Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 04 December 2017 at 8:22 GMT

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

Head of Commodity Strategy / Saxo Bank
  • 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




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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