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Article / 05 September 2016 at 7:30 GMT

COT: Dollar long at eight-week low after Jackson Hole

Head of Commodity Strategy / Saxo Bank
Denmark
l
 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. 

Speculative IMM currency positioning


JPY continued to be bought despite seeing USDJPY move back above 100

Speculative positioning in IMM JPY
 
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.

Speculative positioning in IMM GBP



















— Edited by Martin O'Rourke

Ole Hansen is head of commodities strategy at Saxo Bank
Download document

COT 260905

1y
chops77 chops77
Hey Ole is there only a PDF for COT Commodities? cannot find FX PDF. Thanks
1y
Ole Hansen Ole Hansen
Hi Chops77. Thank you for pointing that out. Will be added shortly.
1y
AlexF AlexF
Dear Ole, what is yoru view after the Saudi/russian annoucement sell the news or this is more long term support and we saw the bottom for the year in crude and going higher ?
1y
chops77 chops77
No prob . Thank you for the report :)
1y
Ole Hansen Ole Hansen
Russia and Saudi Arabia delivered nothing new today with the market once again getting all excited ahead of the press conference. The oil market will eventually move higher but with producers not yet prepared to do more than keep talking it may take longer than expected. The extreme moves this past month is a clear sign that the market is struggling to work out the direction. This given the alternation in focus between verbal intervention and inventory watch.
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