Gold and Bitcoin Hit Record: Safe Havens Climb as Uncertainty Persists

Economic

Summary:

The government shutdown in the US and the French political crisis have brought renewed uncertainty to financial markets.

Bitcoin and gold prices hit new records on Sunday and Monday, fuelled by growing financial uncertainty linked to the US government shutdown, and worsened by a fresh political crisis in France.

Less than a month after his appointment, French Prime Minister Sébastien Lecornu resigned on Monday, unsettling stocks and bonds in Europe's second-largest economy.

Gold prices were nearing $4,000 an ounce at the start of the week, boosted by expectations of further rate cuts by the US Federal Reserve, before retreating to below $3,970 around 10.00 CEST on Tuesday.

Demand for the precious metal has steadily risen since the beginning of the year, when it cost $2,669.

Gold's climb has partly been fuelled by increased central-bank demand and geopolitical tensions, which steer investors towards inflation hedges. A weaker dollar, which makes gold relatively cheaper for those holding other currencies, has also helped.

Meanwhile, Bitcoin — dubbed digital gold — climbed above $125,000 on Sunday, hitting a new record before topping this peak on Monday.

The world's largest cryptocurrency has increased in value by more than 30% this year, partly due to the US administration's crypto-friendly policies and concerns about dollar depreciation.

However, the hype around the crypto asset may not last long.

Thibault Desachy, head of investment & wealth management at Coinhouse, said: "We (Coinhouse) remain convinced that we are approaching the end of a cycle and that caution is warranted. It is advisable to adopt a more trading-oriented stance than an investment-oriented one in order to avoid getting caught up in a bear market."

European markets react to French political turmoil

Most of the leading European stock indexes ticked lower in the opening as the French political crisis weighed heavily on investment sentiment. The unexpected resignation of Prime Minister Sébastien Lecornu amid budget and cabinet disputes has pushed French stocks down and lifted French bond yields.

At around 11.00 CEST, the FTSE 100 in London had inched up slightly, but the CAC 40 in Paris lost more than 0.2%, the DAX in Frankfurt was down by 0.1%, and the IBEX 35 in Madrid was mostly flat.

The benchmark STOXX 600 was little changed. Healthcare and industrial companies' losses, among them Germany's Bayer and Denmark's Novo Nordisk, were offset by gains in luxury and energy companies' shares, such as those of LVMH, Kering and Shell.

At around midday, most of the European indexes had ticked back up into positive territory.

In commodities, Brent crude lost nearly 0.5% and was traded at $65.12 a barrel, and WTI crude was a few cents down to around $61.40 a barrel.

Meanwhile, though US futures slipped modestly on Tuesday morning, US markets are weathering the US government shutdown relatively well.

Trade on Wall Street was fuelled by company announcements on Monday. The AI boom is driving up tech stocks and increasing the market value of the largest tech companies, but the broader state of the US economy remains somewhat unclear because of the federal government shutdown, delaying data releases.

On Monday, the S&P 500 climbed 0.4% to an all-time high, closing at 6,740.28. The Dow Jones Industrial Average jumped 0.1% to 46,694.97, while the Nasdaq composite rose 0.7% to its own record, ending the day at 22,941.67.

In currency trading on Tuesday morning, the US dollar edged up to 150.49 Japanese yen from 150.35 yen. The euro cost $1.1695, down from $1.1714.

Source: Euronews

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Adam

Economic

French President Emmanuel Macron is confronting another massive political headache following the shock resignation of his Prime Minister Sebastien Lecornu — after just 27 days in office.

The former defense minister and longtime ally resigned on Monday before he’d even laid out his fledgling government’s plans, saying he was unable to lead the center-right minority government after talks with rival parties signalled that they were unwilling to compromise over their respective budget and policy demands.

“Each political party is behaving as if they have their own majority in parliament,” Lecornu said, and the “conditions were not fulfilled” to stay in office, according to comments translated by France 24.

The crisis France finds itself in is largely of Macron’s making, with the president confidently dissolving parliament last year in order to bring “clarity” to France’s divided National Assembly.

The inconclusive elections that followed brought anything but, with both the right and left winning consecutive rounds of voting, leading to a power struggle and political deadlock that has continued ever since. Macron, unwilling to cede government leadership to either side, instead appointed loyalists to lead minority governments but these have proven vulnerable to no-confidence motions from rival parties.

