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of clients are net short.
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of clients are net long.
of clients are net short.
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Real Time News
  • EUR/USD holding proven support level. Pullback may be over, but hurdles yet to cross. Get your $EURUSD market update from @PaulRobinsonFX here:https://t.co/v06OWd3Vqp https://t.co/acFOm0Jtq9
  • The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories. Get your market update from @DavidJSong here: https://t.co/uxLol8LbDH https://t.co/7pcNZa2kSC
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇨🇭CHF: 0.53% 🇪🇺EUR: 0.50% 🇯🇵JPY: 0.12% 🇳🇿NZD: -0.02% 🇬🇧GBP: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/G1tbmnQXlH
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.19% Wall Street: 0.12% France 40: 0.02% Germany 30: -0.16% US 500: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7TV6gNkFhX
  • The Dollar's drop was not as clean against all of its major counterparts, but the $DXY's trade weighting translated EURUSD's rally into a bearish wedge break here. That said, this still qualifies as an inverse head-and-shoulders pattern https://t.co/FNg92kAOfP
  • IMF says downside risks are materializing in India $USDINR #NIFTY50
  • Dallas Fed's Kaplan: -Fed likely to achieve 'substantial progress' metric faster than expected -There are side effects from bond purchases -Still supports bond purchases but economy has improved faster than anticipated -Fed to reach full jobs, price goals some time in 2022
  • Key break higher for gold this morning as it pushes above $1800 for the first time since February https://t.co/Ih2e5I7ddS
  • Hey traders! Risk trends continue to struggle for clarity of direction. Get your Thursday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/TYFzIJxlvR
  • This bull flag pattern on $EURUSD played out as the textbooks usually project. The break to the upside is perhaps the path of least resistance - at least until we get back to the 1.2150 high, if we get there https://t.co/h5wOcHftl2
DailyFX US AM Digest: US Dollar Gyrates at Start of New Month, Awaits Tax Reform News

DailyFX US AM Digest: US Dollar Gyrates at Start of New Month, Awaits Tax Reform News

DailyFX Research,

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The US Dollar is catching a small bid at the cash equity open in New York, with both the British Pound and the Euro, two of the main drivers of greenback losses in recent days, slipping back. Tax reform headlines continue to dominate the conversation in the United States, with the US Senate looking to hold a vote later this morning on the Senate Republican bill. Overall, FX markets are proving quiet at the start of the new months, as traders ready for a more interesting week next week (RBA, BOC, US NFPs).

DailyFX Economic Calendar: Friday, December 1, 2017 – North American Releases

DailyFX US AM Digest: US Dollar Gyrates at Start of New Month, Awaits Tax Reform News

The significant Canadian economic data is behind us for the day, with upside surprises abound. Notably, the November Canadian jobs report was significantly stronger than anticipated, with the headline figure coming in at +79.5K versus +10K expected, and the unemployment rate dropping to 5.9% from 6.3%. USD/CAD quickly reversed the past three days gains and is back near Monday’s close.

Later today, the November US ISM Manufacturing report will be released, one of the two ISM surveys used as contemporaneous indicators with the Nonfarm Payrolls report. October US Construction Spending figures will also be released. Two Fed speakers are on the day as well, with the Fed’s Kaplan speaking at 9:30 EST/14:30 GMT and the Fed’s Harker speaking at 10:15 EST/15:15 GMT.

DailyFX Webinar Calendar: Monday, December 4, 2017

DailyFX US AM Digest: US Dollar Gyrates at Start of New Month, Awaits Tax Reform News

IG Client Sentiment Index Chart of the Day: Spot Gold

DailyFX US AM Digest: US Dollar Gyrates at Start of New Month, Awaits Tax Reform News

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

Spot Gold: Retail trader data shows 80.0% of traders are net-long with the ratio of traders long to short at 3.99 to 1. The number of traders net-long is 5.3% higher than yesterday and 13.5% higher from last week, while the number of traders net-short is 12.7% lower than yesterday and 32.6% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold 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 Spot Gold-bearish contrarian trading bias.

Five Things Traders are Reading

  1. “Canadian Economy Grows 1.7%, Unemployment Falls to Lowest Since 2008” by Dylan Jusino, DailyFX Research
  2. “US Dollar Starts December on Shaky Footing” by Christopher Vecchio, CFA, Senior Currency Strategist
  3. “Technical Outlook for Euro, Sterling, Yen (Crosses), Gold & More” by Paul Robinson, Market Analyst
  4. “S&P 500 & Dow Jones Show Short-term Blow-off Top in the Works” by Paul Robinson, Market Analyst
  5. “Bitcoin’s Indecision Points to Further Downside” by Nick Cawley, Analyst

The DailyFX US AM Digest is published every day before the US cash equity open - you can SIGNUP HERE to receive this report in your inbox every day.

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

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