DailyFX US AM Digest: US Dollar Rebound Enters Day Three amid Record Treasury Issuance
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DailyFX US AM Digest: US Dollar Rebound Enters Day Three amid Record Treasury Issuance

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The US Dollar is on day three of a rebound from fresh 2018 lows, and its lowest levels since December 2014, in part thanks to a renewed bid as a safe haven as US equity markets point to a lower open in New York. US Treasury yields continue their march higher, with the 2-year yield hitting 2.230% earlier (the highest since September 2008) and the 10-year yield hitting 2.930% (the highest since January 2014). The Euro has softened on concerns that a German coalition may not be easy to come by, especially now that the far-right AfD has overtaken SPD in the polls as the second-most popular political party in Germany.

DailyFX Economic Calendar : Friday, February 16, 2018 - North American Releases

It's a quiet day on the North American economic calendar, with the only data release - Canadian Wholesale Trade Sales, a 'low' importance event on the DailyFX Economic Calendar - already in the rearview mirror; there was little discernible impact on CAD-crosses. Later today, traders would be wise to watch the US Treasury's bill sales, where a record $179 billion are due to be issued. This week, $258 billion of US debt will be issued.

DailyFX Webinar Calendar : Monday, February 19, 2018

IG Client Senti ment Index Chart of the Day: EURUSD

EURUSD: Retail trader data shows 38.4% of traders are net-long with the ratio of traders short to long at 1.6 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.05519; price has moved 16.9% higher since then. The number of traders net-long is 18.1% higher than yesterday and 7.0% lower from last week, while the number of traders net-short is 1.8% higher than yesterday and 12.2% higher 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. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.

Learn more about the IG Client Sentiment Index on the DailyFX Sentiment page

Five Things Traders are Reading

  1. "DXY Index Remains in Downtrend, Watch this Level" by Christopher Vecchio, CFA, Senior Currency Strategist
  2. "Technical Outlook for Gold/Silver, Crude Oil, DAX & More" by Paul Robinson, Market Analyst
  3. "Market Sentiment Continues to Improve as Early-February Fears Recede" by Martin Essex, MSTA, Analyst and Editor
  4. "EURUSD Finds Little Support From Positive Euro-Zone Data" by Nick Cawley, Analyst
  5. "FTSE Technical Overview: 7300 Proving to be Problematic" by Paul Robinson, Market Analyst

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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