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– Sue Trinh, Royal Bank of Canada in Hong Kong (based on Reuters)
Pair's Outlook
The Euro continued to surge against the US Dollar on Thursday morning, as the currency exchange rate was in its third consecutive session of gains. However, as noted before, the surge is caused by political uncertainty coming out of the events surrounding the US Dollar. Due to the narrowing election investors are shifting from the Greenback to the Swiss Franc and Gold. In addition, Euro is being bought also. However, an ascending channel can be seen to have formed in the past five trading sessions.
Traders' Sentiment
Traders have become slightly bearish, as 52% of open positions are short. In addition, 59% of trader set up orders are short.
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