Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 05 February 2018 at 7:08 GMT

COT: Euro longs reach a record; VIX short cut by a third — #SaxoStrats

Head of Commodity Strategy / Saxo Bank
  • The gross USD short against nine IMM currency futures soared to a 16-week high
  • EURUSD tried for a second time to break above 1.2500
  • The JPY net-short hit a five week low and remained the most shorted currency

 The Japanese yen was the most shorted currency in the week to January 30. Photo: Shutterstock

By Ole Hansen

In the week to January 30, the gross dollar short against nine IMM currency futures reached $17.2 billion, a 16-week high. The dollar selling was broad-based with small reductions in GBP, AUD and RUB not having much of an impact.  

Speculative IMM currency positioning

As the EURUSD tried for a second time to break above 1.2500, the IMM EUR net-long reached a new record of 149,000 lots, the equivalent of €18.6 billion. The JPY net-short was cut to a five week low, but remained the most shorted currency. 

Speculative IMM currency positioning


In equities, leveraged traders bought every equity index, while covering a third of their VIX net short. 

Speculative positioning in Financials
— Edited by Robert Ryan

Ole Hansen is head of commodity strategy at Saxo Bank

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COT on IMM Currency Futures

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COT on Financials, including bonds, stock index and VIX futures


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