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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 / 08 August 2016 at 8:04 GMT

COT: Dollar longs were pared ahead of US jobs report

Head of Commodity Strategy / Saxo Bank
Denmark
By Ole Hansen

Hedge funds reduced bullish dollar bets for the first time in five weeks ahead of the US jobs report last week. Short-covering in EUR and renewed buying of JPY helped offset light selling of others. 

Speculative IMM currency positioning










EUR resilience helped drive an 8% reduction in the net short. During the previous six weeks the net short almost doubled despite EURUSD holding support.  

Speculative IMM currency positioning
 

GBP continued to be sold with the net short hitting a record high ahead of Bank of England’s rate cut decision last Thursday.
Speculative positioning in IMM GBP
– Edited by Clare MacCarthy

Ole Hansen is head of commodity strategy at Saxo Bank. His Twitter account was cited by MarketWatch as one that investors should follow in 2016. 

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Commitments of Traders: IMM currency futures

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