EUR/USD: US CPI and Fed speak today
USD outperformance takes pair’s price slightly lower, Fed starts corporate bond purchases.
EUR/USD Technical analysis, overview, strategies, and levels
The US dollar was a clear outperformer yesterday amongst the FX majors, besting the euro and taking EUR/USD's price to a slightly lower finish keeping it below all its main moving averages. There's going to be a lack of significant Eurozone data until Friday, but out of the US we get CPI (Consumer Price Index) figures tonight expected to show contraction, and NFIB’s (National Federation of Independent Business) small business index set to show a big drop for the month of April. The New York Fed yesterday said it would starting corporate bond purchases, and we'll get Fed speak this evening from officials' Bullard and Harker.
IG client* and CoT sentiment for EUR/USD
In sentiment, retail bias hasn't risen but dropped instead to a majority long 62%, slightly below the bias held by larger speculative traders.
EUR/USD Chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am.
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