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DailyFX US AM Digest: US Dollar Rebound Continues; Bitcoin Hit Hard Again

DailyFX US AM Digest: US Dollar Rebound Continues; Bitcoin Hit Hard Again

Research, Research Team

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The US Dollar is finally steadying after a week-plus worth of days of consecutive losses, underscoring the weak policy backdrop that’s undermining the greenback. But the past 24-hours, aided disappointing inflation data out of the Euro-Zone and the United Kingdom, EUR/USD and GBP/USD have both pulled back, giving the DXY Index ample room to recover some of its recent losses. Elsewhere, losses in the cryptocurrency market deepened with Bitcoin falling by more than -13.5% at one point today, momentarily dropping below $10,000 for the first time since December 1.

DailyFX Economic Calendar: Wednesday, January 17, 2018 – North American Releases

The North American economic calendar is filled with meaningful data from both Canada and the United States. The Bank of Canada will be meeting today in which it is widely expected that they will raise their main rate by 25-bps to 1.25%. The key question however is whether or not the BOC will guide higher on their expected rate path for 2018; at their December policy meeting, they suggested that only two rate hikes would be coming this year. Out of the United States, December Industrial and Manufacturing Production data, the January NAHB Housing Market Index, and the December Fed Beige Book should all prove market moving.

DailyFX Webinar Calendar: Wednesday, January 17, 2018

IG Client Sentiment Index Chart of the Day: USDCAD

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

USDCAD: Retail trader data shows 52.3% of traders are net-long with the ratio of traders long to short at 1.1 to 1. The number of traders net-long is 9.8% higher than yesterday and 13.1% lower from last week, while the number of traders net-short is 4.9% lower than yesterday and 31.8% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDCAD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDCAD trading bias.

Five Things Traders are Reading

  1. “USD/CAD Needs a Hawkish BOC For Losses to Continue” by Christopher Vecchio, CFA, Senior Currency Strategist
  2. “Trading Outlook for Euro, AUD/USD, Cross-rates, S&P 500, and More” by Paul Robinson, Market Analyst
  3. “EURUSD May Dip Before Climb Resumes” by Martin Essex, MSTA, Analyst and Editor
  4. “Cryptocurrency Crash Continues as Sellers Dominate” by Nick Cawley, Analyst
  5. “Bitcoin, Cryptocurrency Market Crash on Fears of Demand Drawdown” by Christopher Vecchio, CFA, Senior Currency Strategist

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