Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 22 January 2018 at 8:56 GMT

COT: Broad-based but fading dollar selling in week to Jan 16

Head of Commodity Strategy / Saxo Bank
  • Broad-based dollar selling helped increase the non-commercial dollar short
  • Main drivers were a small reduction in the record euro long and JPY short covering
  • Additional buying of AUD and MXN was also seen

By Ole Hansen

Broad-based dollar selling, though on a smaller scale than the previous two weeks, helped increase the non-commercial dollar short to $11.5 billion in the week to January 16. A small reduction in the record euro long and JPY short covering were the two main drivers with additional buying of AUD and MXN also seen.

Speculative IMM currency positioning

The slight reduction in the record EUR long last week was not driven by profit taking. Both long and not least short positions rose thereby leaving the net-long down by 4% on the week.  
Speculative positioning in IMM EUR

The net-long in the Russian Ruble which has been added to the table, reached the highest since November 2016.  
Speculative positioning in RUB

– Edited by Clare MacCarthy


Ole Hansen is head of commodity strategy at Saxo Bank  
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COT: Non-commercial IMM currency positions

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COT: Leveraged fund positions in bonds and stock index futures incl VIX


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