Investments Traders Don't Like: British Pound, the Euro and More
What did you think about the better-than-expected U.S. jobs report, the increase in U.S. oil rig count or the preparation for Amazon (AMZN) - Get Report Prime Day? Users of Tradebird, a social app for traders and investors, weighed in on these and other topics last week. Following are three investments that a majority of Tradebird users thought would decrease in value. (To see the investments Tradebird users thought would increase in value, click here.)
1. GBP/USD: As the value of the pound vs. the dollar continued to drop, Tradebird users asked whether the pound would become the worst performer of 2016. U.K. consumer sentiment has sunk the most since 1994 and the trading community was 72% bearish about this currency pair.
2. EUR/GBP: Investors were 80% bearish about the value of the euro vs. the pound. Implications of the Brexit decision continued to linger on traders' minds, as discussion of a Bank of England stimulus increased among Tradebird users.
3. USD/JPY: After the U.S. jobs report revealed positive growth, the value of the dollar rallied against the yen. The trading community had an 83% bearish sentiment on the U.S. currency vs. the yen.
The above data were gathered from Tradebird, the social app for traders and investors, and were collected during the week ended July 8.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.