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Today’s Notable Sentiment Shifts

TVC:DXY   U.S. Dollar Currency Index
USD – The dollar extended its fall on Thursday to a two-month low due to position unwinding following this week’s CPI report, which fell short of offering any new impetus for the Federal Reserve’s policy normalization efforts.

TD Securities summarized that “coming into the new year the dollar positioning was very much skewed to being long. Yesterday’s inflation numbers, in conjunction with Powell’s testimony for his nomination hearing, were basically just in line with markets had already positioned for. There wasn’t anything materially new.” Adding that “once we got through that $1.14 ( EURUSD ) level, momentum players likely flipped to sell dollars on that move.”

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