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DailyFX US AM Digest: US Dollar Starts Week Lower as Shutdown Enters Day Three

DailyFX US AM Digest: US Dollar Starts Week Lower as Shutdown Enters Day Three

Research, Research Team


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The US Dollar opened the week lower than where it closed on Friday but has not seen any follow through on its losses, with market participants awaiting the results of today’s US Senate vote to end the federal government shutdown. Elsewhere, with the economic calendar quiet for both the Euro-Zone and the United Kingdom, the Euro and the British Pound, respectively, found few catalysts to spur significant price action. However, it should be noted that the Sterling was able to turn higher this morning on the back of commentary from French President Emmanuel Macron, who suggested that the UK could get special access to the EU’s trade region after Brexit.

DailyFX Economic Calendar: Monday, January 22, 2018 – North American Releases

It’s a quiet day on the North American economic calendar to start the week off, but traders would probably have downplayed any release given the backdrop of the US government shutdown. The US Senate is poised to vote on a bill to end the shutdown today at 12 EST/17 GMT, although it appears to be a coin toss as to whether or not it will actually pass. Similarly, passage in the Senate doesn’t guarantee that it will pass in the House or that US President Trump will sign the budget deal. It’s best to keep an eye trained on the news wire this week.

DailyFX Webinar Calendar: Monday, January 22, 2018

IG Client Sentiment Index Chart of the Day: EURUSD

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

EURUSD: Retail trader data shows 34.3% of traders are net-long with the ratio of traders short to long at 1.91 to 1. The number of traders net-long is 15.5% higher than yesterday and 6.5% higher from last week, while the number of traders net-short is 2.7% higher than yesterday and 7.4% higher from last week.

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

Five Things Traders are Reading

  1. “The Yen is in the Spotlight for the First BoJ Rate Decision of the Year” by James Stanley, Currency Strategist
  2. “USD Dented, but Not Harmed, by US Government Shutdown - So Far” by Christopher Vecchio, CFA, Senior Currency Strategist
  3. “Bitcoin, Ethereum & Co. Hit Resistance, What Happens Next is Important” by Paul Robinson, Market Analyst
  4. “EUR/GBP Eyes Mid-Week Releases, ECB Talk, UK GDP” by Nick Cawley, Analyst
  5. “A Look Inside Bitcoin Traders’ Minds During the Cryptocurrency Crash” by Nick Cawley, Analyst, Paul Robinson, Market Analyst, and 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.