CFTC: Specs sell the CAD as USD long rises for a second week

The latest data from the CFTC covering the week ending July 17 shows that hedge funds and other large investors added to their net long dollar position against eight IMM currency futures for the second week. It rose by 5 percent to USD 24.4 billion, still well below the June 5 peak at USD 40.9 billion primarily on buying against the CHF and CAD with the net position in the Loonie turning negative for for first time in six months.

Other changes were limited as we approach the peak summer holiday season. This despite the elevated uncertainty which persists across most markets.

Highlights:

• EURUSD still almost the only active trade with 167,249 contracts of EUR short futures positions held;
• Continued selling of CHF as USDCHF rallied and EURCHF remained locked at 1.2000
• AUD net long only building hesitantly despite the recent strong rally;
• Investors remain almost evenly split on the future direction of JPY and GBP;

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