COT Report: Analysis and Talking Points
Source: CFTC, DailyFX (Covers up to June 11th, released June 14th)
US Dollar Outlook Less Bullish, CHF Shorts Cut - COT Update
Speculative positioning in the USD had been cut by above $2.5bln vs G10 currencies to $32.1bln. However, with that said, weekly changes in the majors (EUR, GBP & JPY) had been relatively muted. The increase in risk averse sentiment saw a short squeeze in CHF with net short bets being cut by over $1.4bln, as such, short positions now outnumber longs by 6.5:1 (Prev. 8.9:1)
Elsewhere, across commodity currencies, bearish sentiment in the Canadian Dollar eased as speculators took comfort from the recent improvement in Canadian data. Consequently, gross longs had been added, resulting in a $646mln reduction in net shorts. Little change seen both the Aussie or Kiwi.
KEY TRADING RESOURCES:
- Just getting started? See our beginners’ guide for FX traders
- Having trouble with your strategy? Here’s the #1 mistake that traders make
- See our FX forecasts to learn what will drive FX the through the quarter.
--- Written by Justin McQueen, Market Analyst
To contact Justin, email him at Justin.firstname.lastname@example.org
Follow Justin on Twitter @JMcQueenFX