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DailyFX US AM Digest: US Dollar Continues to Reverse Losses from FOMC Meeting

DailyFX US AM Digest: US Dollar Continues to Reverse Losses from FOMC Meeting

DailyFX Research,

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The US Dollar was clawing back some more of its losses from Wednesday’s FOMC meeting earlier versus the Euro and received a boost versus the British Pound when news emerged that the second round of Brexit negotiations wouldn’t start in earnest until March 2018. With the GBP-crosses slipping back, it would appear that market participants are expressing some anxiety that this means the odds of a ‘hard’ or ‘cliff edge’ Brexit are rising. Elsewhere, with US Treasury yields meandering along their current course – short-end yields (2Y) rising while long-end yields (10Y) move sideways – the US yield curve continues to flatten, making for a difficult environment for the US Dollar.

DailyFX Economic Calendar: Friday, December 15, 2017 – North American Releases

DailyFX US AM Digest: US Dollar Continues to Reverse Losses from FOMC Meeting

The North American economic calendar finishes the week on the quieter side, after having the final Federal Reserve and Banxico policy meetings of the year between Wednesday and Thursday. Price action has been somewhat muted in the Canadian and US Dollars as well as the Mexican Peso as traders wind down their books as the calendar turns into the holidays.

DailyFX Webinar Calendar: Friday, December 15, 2017

DailyFX US AM Digest: US Dollar Continues to Reverse Losses from FOMC Meeting

IG Client Sentiment Index Chart of the Day: GBPUSD

DailyFX US AM Digest: US Dollar Continues to Reverse Losses from FOMC Meeting

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

GBPUSD: Retail trader data shows 55.9% of traders are net-long with the ratio of traders long to short at 1.27 to 1. The percentage of traders net-long is now its highest since Nov 10 when GBPUSD traded near 1.31887. The number of traders net-long is 26.2% higher than yesterday and 30.2% higher from last week, while the number of traders net-short is 16.7% lower than yesterday and 20.6% lower from last week.

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

Five Things Traders are Reading

  1. “Tug-of-War Between Euro and USD as Focus Shifts Towards 2018” by James Stanley, Currency Strategist
  2. “US Dollar Technicals Find Little Clarity After Fed, BOE, & ECB” by Christopher Vecchio, CFA, Senior Currency Strategist
  3. “Technical Insights for EUR/USD, Euro & GBP Crosses, Gold/Silver & More” by Paul Robinson, Market Analyst
  4. “S&P 500 Technical Analysis: One More Buying Opportunity Before Year-end?” by Paul Robinson, Market Analyst
  5. “Crude Oil Prices Struggle, Gold May Return to the Offensive” by Ilya Spivak, Senior Currency Strategist

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