Lecornu’s short-lived government was the third to have failed after the ill-fated administrations of Michel Barnier and Francois Bayrou. What they have in common is that they’ve all struggled to reach agreements with other parties over the state budget, and particularly over the spending cuts and tax rises seen as necessary to rein in France’s budget deficit of 5.8% of its gross domestic product in 2024.

In a surprise twist on Monday evening, Macron gave Lecornu another 48 hours for “final discussions” with rival parties to try to break the impasse. Lecornu wrote on X that he will report to the president on Wednesday evening on any potential breakthrough “so that he can draw all the necessary conclusions.”

What comes next?

Macron now faces the unenviable task of deciding what to do next with no option likely to be attractive to the beleaguered president, who has repeatedly said he would not resign, a move that would trigger a new presidential election that’s currently not due to take place until 2027.

He could choose another prime minister — France’s sixth in less than two years — but choosing one not from his own political stable will be an uncomfortable and unedifying prospect for Macron, who has repeatedly picked loyalists to lead government in the last year.

Or he can dissolve parliament and hold new parliamentary elections. That option won’t appeal either as Marine Le Pen’s anti-immigration National Rally party is currently leading voter polls, seen with around 32% of the vote compared to the 25% of the vote being held by left-wing alliance, the New Popular Front.

Macron is seen as unlikely to choose to resign, analysts say. “It’s too dangerous for him to do the right thing and he’s unwilling, of course, to step down from power,” Douglas Yates, professor of Political Science at INSEAD, told CNBC on Monday.

“The one thing I can say with security today is that Macron is not going to announce his own resignation and so it would seem that the easiest thing to do would be to name another prime minister, which he does like I change shirts, and if the new PM doesn’t last a long time, he could name another one. And that would be to play his institutional advantage.”

Yates did not believe Macron would call fresh elections “because the last time he did that it was so catastrophic” and any new polls would again reflect the polarized nature of politics in France, with a chasm between far left and far right voters. “People would abandon his party and vote with their hearts, either left or right,” Yates added.

Left, or right?

There is speculation that Macron could take the plunge and nominate a PM who is not an ally from his own centrist political backyard, with a pick from the center-left Socialist Party a possibility.

There is little chance Macron would opt for a candidate from either the far-left France Unbowed party or far-right National Rally, with both parties on Monday calling for Macron’s dismissal.

“So far he’s chosen the wrong person, and by choosing people from the center, he’s alienated the left and the right,” Yates said.

“I think he would do better by throwing some fresh meat to the center-left who could help him constitute a government and possibly avoid a motion of censure, so I think a Socialist would probably be the most acceptable, or even one of the Greens’ candidates,” Yates said.

And, the budget?

While political paralysis continues in Paris, the 2026 budget remains in limbo, and economists say it’s increasingly likely that this year’s budget is rolled into next year as a stop-gap measure.

Deutsche Bank’s Yacine Rouimi on Monday said that if the government collapsed, as it has now, then France would likely operate under a special law, “maintaining spending near the 2025 framework, with the deficit landing around 5.0–5.4 % of GDP.”

“It’s not impossible that we’ll see fresh elections soon,” Rouimi said.

If Macron does opt to choose a new prime minister from a different party, such as the Socialist Party, that could mean reforms or spending cuts that were tabled by previous administrations, and which failed, could be sliced and slimmed down further.

Macron “may appoint a prime minister from the centre-left (or even the far right). However, this would likely open the door to some painful reversals of his previous pro-growth structural reforms (such as the increase in the pension age) and fiscal slippage,” Salomon Fiedler, economisst at Berenberg Bank, noted in emailed comments on Monday.

Source: cnbc

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Glendon

Economic

Commodity

Gold prices touched another record high on Tuesday, driven by strong investment demand amid broader geopolitical and economic uncertainty, with additional support from expectations of further U.S. interest rate cuts.

Spot gold held its ground at $3,959.82 per ounce by 1111 GMT, after hitting an all-time high of $3,977.19 earlier in the session.U.S. gold futures for December delivery were up 0.2% at $3,983.10."Strong ETF demand remains key, driven by 'FOMO' and eroding trust in traditional safe havens," said Ole Hansen, head of commodity strategy at Saxo Bank, adding that ongoing central bank demand and lower funding costs were also supporting bullion.

