According to the latest CFTC Commitment of Traders Report, USD net longs slipped for a fourth consecutive week, notes the research team at Rabobank.
Key Quotes
“Net EUR short positions increased moderately. The previously week they had dropped sharply to their lowest levels since early September.”
“Net short GBP positions dropped back for a seventh consecutive week and are now at their lowest level since May.”
“JPY net positions held in negative ground for a third consecutive week.”
“CHF net shorts remain broadly stable. Despite its safe haven status, signs that the SNB is prepared to intervene in the FX market have distorted demand for the CHF.”
“CAD net long positions surged again last week. Robust jobs data strengthened the case for steady rates from the BoC going forward.”
“AUD net shorts fell for a second consecutive week. The AUD’s role as a proxy for confidence in China suggests that US/China trade talks are providing direction.”
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