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  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.31% Germany 30: 0.25% France 40: 0.21% US 500: 0.02% Wall Street: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TWSDaLD0Ot
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  • Indian #Rupee tanked in worst week in almost a year Besides risk aversion & rising US Treasury yields, India lowered its fiscal-21 GDP estimate to -8.0% y/y (lower than the -7.0% consensus) Multiple levels taken out, but not 200-day SMA May see unwinding of #RBI rate hike bets https://t.co/WAVPChEiEB
  • The Aussie and Kiwi Dollars are getting smoked. Throwing cold water on carry currencies that were just starting to feel the hope of rate hikes in the near future is apparently not good for their performance
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  • AUD/USD sharply lower during trade, giving up significant recent gains https://t.co/aa4qkTyQ4o
  • The US Dollar Index is roaring higher, lead by sharp declines in AUD/USD and EUR/USD $USD $DXY https://t.co/Ll2DBRKEMo
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.04% Gold: -2.20% Silver: -3.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nk9eEDzXhv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 67.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5dXf6fqsQz
Major Shift Warns of Further British Pound Weakness

Major Shift Warns of Further British Pound Weakness

David Rodriguez, Head of Product

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

Major Shift Warns of Further British Pound Weakness

IG Client Sentiment data shows the majority of traders are now net-long the British Pound versus the US Dollar—breaking a two-month trend. A contrarian view of ‘crowd’ sentiment warns of declines.

If most traders are long we prefer to be short and vice-versa. And major GBP/USD tumbles following a shock-result in the UK Elections have been met with aggressive buying. It would take a fairly significant subsequent shift in the opposite direction to shift us from our short-term bearish GBP/USD price forecast.

See the links below for our sentiment-based forecasts for the British Pound as well as the Euro, Yen, Australian Dollar, Gold Price, and US S&P 500.

EURUSD - Euro Traders Once Again Sell - We Prefer to Buy

GBPUSD - British Pound Forecast Hinges on the Crowd’s Next Move

USDJPY - US Dollar Likely to Fall even Further versus Japanese Yen

Gold Price - Looks Likely to Rally Further

AUDUSD - Australian Dollar Outlook Unclear until this Changes

S&P 500 - Forecast Shifts Sharply as Traders Change Direction

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

--- Written by David Rodriguez, Senior Strategist for DailyFX.com

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

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

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