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 / 03 October 2016 at 7:35 GMT

COT: Dollar long jumps on CHF, CAD, GBP sell wave

Head of Commodity Strategy / Saxo Bank


Sterling was already under pressure before prime minster Theresa May said the
UK would be boarding the EU exit bus no later than March 31, 2017. Photo: iStock

By Ole Hansen

Hedge funds increased bullish IMM dollar bets by 31% during the week ending September 27. The rise in the gross dollar long to a seven-week high was driven by heavy selling of CHF, CAD and not least GBP. 

Speculative IMM currency positioning
 Table overview:
Speculative IMM currency positioning
There was renewed pressure on sterling with the gross-short (red line) rising to a new record ahead of prime minister Theresa May announcing that she will start the process of pulling the UK out of the EU in the first quarter of 2017.

Speculative positioning in IMM GBP
The net position in IMM CAD turned net-short for the first time in six months. This came just ahead of the Opec deal which helped trigger a small recovery. 

Speculative positioning in IMM CAD
— Edited by Martin O'Rourke

Ole Hansen is head of commodities strategy at Saxo Bank

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