The European Central Bank (ECB) has left all monetary policy settings untouched, as per market expectations, and has so far given market hawks little to work with. Get your market update from nickcawley1 here:
The Euro has slipped back below 1.0900 post-announcement with the market disappointed that the ECB had not been more hawkish, especially with regards to APP purchases. The last ECB meeting gave the market the impression the central bank would likely be more aggressive when dealing with rampant inflation, although these views were subsequently rolled back. EUR/USD is currently trading at its lowest level of the session around 1.0870 with the double-low just above 1.0800 the next area of support.
The number of traders net-long is 8.66% lower than yesterday and 0.18% lower from last week, while the number of traders net-short is 13.42% higher than yesterday and 1.55% lower from last weekWe typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall.
Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further
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