Trader confidence remains high and that means current trends, in particular stronger stock markets and a weaker US Dollar, will likely persist for a while yet.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bearish contrarian trading bias.
GBP/USD continues to trade just under the psychologically important 1.38 level, with further upside limited ahead of the Bank of England’s next interest rate decision on November 4.
The Australian Dollar moved higher today as risk assets appreciated on solid company earnings reporting a thawing of China/US relations. Can AUD/USD keep going?
Gold prices rallied to wrap up Monday ahead of key US CB Consumer Confidence data. Technical analysis hints at near-term weakness, but retail trader positioning says otherwise.