The European Central Bank has made it clear that interest rates are coming down, with the June meeting very much a live event, but the Middle East crisis and a slew of high US data will control EUR/USD next week.
The latest escalation in the Israel-Iran conflict – Israel’s drone attack on Isfahan in Iran – prompted a sharp risk-off across markets today, including ahaven bid. Iran later said that they had no ‘immediate plans’ to retaliate, hopefully drawing the two sides back from the edge of a full-blown conflict.
Retail trader data shows 66.33% of traders are net-long with the ratio of traders long to short at 1.97 to 1.The number of traders net-long is 2.70% higher than yesterday and 3.63% lower than last week, while the number of traders net-short is 10.03% lower than yesterday and 13.43% higher than last week.
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