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Retail Crowd Sentiment Suggests Further Gains for U.S. Dollar

Retail Crowd Sentiment Suggests Further Gains for U.S. Dollar

2011-09-22 17:00:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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Forex trading crowd sentiment has favored U.S. Dollar (ticker: USDOLLAR) gains against the Euro and Sterling for some time, but now with the move to safer assets rapidly accelerating, significant shifts suggests that the EUR/USD may continue to fall as the Dollar rally continues across the board.

Given the contrarian nature of the Speculative Sentiment Index, the signal flashing is for further U.S. Dollar and Yen strength across the major currencies. The negative correlation the U.S. Dollar has with the Dow Jones Industrial Average serves as a confirmation for this bias, as equity markets across the globe have sold off rapidly and look exceptionally fragile going forward.

ssi_table_story_1_body_Picture_5.png, Retail Crowd Sentiment Suggests Further Gains for U.S. Dollar

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

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

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