Article / 29 August 2016 at 8:13 GMT

COT: Funds cut dollar exposure ahead of Jackson Hole

Head of Commodity Strategy / Saxo Bank
  • Hedge funds reduce bullish USD bets
  • GBP selloff now appears to be fading
  • Oil rally boosts CAD net-long

Jackson Hole, Wyoming
Hedge funds retreated from the dollar-bull perspective ahead of last week's
central bank summit at Jackson Hole, Wyoming. Photo: iStock 

By Ole Hansen

Hedge funds reduced bullish dollar bets against eight IMM currency futures by more than one-third in the run-up to last Friday’s Jackson Hole speech by Federal Reserve chair Janet Yellen. 

Speculative IMM currency positioning

During the week ending August 23, six out of the eight IMM currency futures tracked herein were bought against the dollar, not least the EUR with the net-short being reduced by 17%.

Speculative IMM currency positioning

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Other highlights

  • GBP selling extended into a ninth week but now seems to be fading. 
  • Bull run in oil helped to lift the net-long in CAD by one-third.

— Edited by Michael McKenna

Ole Hansen is head of commodity strategy at Saxo Bank

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Commitments of Traders: IMM currency futures


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