The bulk of significant North American economic data is in the rearview mirror for today, with the second reading of the Q3’17 US GDP report beating expectations by one-tenth of a percent at +3.3% annualized. Q4’17 US GDP expectations remain firm, with the Atlanta Fed GDPNow forecast pointing to a +3.4% pace of growth; the next update is due tomorrow morning. Later in the day, outgoing Fed Chair Janet Yellen is set to speak for Congress – not the typical forum for new policy ideas to be revealed. Finally, October US Pending Home Sales and US energy inventories round out the morning before the November Fed Beige Book release in the afternoon.

DailyFX Webinar Calendar: Wednesday, November 29, 2017

IG Client Sentiment Index Chart of the Day: EURUSD

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

EURUSD: Retail trader data shows 38.8% of traders are net-long with the ratio of traders short to long at 1.57 to 1. The number of traders net-long is 20.3% higher than yesterday and 3.0% lower from last week, while the number of traders net-short is 11.1% lower than yesterday and 0.8% higher 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.

Five Things Traders are Reading

  1. “Gut Check for EUR/USD Reversal; GBP/USD Looks to Exit Range” by Christopher Vecchio, CFA, Senior Currency Strategist
  2. “Technical Outlook for Euro, Cable, Aussie, Sterling-crosses & More” by Paul Robinson, Market Analyst
  3. “Silver & Gold on Divergent Paths, Can Only Trade What’s in Front of Us” by Paul Robinson, Market Analyst
  4. “GBP Jumps on Brexit Divorce Bill Breakthrough” by Nick Cawley, Analyst
  5. “Japanese Yen Technical Analysis: USD/JPY Builds Cautious Base” by David Cottle, Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.