Thursday, 02 December 2021 07:22 GMT

DailyFX US AM Digest: US Dollar Rebound Continues Bitcoin Hit Hard Again


(MENAFN- DailyFX) Receive the DailyFX US AM Digest in your inbox every day before US equity markets open -

The US Dollar is finally steadying after a week-plus worth of days of consecutive losses, underscoring the weak policy backdrop that's undermining the greenback. But the past 24-hours, aided disappointing inflation data out of the Euro-Zone and the United Kingdom, and have both pulled back, giving the Index ample room to recover some of its recent losses. Elsewhere, losses in the cryptocurrency market deepened with falling by more than -13.5% at one point today, momentarily dropping below $10,000 for the first time since December 1.

: Wednesday, January 17, 2018 North American Releases

The North American economic calendar is filled with meaningful data from both Canada and the United States. The Bank of Canada will be meeting today in which it is widely expected that they will raise their main rate by 25-bps to 1.25%. The key question however is whether or not the BOC will guide higher on their expected rate path for 2018; at their December policy meeting, they suggested that only two rate hikes would be coming this year. Out of the United States, December Industrial and Manufacturing Production data, the January NAHB Housing Market Index, and the December Fed Beige Book should all prove market moving.

: Wednesday, January 17, 2018

IG Client Sentiment Index Chart of the Day:

Learn more about the

USDCAD: Retail trader data shows 52.3% of traders are net-long with the ratio of traders long to short at 1.1 to 1. The number of traders net-long is 9.8% higher than yesterday and 13.1% lower from last week, while the number of traders net-short is 4.9% lower than yesterday and 31.8% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDCAD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDCAD trading bias.

Five Things Traders are Reading

by Christopher Vecchio, CFA, Senior Currency Strategist by Paul Robinson, Market Analyst by Martin Essex, MSTA, Analyst and Editor by Nick Cawley, Analyst 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.

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 .


MENAFN1701201800760000ID1096363551


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.