CFTC Positioning Report: USD net longs climbed to multi-month highs
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Subscribe to PremiumThese are the main highlights of the CFTC Positioning Report for the week ended on May 17th:
- Speculators added gross dollar longs for the second week in a row and pushed the net longs to levels last seen in late January. Higher-than-expected US inflation figures reinforced the speculation of a tighter normalization by the Fed and pushed the US Dollar Index (DXY) top fresh 19-year peaks around 105.00 (May 13), just to spark a marked corrective downside afterwards.
- Net longs in the single currency rose to 3-week highs in a context initially favouring the greenback, all amidst the resurgence of the risk aversion on the back of rising geopolitical tensions. After bottoming out in new 5-year lows around 1.0350, EUR/USD managed to regain composure and retake the 1.0500 mark and above later.
- In the safe haven universe, net shorts in JPY dropped to 2-week lows and the USD/JPY broke below the 128.00 mark, while net shorts in CHF advanced to levels last seen in November 2021 and USD/CHF surpassed the psychological 1.0000 mark for the first time since late May 2019.
- In the commodity’s galaxy, net longs in gold shrank to multi-week lows and the price of the ounce troy recorded new lows in the area below the critical $1800 yardstick.
These are the main highlights of the CFTC Positioning Report for the week ended on May 17th:
- Speculators added gross dollar longs for the second week in a row and pushed the net longs to levels last seen in late January. Higher-than-expected US inflation figures reinforced the speculation of a tighter normalization by the Fed and pushed the US Dollar Index (DXY) top fresh 19-year peaks around 105.00 (May 13), just to spark a marked corrective downside afterwards.
- Net longs in the single currency rose to 3-week highs in a context initially favouring the greenback, all amidst the resurgence of the risk aversion on the back of rising geopolitical tensions. After bottoming out in new 5-year lows around 1.0350, EUR/USD managed to regain composure and retake the 1.0500 mark and above later.
- In the safe haven universe, net shorts in JPY dropped to 2-week lows and the USD/JPY broke below the 128.00 mark, while net shorts in CHF advanced to levels last seen in November 2021 and USD/CHF surpassed the psychological 1.0000 mark for the first time since late May 2019.
- In the commodity’s galaxy, net longs in gold shrank to multi-week lows and the price of the ounce troy recorded new lows in the area below the critical $1800 yardstick.
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