The White House on Monday eased back on President Donald Trump's claim that layoffs of government employees were underway due to the ongoing shutdown but warned that job losses could occur as the impasse entered its seventh day.

The shutdown has postponed the release of key economic indicators, forcing investors to rely on secondary, non-government data to gauge the timing and extent of Fed rate cuts.

Markets continue to price in a 25 basis-point cut at this month's meeting and a similar-sized reduction in the December meeting. USDIRPR/

Non-yielding gold thrives in a low interest rate environment and during economic uncertainty.

Gold has climbed 51% so far this year on sizable central bank buying, increased demand for gold-backed exchange-traded funds, a weaker dollar and growing interest from retail investors seeking to hedge amid rising trade and geopolitical tensions.

"I see gold reaching $4,300/oz over the next 6 months. As the USD is expected to continue to depreciate," with the overall macro and geopolitical scenario positive for gold price appreciation, said Michael Langford, chief investment officer at Scorpion Minerals.

Goldman Sachs on Monday raised its December 2026 price forecast for gold to $4,900 per ounce from $4,300.

China's central bank added gold to its reserves in September for the 11th straight month, data from the People's Bank of China showed.

Meanwhile, political upheaval in Japan and France gripped currency and bond markets for a second day running on Tuesday.

Elsewhere, spot silver was down 0.2% at $48.43 per ounce, platinum fell 1% to $1,611.56 and palladium was steady at $1,320.06.

Source: Kitco

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Adam

Commodity

Light Crude Pulls Back After Short-Covering Rally Stalls at Technical Resistance

Daily Light Crude Oil Futures

Light crude oil futures are slipping Tuesday after a short-covering bounce lifted prices to $62.12 on Monday. The move higher has been capped by stiff resistance near the 200-day moving average at $63.03 and the 50-day moving average at $63.33, which traders are watching closely.

While minor downside support rests at $60.40, the more significant level is the 61.8% Fibonacci retracement at $59.91, which could be tested if bearish momentum resumes.

At 10:23 GMT, Light Crude Oil Futures are trading $61.55, down $0.14 or -0.23%.

OPEC+ Output Hike Falls Short of Market Expectations

Crude prices found modest footing earlier in the week after OPEC+ agreed to raise output by just 137,000 barrels per day starting in November—a smaller-than-expected move.

Analysts had feared a more aggressive return of supply, but the restrained increase suggests the group is still cautious, especially with forecasts pointing to a global surplus in the fourth quarter.

Brent’s $5 pullback last week reflected earlier supply fears, but the mild rebound has not yet altered the forward curve, which remains in backwardation. Russia’s Deputy PM confirmed no further quota changes were discussed beyond November.

Russian Refinery Attack Adds Risk Premium to Market

Supply risks continue to hover over the market, particularly after Russia’s Kirishi refinery halted its top distillation unit due to a drone strike and fire, likely sidelining production for a month.

The disruption highlights persistent geopolitical threats that could affect physical supply, even if OPEC+ and broader fundamentals lean bearish. While this single incident hasn’t yet sparked a sustained rally, traders remain alert to further disruptions in Russian output.

China Expands Strategic Oil Reserves as Stockpiling Accelerates

In a move that may offer medium-term price support, China is expanding its strategic petroleum reserve (SPR) by 169 million barrels via 11 new storage sites.

Though labeled “commercial,” the facilities—operated by state-owned firms like Sinopec and PetroChina—are widely seen as emergency stockpiles.

This push reflects Beijing’s continued effort to secure supply and could absorb some excess global output in the near term, though it’s unlikely to offset bearish fundamentals completely.

Falling Oil Prices Pressure Big Oil’s Buyback Pledges

With Brent crude falling below $65 last week, oil majors are under pressure. Payout-heavy strategies may become unsustainable without higher prices, with most firms requiring Brent above $80 to maintain current dividend and buyback programs.

Chevron, BP, and TotalEnergies have already trimmed buybacks, while Total plans $7.5 billion in cost cuts. Job reductions and capital discipline are spreading across the sector, reflecting the strain of weaker prices and limited upside.

Outlook: Bearish Bias as Supply Risks Fail to Overcome Resistance

Despite a cautious OPEC+ stance and isolated geopolitical risks, the broader oil prices forecast remains bearish.

Technical resistance at key moving averages is holding, and support near $59.91 remains vulnerable if bearish sentiment persists.

