04 September 2017 at 7:33 GMT
- Week to August 29 saw muted activity in IMM currency futures
- Industrial metals rally drives continued demand for IMM AUD
- Market gauging impact of US tax and debt ceiling talks
The China-driven industrial metals rally is boosting IMM AUD futures. Photo: Shutterstock
By Ole Hansen
The non-commercial dollar short against eight IMM currency futures was close to unchanged in the week to August 29. Only small changes occurred as the market tried to gauge the impact of tax and debt ceiling discussions in the US, as well as North Korea and raised concerns within the European Cenral Bank about the euro's rapid rise.
The biggest changes were the continued short-covering in IMM JPY and buying of IMM AUD...
The China-driven rally among industrial metals, including iron ore, attracted continued demand for IMM AUD. The net-long has been rising continuously for the past three months and last week reached the highest since April 2013.
— Edited by Michael McKenna
Ole Hansen is head of commodity strategy at Saxo Bank