FX Week Ahead: Biden Stimulus Speech; China Manufacturing PMI; UK GDP; US Manufacturing PMI; US NFP

IG CLIENT SENTIMENT INDEX: EUR/USD RATE FORECAST (MARCH 29, 2021) (CHART 2)

FX Week Ahead - Top 5 Events: Biden Stimulus Speech; China Manufacturing PMI; UK GDP; US Manufacturing PMI; US NFP

EUR/USD: Retail trader data shows 53.71% of traders are net-long with the ratio of traders long to short at 1.16 to 1. The number of traders net-long is 5.91% higher than yesterday and 19.69% higher from last week, while the number of traders net-short is 20.68% higher than yesterday and 9.13% lower from last week.

We 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 mixed EUR/USD trading bias.

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