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US Dollar Likely to Fall Further Against Euro, Japanese Yen

US Dollar Likely to Fall Further Against Euro, Japanese Yen

2011-07-28 16:00:00
David Rodriguez, Head of Product
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View individual currency SSI charts in our FX Sentiment sections

ssi_table_story_body_Picture_5.png, US Dollar Likely to Fall Further Against Euro, Japanese Yen

Forex trading crowds continue to buy into US Dollar (Ticker: USDOLLAR) weakness, and our contrarian Speculative Sentiment Index calls for euro, British Pound, Swiss Franc, Japanese Yen, and Canadian Dollar gains against the downtrodden USD.

A sizeable 89% of retail traders in our sample are currently long the US Dollar against the Japanese Yen, while a similar 74% remain long the USDCHF. Given such one-sided sentiment, it seems ill-advised to bet on a major US Dollar reversal.

We will need to see significant shifts in retail crowd sentiment before calling for a US Dollar recovery against high-flying counterparts.

View an FXCM Expo presentation on the Speculative Sentiment Index for better understanding on how we use it in our trading.

ssi_table_story_body_Picture_6.png, US Dollar Likely to Fall Further Against Euro, Japanese Yen

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