Rabobank 1/9: #CFTC Commitment of Traders Report
Speculators’ net #USD positions held in positive territory for the 4th consecutive week, though overall size dropped moderately along with the softer tone of the greenback in the spot market. Previous to this the market had not had
Speculators’ net #USD positions held in positive territory for the 4th consecutive week, though overall size dropped moderately along with the softer tone of the greenback in the spot market. Previous to this the market had not had
Rabobank 2/9: a run of net long positions since June 2020. The USD has been one of the best performing G10 currencies this year reflecting reflation optimism and a shift in expectations regarding Fed rates policy.
#EUR net longs dropped to their lowest level since March 2020.
#EUR net longs dropped to their lowest level since March 2020.
Rabobank 3/9: Concerns about the speed of the vaccine roll-out programme in #Eurozone have been constraining expectations regarding the economic recovery in the region as fears about a third wave spread. ECB has brought forward bond purchases to push down the level of bond yields
Rabobank 4/9: which has also been restraining the EUR. That said, the vaccine rollout programme is accelerating in Europe and this should lend some support.
Having popped a little higher the previous week, Net #GBP long positions dropped to their lowest level since February.
Having popped a little higher the previous week, Net #GBP long positions dropped to their lowest level since February.
Rabobank 5/9: The fall is consistent with the softer tone of the pound in the spot market. The profit-taking was triggered by a drop in the availability of vaccines in the UK for April and by a souring in the news about the Astra-Zeneca jab.
Rabobank 6/9: #JPY net short positions fell back a little having gained significantly in recent weeks. The reflation trade had been taking its toll on the safe haven, low yielding JPY as yields increased in the US.
Rabobank 7/9: #CHF net long positions edged lower, though the tone has been broadly consolidative since the middle of March. Though its low yielding status has undermined it, the safe haven CHF remains sensitive to fears related to the pandemic/vaccine roll-out in Europe.
Rabobank 8/9: #CAD net long positions are holding at their lowest level since Dec2020 as profit-taking bites.
#CAD has performed strongly this year in spot market supported by hopes that econ will see residual benefits from Biden relief package. #Oilprices have also been in view
#CAD has performed strongly this year in spot market supported by hopes that econ will see residual benefits from Biden relief package. #Oilprices have also been in view
Rabobank 9/9: #OPEC+ has announced that it will begin a partial rollback of supply cuts.
Net #AUD long positions retreated after the previous week’s surge. The #RBA has remained very dovish and trade tension with China are a concern.
Net #AUD long positions retreated after the previous week’s surge. The #RBA has remained very dovish and trade tension with China are a concern.
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