Rising global supply, shrinking corporate buybacks, and weakening demand conditions suggest crude could retest recent lows unless new supply shocks materialize.

Source: fxempire

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Samantha Luan

Economic

Forex

Political

One of the most significant climate news stories of 1985 was the discovery of a hole in the ozone layer over Antarctica. Caused by a build-up of CFC gasses, then widely used in refrigerators and aerosols, this ozone hole posed an unprecedented threat to human, animal and plant life alike, by reducing our protection from the sun’s harmful ultraviolet rays. Scientists had been concerned about ozone depletion since the 1970s, and alarm bells had already been sounded. But this discovery of a hole was the watershed moment: the wake-up call. An irrefutable sign of humanity’s damaging impact on the planet.

The hole in the ozone layer continued to grow but, eventually, as a result of the rapid international action taken back in the 1980s, it has begun, ever so slowly, to shrink. The Montreal Protocol of 1987, which dramatically phased out the use of CFCs on a global scale, is hailed as one of the most successful environmental treaties of all time. And so this is a story from which we can take heart: It shows that, with bold, collective action, it is possible to turn the tide, and to reverse the harm we have inflicted on the planet. But it is also a stark reminder of just how long it can take for climate action to bear fruit, and to undo the damage we have done. Four decades have passed since the discovery of the ozone hole, and it is only just beginning to shrink.

The other major climate headline from that year was the mysterious mass deaths in Scandinavia and North America of fish in the rivers, and trees in the forests. This turned out to be due to acid rain, produced from clouds of sulphur dioxide released from coal-burning plants, which then travelled long distances. Despite years of denial and resistance, this climate issue has also been tackled successfully, in some parts of the world at least. Sulphur dioxide emissions have fallen globally since the 1980s, owing largely to regulations in Europe and North America, such as the 1990 amendment to the Unted States’ Clean Air Act. Acid rain remains a problem, however, particularly in Asia and Africa — just one reminder of how unequally environmental issues play out around the world.

The two climate issues I have referenced here — the ozone hole and acid rain — offer some cause for optimism. They show that humanity has been able to reverse environmental damage through policies that trigger widespread action and change. Yet, the ozone layer and acid rain — these two semi-success stories — are anomalies in the broader and terrifying trend of climate deterioration. Since the 1980s, each decade has been warmer than the previous one. Sea levels are rising at their fastest pace in three millennia. And carbon dioxide emissions are higher than they have been at any time in the last 800,000 years, as far as we can measure this.

And we are seeing the consequences of this in real time: extreme weather, forest fires, storms, tsunamis, drought and famine. An estimated 3.3 billion people are classed as highly vulnerable to climate change — at risk of everything from food insecurity to a lack of clean water, to climate-change-related disease and environmental disaster.

And it is, of course, the poorest who are most in danger, who feel the consequences most severely. In Africa, agricultural productivity growth may have shrunk by as much as a third since the 1960s, owing to climate change. Pakistan, still scarred by the catastrophic floods of 2022, was struck again last month, with over 1.5 million people affected. In the Middle East and North Africa, water scarcity now threatens social stability and economic growth. And for the many Muslim nations that lie in climate-vulnerable zones, the stakes are also especially high.

Meanwhile, against this backdrop of imminent threats to life itself, the target set in the 2015 Paris Agreement of limiting global heating to 1.5°C is all but slipping away. We are currently on course for nearly double that amount; and even 1.5° is only a mitigation measure, and not a good or safe amount of global heating. It is simply that 2°C or above would be even worse.

The situation is dire. Time has almost run out. And this is all the more frustrating because we know that when we do act boldly, when we act rapidly, when we act together, we can effect positive change. But a major obstacle we face today, unlike in the 1980s, is that climate issues have become more politicised with each passing year. Climate change should be beyond partisanship. Yet, it has become something of a political football. As such, we do not have the global consensus that is so desperately needed.

This is why we need new thought leadership and direction-setting to tackle climate change effectively. And it is why it is up to us all, including those of us gathered here today. Our purpose here today is to consider climate action through the lens of Maqasid al-Shari’ah — the spirit, and not only the letter, of Islamic law.

