John J Hardy
Saxo Bank’s head of FX strategy John Hardy takes a closer look at trends and moves in today’s forex charts, including EURUSD, USDJPY, AUDUSD, and EURSEK.
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
Download document

Commitments of Traders: Non-commercial IMM Currency positions

Download document

Commitments of Traders: Leveraged positions in bonds and stock index 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