COMMITMENT OF TRADERS—CFTC

morning briefing BEARISH CAD POSITIONING ACCELERATES FOR THIRD WEEK
• This week’s positioning changes were limited to CAD and GBP, both showing a slight deterioration in sentiment ahead of the UK referendum. EUR sentiment deteriorated modestly and it remains the largest held net short, while JPY—the largest held net long— saw a slight moderation in bullish positioning. Gold positioning climbed to a fresh record $37.1bn long following a modest $1.1bn w/w rise. The aggregate USD long is still low at $8.7bn.
• CAD sentiment has deteriorated for a third consecutive week with an impressive $1.2bn w/w decline in the net long CAD position to $0.2bn. Details suggest an acceleration in bearish positioning, with gross shorts driving the bulk of the cumulative $1.8bn swing from May 31. This most recent week showed the greatest deterioration in the net position (in contract terms) since early 2014.
• GBP sentiment deteriorated ahead of the UK referendum, with a $1.5bn widening in the net short position to $4.8bn as investors pared risk to both sides with a near full reversal of the prior week’s build in gross longs. Investors also pared risk in EUR, reducing both gross long and short positions.
EUR grafic> ED
• Investors took different approaches to the safe havens CHF and JPY, paring risk in the former while adding modest risk in the latter. JPY remains the largest held net long at $6.2bn.

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