The latest report by Commodity Futures Trading Commission (CFTC) covering data up to the 8th of April showed that the trend for the most of the currencies remained unchanged concerning investor’s sentiment. The Euro bullish sentiment moderated against the US dollar for one more week as deflation risks sustain. The Euro weekly change has been the largest negative change among major currencies in the respective week and the common currency lost the first place in net long position against the US dollar. At the same time the Japanese Yen net short position holds as the biggest for another week at minus $10.73 billion. Moreover, the samurai currency had the lowest long/short ratio however the weekly negative change diminished and next week’s data might reveal positive weekly transformation due to current risk aversion.
Furthermore, the Canadian dollar negative bias calmed as the net short decreased by $0.21 billion to minus $3.14 billion. On the other hand the British pound bullish bias increased by $1.37 billion against the US dollar which is the largest bullish weekly change. The Australian dollar bias turned bullish with net long position climbing to $0.31 billion. In the reporting week the kangaroo currency weekly change has been the second strongest and it is coupled with uptrend establishment in the price pattern.
Lastly, the biggest long/short ratio was built by the Swiss franc according to the latest report. This dynamic has been the same like the previous report despite that the net long position declined by $0.41 billion according to CFTC. The second largest long/short ratio is with the British pound which is gradually building its bullish sentiment in recent weeks. The net long at GBP is making a new high but the exchange rate failed for another week to rise above 3 and a half years cap at 1.6820.
This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.
Recommended Content
Editors’ Picks
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD comes under pressure and challenges 1.2500
GBP/USD now rapidly loses momentum and gives away initial gains, returning to the 1.2500 region on the back of the strong comeback of the US Dollar.
Gold retreats from highs on stronger Dollar, yields
XAU/USD trims part of its initial advance in response to the jump in the Dollar's buying interest and the re-emergence of the upside pressure in US yields.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.