07 August 2017 at 8:23 GMT
- Selling of USD against eight IMM currency futures persited in week to Aug. 1
- Gross USD short hit new 4-1/2-year high, despite some EUR profit-taking
- Net longs in CAD, AUD and MXN hit fresh four-year highs
- Llight euro selling took net EUR long off recent peak
Light selling of the euro took the net long EUR position
off its recent peak. Image: Shutterstock
By Ole Hansen
Non-commercial selling of the US dollar against eight International Monetary Market currency futures continued in the week to August 1. The gross dollar short hit a fresh 4-1/2-year high, with buying of JPY and CAD more than offsetting a second week of IMM euro profit-taking.
The net-long positions in CAD, AUD and MXN all hit fresh four-year highs, while a second week of light euro selling saw the net long retrace further from the recent peak at 91,321 lots, a six-year high.
— Edited by John Acher
Ole Hansen is head of commodity strategy at Saxo Bank