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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 / 30 January 2017 at 8:32 GMT

COT: Euro net-short drops to four-month low

Head of Commodity Strategy / Saxo Bank
Denmark

m Euro-net shorts at four-month low. Photo: Shutterstock

By Ole Hansen

Leveraged funds were net-sellers of the dollar for a third week during the latest reporting week that ended last Tuesday. It covered the period up until Donald Trump’s inauguration and his first days in office. 


Speculative IMM currency positioning


All eight IMM currency futures were bought against the dollar with longs increasing by 23,000 lots while shorts were reduced by 36,000 lots. 

Speculative IMM currency positioning
Bearish IMM EUR bets was reduced by 14% to the lowest since September 27, primarily due to short-covering.

Speculative positioning in IMM EUR
 
Commodity currencies are back in demand with the net position in CAD and AUD both swinging back to a net-long. The loonie has been bought in eight out of the last ten weeks but it was only last week the net turned positive for the first time since September.

— Edited by Martin O'Rourke

Ole Hansen is Saxo Bank's head of commodities strategy
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Commitments of Traders: IMM Currency Futures in week to January 24

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