• USDJPY – Rise in Long Interest Brings 107 Draws Carry Trade Unwind Closer
• EURUSD – Short Interest Rises Despite ECB Risk, 1.50 Still A Target
• GBPUSD – Longs Increase Despite Yet Another Break Of Support
• USDCHF – Open Interest Jump 17 Percent, As Longs Conviction Grows
• USDCAD – Short Positions Drop 15 Percent With Pair Back Above Parity
EURUSD – The ratio of long to short positions in the EURUSD stands at 1.56 as nearly 61% of traders are short. Yesterday, the ratio was at 1.64 as 62% of open positions were short. In detail, long positions are 11.4% higher than yesterday and 37.7% stronger since last week. Short positions are 5.6% higher than yesterday and 27.4% stronger since last week. Open interest is 7.8% stronger than yesterday and 19.6% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains. The increase in open interest and slight downtick in the SSI is likely a component of tomorrow’s ECB event risk. Though, with euro traders adding to their short positions week over week, the contrarian SSI gives us a signal to buy euros. We maintain our belief that the EUR/USD could test 1.50 in the weeks ahead.
GBPUSD – The ratio of long to short positions in the GBPUSD stands at 1.79 as nearly 64% of traders are long. Yesterday, the ratio was at 1.49 as 60% of open positions were long. In detail, long positions are 24.2% higher than yesterday and 38.0% stronger since last week. Short positions are 3.2% higher than yesterday and 17.2% weaker since last week. Open interest is 15.8% stronger than yesterday and 22.0% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD losses.
USDJPY  The ratio of long to short positions in the USDJPY stands at 1.76 as nearly 64% of traders are long. Yesterday, the ratio was at 1.83 as 65% of open positions were long. In detail, long positions are 7.2% higher than yesterday and 11.6% stronger since last week. Short positions are 11.8% higher than yesterday and 15.2% weaker since last week. Open interest is 8.8% stronger than yesterday and 3.0% above its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses.
USDCHF  The ratio of long to short positions in the USDCHF stands at 1.43 as nearly 59% of traders are long. Yesterday, the ratio was at 1.36 as 58% of open positions were long. In detail, long positions are 19.6% higher than yesterday and 7.5% stronger since last week. Short positions are 13.9% higher than yesterday and 10.7% stronger since last week. Open interest is 17.2% stronger than yesterday and 7.8% above its monthly average. The SSI is a contrarian indicator and signals more USDCHF losses.
USDCAD – The ratio of long to short positions in the USDCAD stands at 1.88 as nearly 65% of traders are long. Yesterday, the ratio was at 1.75 as 64% of open positions were long. In detail, long positions are 0.7% higher than yesterday and 1.8% weaker since last week. Short positions are 6.1% lower than yesterday and 15.1% stronger since last week. Open interest is 1.8% weaker than yesterday and 3.2% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.
How to Interpret the SSI? The FXCM SSI is based on proprietary customer flow information and is designed to recognize price trend breaks and reversals in the four most popularly traded currency pairs. The absolute number of the ratio itself represents the amount by which longs exceed shorts or vice versa. For example if the EURUSD ratio is 2.55, long customer orders exceed short orders by a ratio of 2.55 to 1. Conceptually similar to contrarian analyses using the CFTC IMM open position data or COT Report, the SSI provides an alternative approach that is both more timely and accurate in forecasting currency price movement. The SSI is a contrarian indicator that tells you how the market is weighted and where the trend may head. More long positions don't necessary suggest more confidence in the direction of the current trend. In general, when traders start having adverse movements against their position, many tend to increase the size of their position with the purpose to average down their entry price in one last attempt to recover from previous losses. However, the higher the number of short orders in a bull market the more dangerous is to take additional shorts because many of those traders who just entered the markets are also leaving their protective stop losses just above the current price action.
Positioning Extremes And Open Interest Grow As FX Traders Return To The Market
Friday, December 21, 2007 At： 12/21/2007 09:14:00 AM by Joyce.gardner
Foreign
Exchange Calculator


Conversion : What do you want to convert to? 
Rates as of Fri Feb 29 18:05:03 EST 2008
Note: Rates may change throughout the day and may differ at the time
of booking. These rates apply to foreign exchange transactions with the
exception of the purchase and sale of currency notes (cash).