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  • Colonial Pipeline: It will take "several days" to restore normal supply #OOTT #CrudeOil $CL_F
  • Gold remains locked in a descending channel but price has begun to recover and could break higher. Get your $XAUUSD market update from @PeterHanksFX here:https://t.co/TOGIFZlhER https://t.co/lkS2vxx862
  • U.S. Energy Sec. Granholm: Colonial to restart pipeline around 5 PM EST #OOTT #CrudeOil $CL_F
  • AUD/USD sharply lower as investors embrace risk-off sentiment following this morning's inflation data $AUDUSD https://t.co/msnDj1dCrU
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.29% 🇨🇭CHF: -0.60% 🇬🇧GBP: -0.61% 🇯🇵JPY: -1.00% 🇦🇺AUD: -1.49% 🇳🇿NZD: -1.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3ncLAzThu8
  • AUD/USD extends the decline from the monthly high (0.7891) as the update to the US Consumer Price Index (CPI) shows a larger-than-expected rise in inflation. Get your $AUDUSD market update from @DavidJSong here:https://t.co/2cnyOu67Lv https://t.co/fOr8ZMSqs0
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.18%, while traders in GBP/USD are at opposite extremes with 66.35%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4EbJyF3G82
  • President Biden: I see room for a compromise on infrastructure bill $USD
  • President Biden: - I have lifted restrictions on the transportation of fuel - I expect good news from Colonial Pipeline in the next 24 hours
Asia AM Digest: ECB Sinks Euro, Yen Gains as Stocks Flounder

Asia AM Digest: ECB Sinks Euro, Yen Gains as Stocks Flounder

DailyFX Research,

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The Euro plunged after the ECB said now isn’t the time to ponder weaning the economy off stimulus and projected inflation below its target through 2020. The British Pound was little-changed after a broadly status-quo BOE policy announcement. The Swiss Franc fell after the SNB reiterated its commitment to an ultra-loose policy setting despite recent progress on inflation.

The New Zealand Dollar corrected broadly lower having outperformed in the prior day. The Australian Dollar charged higher, buoyed by impressive local employment data. The perennially anti-risk Japanese Yen gained ground as sentiment soured across financial markets, with the move higher corresponding to a drop across all of the world’s top stock benchmarks.

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

Asia AM Digest: ECB Sinks Euro, Yen Gains as Stocks Flounder

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Asia AM Digest: ECB Sinks Euro, Yen Gains as Stocks Flounder

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

Asia AM Digest: ECB Sinks Euro, Yen Gains as Stocks Flounder

CLICK HERE to learn more about the IG Client Sentiment Index

Retail trader data shows 49.3% of traders are net-long AUD/USD, with the ratio of traders short to long at 1.03 to 1. The percentage of traders net-long is now its lowest since Nov 05 when AUD/USD traded near 0.76493. The number of traders net-long is 15.2% lower than yesterday and 25.5% lower from last week, while the number of traders net-short is 14.4% higher than yesterday and 28.3% higher from last week.

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

Five Things Traders are Reading

  1. US-Focused Japanese Yen Market Looks Past Quite Solid Tankan by David Cottle, Analyst
  2. Post FOMC, ECB, BoE Price Action Setups by James Stanley, Currency Strategist
  3. AUD/USD Bullish Reversal Eyes Initial Resistance Targets by Michael Boutros, Currency Strategist
  4. EUR/USD Rebound Unravels as ECB Buys Time; November-Low on the Radar by David Song, Currency Analyst
  5. Becoming a Better Trader – Q&A for Improved Performanceby Paul Robinson, Market Analyst

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

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