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These are the main highlights of the CFTC Positioning Report for the week ended on October 1st:

  • USD net longs extended the uptrend and are now in levels last seen in late April 2017. Speculators’ optimism around the buck stayed firm for yet another week. Despite further rate cuts by the Fed remains in the pipeline, the dovish signals from other central banks and the generalized weakness in overseas economies appear to be lending support to the Greenback for the time being.
  • Net longs in WTI receded to 4-week lows amidst a generalized weakness in the global manufacturing sector and its impact on the demand for crude oil. In addition, traders appear to have started to gauge the possibility of deeper output cuts by the OPEC should the prospects of oil demand worsen.
  • GBP net shorts shrunk to the lowest level since mid-July on the back of renewed expectations of a Brexit deal before/around the October deadline.