Category in GBP crosses

FX Market Sentiment & Positioning; week to 26th Jan 2018

Our proprietary analysis of online and social media sentiment in the major FX pairs shows a disparity between professional and non-professional traders. USD sentiment remains 50:50 with professional traders whilst the bears are clearly in charge at 32:68 amongst the retail trading community. Positioning data does not yet support the sentiment measure in either the

Sticking to the crosses for some shorter-term opportunities

My longer-term fundamental view remains unchanged, the EUR, JPY and USD will struggle amid CB easy-ness and the commodity currencies will strengthen over time. The market has started buying USD in the mistaken belief that the Fed will significantly change its policy direction. We will see small changes, but no directional change. This is probably