USD longs surged, EUR shorts dropped – Rabobank
|According to CFTC Commitment of Traders Report, USD net longs surged to their strongest levels since April 2017 last week, notes the research team at Rabobank.
Key Quotes
“Net EUR short positions dropped to their most extreme levels since June.”
“Net short GBP positions dropped moderately having surged the previous week.”
“JPY net positions have been back in positive ground for seven straight weeks on safe haven demand, though they are off their recent highs.”
“CHF net shorts climbed a little last week. Despite its safe haven status, signs that the SNB has recently intervened in the FX market have distorted demand for the CHF.”
“CAD net long positions surged as the BoC remained defiant at its Sep 4 policy meeting. This view was subsequently underpinned by a strong Canadian jobs report.”
“AUD net shorts dropped last week. The AUD’s role as a proxy for confidence in China suggests that trade talks between the US and China are providing direction.”
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