Fifteen years ago, in a speech to mark the 25th anniversary of the Oxford Centre for Islamic Studies, His Majesty King Charles emphasised the “sense of reverence” for the Earth and nature that Islam instils. It is that same “sense of reverence” that must now inspire us to act. As the Qur’an teaches us, humans have been entrusted as khalifa, or indeed guardians, with a duty of care over the planet. And as the famous Hadith says, “The earth is green and beautiful, and God has appointed you his guardians over it.”

We have a God-given responsibility to protect the planet and everything on it, for now and for the future: a duty to keep the earth “green and beautiful” for generations to come. It is a call to action that I believe resonates, regardless of faith or creed: since, if climate change concern is beyond political partisanship, then it must be beyond religious differences as well. Through the lens of Maqasid al-Shari’ah, the path is clear. This is not a Marvel movie, but we are Guardians of the Earth, and we must act together to save it.

So, what can we do to make the difference that is needed? How can we use the tools and platforms at our disposal to contribute to the sweeping change that is required? Allow me to share a few thoughts.

From a business and finance perspective, it is crucial both that we regulate and that we invest, in our efforts to tackle climate change. We must ensure that climate-related risks are better integrated into financial modelling and investment decisions. We must, at the very least, heavily incentivise green practices from businesses, such as the use of clean energy and recyclable materials. I have faith that consumers will help lead the charge in this area, making decisions about which businesses to use and support based on their eco-credentials.

But it is not enough to set rules and restrictions that act as cautionary measures. Any good business person knows it is also vital to invest, thoughtfully and sensibly, if you are to thrive. And for the sake of our planet, it is vital that we invest collectively in innovative solutions that help combat climate change — such as carbon sequestration. And we must also, crucially, invest in tools and defences that help us withstand its now inevitable consequences. Around the world, humanity is already feeling the full force of climate change, and we must find ways to adapt — through flood defences, climate resilient crops and other strategies to help communities manage the environmental threats.

This is where I believe Islamic Finance can play a leading role. Now a US$5 trillion industry worldwide, the growing Islamic Finance sector has the tools and resources needed to support the necessary investment in climate action. The Securities Commission Malaysia’s pioneering work in Malaysia, in creating a Sustainable and Responsible Investment Sukuk framework, has led to a proliferation of Green Sukuk bonds for environmental projects.

Around US$15 billion was raised in this way in 2024, funding everything from solar farms, to sustainable transportation, to improved waste management infrastructure and, increasingly, biodiversity programmes. Indeed, Green Sukuk have been identified by the United Nations Development Programme as a key financing solution for sustainable development. As a world leader in this area, I hope Malaysia can continue to set an example for other countries in the Islamic world and beyond.

Limiting climate change and managing its impacts are both incredibly expensive endeavours. Developing countries require an estimated US$387 billion by 2030 to fund their adaptation measures. With an estimated US$360 billion shortfall, we need not only radical solutions but a wholesale attitude shift. The earth is our most precious asset, and each and every one of its citizens is a valued shareholder. This is how we must be thinking — and how we must encourage those less open to climate action to think — if we are to stand any chance of turning the tide in time.

And as well as investing in known solutions, we must strive always to approach this urgent problem with an innovative and analytical spirit. We must ensure that our green technology is really solving the problem, rather than simply shifting or transferring it. Already, we see solar panels being wastefully discarded; wind farm construction poisoning seas; and electric vehicle batteries using rare minerals extracted in environmentally destructive conditions. We must never assume that we have done enough. Rather, we must always remain bold and curious, asking, “What if…?”, “What about…?”, and “What next?”. I know that innovative and ingenious approaches can help us to literally build green: to build for the future. Now more than ever, we need our greatest minds on this task of literally and figuratively building a greener future.

I want to end by referring to another pivotal event, the landmark testimony to the US Congress by the famous American scientist and writer, Carl Sagan (d.1996), highlighting the dangers of climate change and the greenhouse effect. He calmly presented the evidence, acknowledged the challenges of making sweeping change overnight, and set out practical ways forward, including greater investment in renewable energy, and the reduction of government subsidies, which then existed on fossil fuels. That so much of Sagan’s speech remains relevant today is a troubling sign of how slow we have been to act on his salient warnings. But rather than end on that note, I want to finish by repeating Sagan’s inspiring closing remarks. He said: “What is essential for this problem is a global consciousness, a view that transcends … the generational and political groupings into which, by accident, we have been born. The solution to these problems requires a perspective that embraces the planet and the future because we are all in this greenhouse together.”

May this call to action inspire all of us, today and beyond, as we work to save our planet and its future, together.

