Article / 15 August 2016 at 9:05 GMT

COT: Dollar longs reduced with JPY and EUR in demand

Head of Commodity Strategy / Saxo Bank
  • Big story remains sterling where speculators expand record short
  • Funds were neutral NZD ahead of the RBNZ Aug 10 rate move
  • Demand for yen remained strong last week
By Ole Hansen

Hedge funds reduced bullish dollar bets for the first time in six weeks. During the week ending August 9 the Japanese yen remained in demand while the euro, the biggest short, was bought for the first time in eight weeks while bearish GBP bets hit new record.

Speculative IMM currency positioning

Funds were neutral NZD ahead of the Reserve Bank of New Zealand rate move on Aug 10. However, the rise in both gross long and short positions ensured continued volatility.

Speculative IMM currency positioning
The big story is still sterling where speculators continue to add to an already record short position in IMM GBP.  Last week the sixth consecutive extension of bearish bets occurred before and after the Bank of England rate cut on August 4.

Speculative positioning in IMM GBP

– Edited by Clare MacCarthy

Ole Hansen is head of commodity strategy at Saxo Bank

Download document

Commitments of Traders: IMM currency futures


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail