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According to the CFTC Commitment of Traders Report, USD longs dropped back moderately last week, marking its first fall since the middle of June, notes the research team at Rabobank.

Key Quotes

“The previous week safe haven demand pushed the level of JPY net positions back into positive ground for the first time since November 2016. Last week net longs extended further.”

“Net EUR short positions increased last week, though they remain below the levels achieved in late July.”

“Having increased for twelve consecutive weeks, net short GBP positions finally pulled back some ground.”

“CHF net shorts dropped last week. This appears to reflect increased demand for safe haven assets.”

“CAD net long positions dropped sharply last week as market speculation of potential BoC rate cuts gathered pace.”

“AUD net shorts increased for a third week on dovish RBA rhetoric.”