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JPY Bulls Approaching Extreme Levels, EUR/USD Shorts Slashed  - COT Report

JPY Bulls Approaching Extreme Levels, EUR/USD Shorts Slashed - COT Report

Justin McQueen, Strategist

COT Report: Analysis and Talking Points

  • USD Net Longs Ease Amid Demand for Safe-Havens
  • JPY Longs Rising Towards Extreme Levels
  • EUR/USD Shorts Slashed

The Predictive Power of the CoT Report

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Source: CFTC, DailyFX (Covers up to August 20th, released August 23rd)

JPY Bulls Approaching Extreme Levels, EUR/USD Shorts Slashed - COT Update

The latest CFTC positioning data showed that investors had once again cut their US Dollar long exposure, dropping to $14.498bln vs G10 currencies. Much of this had been down to the sizeable reduction in Euro net shorts (-$1.244bln) as gross shorts had been cut by 7,431 contracts. Elsewhere, investors continued to seek safe-havens amid the increasingly uncertainty economic environment, as such, Japanese Yen bullish bets rose by $768mln to $3.666bln, highest since November 2016, which Swiss Franc net shorts had been scaled back.

GBP positioning had been relatively unchanged with bearish bets easing slightly to $7.028bln, nonetheless, market participants remain the most bearish on the Pound in the G10 FX space. Risk sensitive currencies (AUD, CAD, NZD) also saw little movement.

US DOLLAR

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EURUSD

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GBPUSD

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USDJPY

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USDCHF

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USDCAD

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AUDUSD

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NZDUSD

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KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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