Source: Theedgemarkets

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Michelle

Economic

Commodity

Falling gold exports and surging imports of the safe-haven metal pushed Canada to post its second-largest trade deficit on record, surpassed only by the nadir it reached in April.

The country’s shortfall with the world widened to C$6.3 billion ($4.5 billion) in August from an upwardly revised C$3.8 billion in July, according to Statistics Canada data released Tuesday. That was deeper than all estimates in a Bloomberg survey of economists.

Total exports fell 3% in August, the first drop in four months, with declines in eight of 11 sectors. Imports rose 0.9%. Both were driven by strong variations in gold — exports of unwrought gold fell 11.8% that month, while total imports would have fallen 1% if not this product section.

Exports to the US — Canada’s biggest trading partner — fell 3.4%, again in part due to gold. Canada’s goods trade surplus with the US narrowed to C$6.4 billion in August from C$7.4 billion the previous month.

Canadian exports spiked in the first quarter as shippers front-ran US tariffs, before tumbling in the second quarter as the levies took effect. So far this year, exports are still up 0.3% compared with the same period a year earlier.

In volume terms, exports were down 2.8% in August, while import volumes fell 0.3%.

Prime Minister Mark Carney is set to discuss the trade war with US President Donald Trump in the White House later Tuesday.

Source: Bloomberg Europe

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Adam

Forex

EUR/USD continued its slide this morning as a combination of US Dollar strength and concerns around the French political drama rambled on.

The most recent news indicates that President Macron has given the outgoing Prime Minister, Sebastien Lecornu, until Wednesday evening to try and get the divided parliament to agree on a new prime minister.

It is unclear what will happen if Lecornu is unsuccessful, but the likely choices would be either appointing someone who is an expert but not a politician (a technocrat) or calling for early elections.

Resurgent US Dollar Keeps EUR/USD on the Back Foot

The US Dollar has surprised many by its resilience over the past two weeks. What could be the driving force of the Greenback stubbornness at the moment? Let us take a look.

One of the reasons benefitting the US Dollar may be down to the one-week interest rate which is rather expensive. The current rate rests near 4.15%. With a lack of high impact US data, market participants appear to be staying away from the loading up on US Dollar short positions.

Market participants may have also changed their outlook due to an IMF report last week. The prevailing theory of late was that Central Banks were the sellers of US Dollars in April and May, however the IMF data showed the dollar’s share in bank reserves remained about 57% in the second quarter of 2025. That suggests something else could be at work and maybe it was the private sector dumping US Dollar during Q2.

The US Government shutdown has not had the impact many market participants had hoped it would. I think many expected the US Dollar to slide if the shutdown drags on.

The latest predictions show that people are slightly less worried that this shutdown will become the longest ever (which would be more than 35 days); the chance of that happening is now down to 22%.

Nevertheless, markets are scheduled to hear from several officials from the Federal Reserve today, including Bostic, Bowman, and Miran, all speaking between 4:00 PM and 4:30 PM Central European Time (CET).

However, I don't expect their comments to significantly change the market's strong belief that the Fed will cut interest rates two more times before the end of the year.

As things stand, markets are still pricing in around 44.5 bps of rate cuts through December 2025.

EUR/USD Slides on French Political Turmoil and USD Rebound, Lagarde/Fed Speakers Up Next_1

Technical Analysis - EUR/USD

From a technical standpoint, EUR/USD is approaching a key confluence level which could prove key to the pair's next move.

EUR/USD had broken above a descending trendline from the YTD high, before pushing lower. However, it is approaching the medium term ascending trendline which coincides with a retest of the descending trendline and the 100-day MA around the 1.1626 handle.

A break of this level could see the start of a deeper pullback toward the trendline touch and swing low on August 1, resting just below the pivot price of 1.1450.

Before that, there is support at 1.1584 and 1.1528 which could come into play and provide some short-term relief.

A move higher from here faces resistance at 1.1700 before the 1.1800 swing high and YTD high at 1.1918 comes into focus.

EUR/USD Daily Chart, October 7, 2025

Client Sentiment Data - EUR/USD

Looking at OANDA client sentiment data and market participants are short on the EUR/USD Index with 61% of traders net-short. I prefer to take a contrarian view toward crowd sentiment and thus the fact that so many traders are short means EUR/USD could rise in the near-term.