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Kay Van-Petersen
Saxo's global macro strategist Kay Van-Petersen examines the big issues over the next few days for the markets including why Banco de México is a central bank meeting to watch.
Article / 20 February 2017 at 8:36 GMT

COT: Bullish dollar bets hit six-month low

Head of Commodity Strategy / Saxo Bank
Denmark

j Bullish bets on dollar at lowest since September. Photo: Shutterstock

By Ole Hansen

Leveraged funds reduced bullish dollar bets to the lowest since September during the week ending February 14.

Six consecutive weeks of dollar selling has reduced the gross-long by 60% with broad based selling seen, not least against the commodity currencies with bullish IMM CAD bets reaching a four-year high. 


Speculative IMM currency positioning
Table:
Speculative IMM currency positioning
 
Leveraged funds raised bullish IMM CAD bets to a new 4-year high. From minus 17,000 lots to plus 21,000 in six weeks.
Speculative positioning in IMM CAD
The JPY has been net-bought for the past six weeks despite having seen USDJPY remain rangebound during most of that time.
 
— Edited by Martin O'Rourke

Ole Hansen is Saxo Bank's head of commodities strategy
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Commitments of Traders: IMM currency futures

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