Article / 07 August 2017 at 8:23 GMT

COT: IMM dollar short hits 4-1/2-year high — #SaxoStrats

Head of Commodity Strategy / Saxo Bank
Denmark
  • 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

Currencies
 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.

Speculative IMM currency positioning
 
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. 
Speculative IMM currency positioning
 
IMM EUR
 

— Edited by John Acher

Ole Hansen is head of commodity strategy at Saxo Bank

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Non-commercial positioning in IMM currency futures

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