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The Bank of England and European Central Bank left little collateral damage in their respective wakes this morning, with trading in an approximate 30-pip range and trading in an approximate 50-pip range this morning following the policy decisions. Neither central bank appears to be having much influence over or the Sterling, given that neither central bank is expected to make any changes before September 2018 at the earliest. The , hit after yesterday's meeting, has clawed back some of its losses as a result.
: Thursday, December 14, 2017 North American Releases
The North American economic calendar is supersaturated on Thursday, with the Banxico policy meeting capping things off at 14 EST/19 GMT. Mirroring the Fed has they have been wont to do, Banxico will raise rates by 25-bps this afternoon. As it is priced-in, any impact to will be via forward guidance. The data released earlier today painted a picture of a strengthening US economy, with November US Advance Retail Sales grew by nearly triple the rate that was expected. The Atlanta Fed's GDPNow forecast for Q4'17 US growth sees GDP coming in at +2.9%, but an update with a likely revision higher is due out later on today.
: Thursday, December 14, 2017
IG Client Sentiment Index Chart of the Day: EURUSD
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EURUSD: Retail trader data shows 39.3% of traders are net-long with the ratio of traders short to long at 1.55 to 1. The percentage of traders net-long is now its lowest since Dec 05 when EURUSD traded near 1.18303. The number of traders net-long is 14.7% lower than yesterday and 15.3% lower from last week, while the number of traders net-short is 2.3% higher than yesterday and 5.7% lower 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. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD-bullish contrarian trading bias.
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by James Stanley, Currency Analyst by Nick Cawley, Analyst by Nick Cawley, Analyst by Tyler Yell, CMT, Forex Trading Instructor by Christopher Vecchio, CFA, Senior Currency Strategist The DailyFX US AM Digest is published every day before the US cash equity open - you can to receive this report in your inbox every day.
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