Jane Foley, Senior FX Strategist at Rabobank, lists down the IMM net speculators’ positioning as at 08 November 2016.
Key Quotes
“The reported level of net USD longs edged back from the previous week’s strength on uncertainty about the US election result. While the surprise result initially pressured the greenback lower in the spot market, long positions will likely be higher in the next set of data given the market’s anticipation of inflation.”
“Bearish bets against the pound recovered some ground having dropped back during the four previous weeks. The outcome of the UK High Court ruling that specifies that parliament and not the government has the power to trigger Brexit should support hopes that a ‘hard’ Brexit could be avoided.”
“EUR shorts also fell back having returned to levels last recorded in January the previous week. At the October Council meeting, ECB President Draghi commented that QE would not end abruptly and thus signaled that the asset purchases programme could be extended beyond the current March 2017 end date.”
“Net yen longs dropped ahead of the US election result. The subsequent recovery in the USD is likely to keep yen longs under pressure.”
“CAD net shorts increased as oil prices came under pressure. The level of AUD longs grew for a seventh consecutive week following the RBA’s steady policy decision on November 1. Concerns about the impact on China of US protectionism policies, however are set to keep the AUD nervous.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
Recommended content
Editors’ Picks
EUR/USD holds losses below 1.1700 amid firmer US Dollar
EUR/USD stays under pressure below 1.1700 in the European session on Friday. The pair is weighed by fading EU-US trade deal hopes as US President Trump is set to send a tariff letter to the European Union later in the day. Sustained haven demand for the US Dollar adds to EUR/USD's downside.
Meme coins to watch as Bitcoin hits record high
Meme coins Bonk, Dogwifhat, and Floki are positioned to extend gains as the weekly recovery reaches crucial resistance levels. The meme coins gain bullish momentum on the back of Bitcoin’s (BTC) recovery run, hitting a new all-time high on Thursday.
Gold price flirts with weekly top near $3,340 amid sustained safe-haven buying
Gold price attracts some follow-through buying for the third straight day on Friday and climbs to the top end of its weekly range in the European session. In a dramatic escalation of the trade war, US President Donald Trump this week issued notices to a slew of trading partners and raised concerns about a global trade war.
Unemployment rate set to rise in Canada, reinforcing expectations of a BoC rate cut
Consensus among market participants projects a slight rise in Canada’s Unemployment Rate to 7.1% in June, up from 7.0% in May. Additionally, investors forecast the economy will add no jobs in the same month, reversing May’s 8.8K increase.
GBP/USD keeps the red near 1.3550 after UK data
GBP/USD keeps losses near 1.3550 in European trading on Friday. The pair faces headwinds from an unexpected UK economic contraction in May. Additionally, a broadly firmer US Dollar on rising trade tensions continues to undermine GBP/USD.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.