Article / 04 December 2017 at 8:22 GMT

COT: JPY short-covering, Brexit breakthrough GBP rally — #SaxoStrats

Head of Commodity Strategy / Saxo Bank
Denmark
  • Non-commercial USD short rises to November 28
  • EUR net-long saw a small reduction to 89,681 
  • Net-short in IMM CHF rose to a 5½-year high

USD index
 JPY short-covering and a Brexit-fuelled sterling rally pushed the USD short position higher in the week to November 28. Photo: Shutterstock

By Ole Hansen

Despite increased focus on a tax deal in the US, the non-commercial dollar short against eight IMM currency futures rose by $1 billion to $5.5bn in the week to November 28. 
 
Speculative IMM currency positioning
 
The change was triggered by a second week of JPY short-covering and fresh buying of sterling following the Brexit divorce bill breakthrough. The euro net-long saw a small reduction to 89,681 lots while staying close to the average 86,000 lots average that has prevailed since July. 

The net-short in IMM CHF rose to a 5½-year high following 11 consecutive weeks of selling. It was a quiet week for the commodities currencies with no change seen in CAD and only small reductions in AUD and NZD.

Speculative IMM currency positioning





IMM JPY:
IMM JPY
 
 













IMM EUR:
IMM EUR
 














IMM CHF:
IMM CHF
 














Leveraged bonds and stock index futures positions:
Speculative positioning in bonds and stock index futures

— Edited by Michael McKenna

Ole Hansen is head of commodity strategy at Saxo Bank 
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Commitments of Traders: Non-commercial IMM forex positioning

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Commitments of Traders: Managed money positions in bonds and stock index futures

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