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US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT Report

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed - COT Report

Justin McQueen, Strategist

COT Report – Analysis and Talking Points

The Predictive Power of the COT Report

How to Read the CFTC Report

COT FX Table

Source: CFTC, DailyFX (Covers up to November 26th, Delayed Release due to Thanksgiving Holiday)

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed – COT Report

In the latest positioning update from the CFTC, data showed that speculators had once again raised their net long exposure in the US Dollar with bullish bets rising around $1.8bln to $22.4bln against G10 currencies.

The largest weekly change had been observed in the Canadian Dollar, which saw another reduction in long positions of $643mln amid the continued weakness in Canadian data. Consequently, positioning in CAD has continued to move towards neutral territory and thus further selling may begin to ease slightly.

Given that risk appetite had remained positive as US equity markets pushed toward record highs, safe-haven currencies were out of favour with sentiment in the JPY and CHF deteriorating further following a $500mln increase in net shorts.

Elsewhere, GBP gross shorts rose by 4k lots which in turn led to a $364mln increase in net shorts. As such, this may explain Sterling’s inability to break above the 1.3000 handle ahead of the general election. Elsewhere, the Euro saw a slight reduction in net shorts as speculators engaged in taking up fresh long positions, however, the Euro remains the largest bearish bet in the G10 complex.

COT FX RANGE

US Dollar

USD COT POSITIONING

EUR/USD

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT ReportUS Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT Report

GBP/USD

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT ReportPlease add a description for the image.

USD/JPY

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT ReportUS Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT Report

USD/CHF

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT ReportUS Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT Report

USD/CAD

CAD COT POSITIONINGUS Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT Report

AUD/USD

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT ReportUS Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT Report

NZD/USD

US Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT ReportUS Dollar Buying Continues, GBP/USD Shorts Rise, CAD Longs Slashed  - COT Report

For a more in-depth analysis on FX, check out the FX Forecast

--- 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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