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The dropped to start the trading week following reports that . Japanese trade balance figures passed by without a significant response from FX financial markets considering the results' limited implications for BOJ monetary policy.
The is correcting cautiously higher after suffering a second consecutive weekly loss. From here, including PMI survey data and minutes from the last meeting, according to Senior Currency Strategist Ilya Spivak.
Risk aversion defined price action on Friday. The Yen led lower-yielding funding currencies including the and the Euro upward while the high-beta Australian and New Zealand Dollars tumbled following news that .
DailyFX Economic Calendar: Asia Pacific (all times in GMT)
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(05:30 GMT) with Ilya Spivak
(12:30 GMT) with Christopher Vecchio
(14:30 GMT) with Jeremy Wagner
(19:00 GMT) with John Kicklighter
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Retail trader data shows 51.8% of traders are net-long GBP/USD, with the ratio of traders long to short at 1.07 to 1. The number of traders net-long is 12.7% lower than yesterday and 16.1% lower from last week, while the number of traders net-short is 11.3% lower than yesterday and 2.8% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current GBP/USD price trend may soon reverse higher despite the fact traders remain net-long.
Five Things Traders are Reading
by David Cottle, Analyst by DailyFX Research Team by John Kicklighter, Chief Currency Strategist by Michael Boutros, Currency Strategist by David Song, Currency Analyst To get the Asia AM Digest every day before the Tokyo cash equity open,
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