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DailyFX US AM Digest: US Dollar Grinds Sideways; Brexit Concerns Weigh on Pound

DailyFX US AM Digest: US Dollar Grinds Sideways; Brexit Concerns Weigh on Pound

Research, Research Team


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The US Dollar gapped open at the start of the week but has not found much follow-through since then. Traders continue to await details on the reconciliation of the US House and Senate tax bills, which seemingly has a deadline of next Thursday, December 14, the last day when both chambers are in session for the remainder of 2017. Elsewhere, concern the British Pound is lower as concerns over Theresa May’s tenure as Prime Minister are arising again, following developments in the Brexit saga yesterday that may result in regulatory divergence between Northern Ireland and the rest of the UK – a condition that the DUP, the Northern Ireland party that gave the Tories the coalition needed to form a majority government following the June general election, unacceptable.

DailyFX Economic Calendar: Tuesday, December 5, 2017 – North American Releases

The November US ISM Non-Manufacturing/Services Composite should inspire a meaningful market reaction later on this morning. Due in at 59 from 60.1 in October, the reading still points to robust growth in the US services sector. Accordingly, with the sector accounting for roughly two-thirds of all jobs in the US, the Employment sub-index will serve as a useful precursor ahead of Friday’s November US Nonfarm Payrolls report.

DailyFX Webinar Calendar: Tuesday, December 5, 2017

IG Client Sentiment Index Chart of the Day: AUDUSD

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

AUDUSD: Retail trader data shows 52.7% of traders are net-long with the ratio of traders long to short at 1.12 to 1. In fact, traders have remained net-long since Nov 10 when AUDUSD traded near 0.76537; price has moved 0.3% lower since then. The number of traders net-long is 0.4% lower than yesterday and 9.3% lower from last week, while the number of traders net-short is 20.0% higher than yesterday and 4.2% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current AUDUSD price trend may soon reverse higher despite the fact traders remain net-long.

Five Things Traders are Reading

  1. “DXY Index Finds Little Follow-Through After Weekly Gap Open” by Christopher Vecchio, CFA, Senior Currency Strategist
  2. “Technical Analysis for Gold, Silver, Oil, DAX, S&P 500, and More” by Paul Robinson, Market Analyst
  3. “Bitcoin Price Struggles to Hold Record Highs” by Nick Cawley, Analyst
  4. “DAX Technical Analysis: Waiting for a Range Breakout, Levels to Know” by Paul Robinson, Market Analyst
  5. “GBP Sapped by Weaker-Than-Expected UK Services PMI” by Nick Cawley, Analyst

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