Article / 18 December 2017 at 8:17 GMT

COT: Euro long hits record on short-covering — #SaxoStrats

Head of Commodity Strategy / Saxo Bank
  • Both long and short positions reduced in GBP, JPY, and CAD
  • For AUD, length was added to both long and short positions
  • Big action was in IMM EUR where the net-long jumped by 22%

By Ole Hansen 

In the week to December 12, the non-commercial dollar short against eight IMM currency futures jumped 55% to $9.3 billion, an eight-week high. 

Speculative positioning in Commodities

The arrival of December and end-of-year book squaring resulted in both long and short positions being reduced in GBP, JPY, and CAD with the standout exception being AUD where length was added to both long and short positions .

 The AUD enjoyed additions by funds to long and short positions. Photo: Shutterstoclk

Speculative IMM currency positioning

Almost all the action was seen in IMM EUR where the net-long jumped by 22% to reach a fresh record of 113,889 lots. 

The change, however, was purely driven by short-covering, an indication of just how much last Wednesday’s US rate hike had already been priced in.  

Speculative positioning in IMM EUR

Speculative positioning in bonds and stock index futures

Source: all charts from Bloomberg and Saxo Bank

— Edited by Adam Courtenay 

Ole Hansen is head of commodity strategy at Saxo Bank
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Commitments of Traders: Non-commercial IMM Currency positions

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Commitments of Traders: Leveraged positions in bonds and stock index futures

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