(MENAFN- DailyFX) Receive the DailyFX US AM Digest in your inbox every day before US equity markets open -
The is on day four of a rebound from fresh 2018 lows, thanks to traders covering their short dollar positions in the face of what could be a hawkish set of minutes this afternoon. It's worth considering, though, that the January FOMC meeting took place before the January NFP report was released (which showed building wage pressures) and before the volatility explosion a few weeks back. Elsewhere, the has recouped all of its losses on the day, with now back to even. Both and remain lower after Euro-Zone PMI figures fell short of expectations and the UK unemployment rate unexpectedly ticked higher.
: Wednesday, February 20, 2018 North American Releases
The big event on the calendar today in North America is the release of the January FOMC meeting minutes. You can read previews from strategists and ahead of time, and be sure to follow the details of the release in the DailyFX Real Time News feed at 14 EST/19 GMT.
: Wednesday, February 21, 2018
IG Client Sentiment Index Chart of the Day: USDJPY
USDJPY: Retail trader data shows 68.2% of traders are net-long with the ratio of traders long to short at 2.15 to 1. In fact, traders have remained net-long since Dec 29 when USDJPY traded near 113.0; price has moved 5.0% lower since then. The percentage of traders net-long is now its lowest since Feb 08 when USDJPY traded near 108.552. The number of traders net-long is 13.8% lower than yesterday and 3.4% higher from last week, while the number of traders net-short is 29.3% higher than yesterday and 14.4% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current USDJPY price trend may soon reverse higher despite the fact traders remain net-long.
Learn more about the
Five Things Traders are Reading
by James Stanley, Currency Strategist by Nick Cawley, Analyst by Christopher Vecchio, CFA, Senior Currency Strategist by Paul Robinson, Market Analyst by Martin Essex, MSTA, Analyst and Editor 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.
The DailyFX Asia AM Digest is published every day before the Tokyo cash equity open - you can to receive that report in your inbox every day.
If you're interested in receiving both reports each day, you can .
MENAFN2102201800760000ID1096493742
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.