FXCM SSI: Retail Shift Warns of USD Turnaround

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FXCM SSI: Shift in US Dollar Sentiment Warns of Potential Turnaround Retail forex trading crowds have sold aggressively into recent US Dollar (ticker: USDOLLAR) strength, giving contrarian signal that the Greenback could continue its recent advance.   One only need look at the Euro/US Dollar pair to see that traders have aggressively sold into US Dollar strength. The number of traders long the EURUSD (short USD) grew by a significant 37 percent since just a week ago, while EURUSD short positions (long USD) fell 15 percent through the same stretch. We saw similar shifts in the GBPUSD, USDCHF, and USDCAD-warning of a potential US Dollar reversal.   A record correlation between the US Dollar and the UK FTSE 100 underlines the fact that markets are increasingly moving in tandem. Thus we may expect that the US Dollar could hit fresh highs as broader risky assets pull back further.   Download the Full Article Best regards, David Rodríguez, Quantitative Strategist drodriguez@dailyfx.com DailyFX Home | research@dailyfx.com | Contact US ©2009 DailyFX. All Rights Reserved. Forex Capital Markets, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials. Forex Capital Markets, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Forex Capital Markets, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results.

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