05 September 2016 at 7:30 GMT
Dollar long at eight-week low after Jackson Hole meeting. Photo: iStock
By Ole Hansen
Hedge funds have scaled back bullish dollar bets for a fifth consecutive week. Despite the stronger dollar following Janet Yellen’s Jackson Hole speech, five of the eight IMM currency futures tracked in this were bought.
JPY continued to be bought despite seeing USDJPY move back above 100
The GBP net-short saw the first reduction since the Brexit vote. But the gross-short nevertheless hit a new record ahead of the strong manufacturing PMI.
— Edited by Martin O'Rourke
Ole Hansen is head of commodities strategy at Saxo Bank