IFC Markets - Analytics

    IFC Markets

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    USD Net Longs Decline For The Second Week

    The latest report by the Commodity Futures Trading Commission (CFTC) covering data up to April 7 showed that US dollar net long positions fell to $40.23 billion from $40.38 billion the previous week against the major currencies. As is evident from the CFTC Sentiment table the decline in the value of aggregate long US dollar position was mainly the result of decrease in net short euro position. The sentiment improved also toward the British Pound. The Swiss franc again is the only currency held net long against US dollar while every other currency is still held net short against the US dollar. Investors trimmed negative bets on euro to -$29.1bn. The $1.3bn narrowing of euro net short position came after widening of euro net short bets at markedly slower pace of $0.26bn the previous week, reflecting continued improvement in sentiment toward euro as US jobs data showed March nonfarm payrolls increased by half as much as had been expected. Euro still makes the bulk of net short positions against US dollar, with changes resulting mainly from short covering. The sentiment towards Japanese yen deteriorated as yen net short bets widened by $49 million. The yen net short bets at -$2.54bn are now only the fourth highest among the major currencies. Investors continued increasing gross longs in British Pound, narrowing net short positions by $0.22 bn with Pound net short bets at -$3.18bn still the second highest among the major currencies. The sentiment towards Australian dollar and Canadian dollar deteriorated, resulting in widening of their net short positions by $1.22bn and $64 million to -$3.08bn and -$2.4bn respectively. The Australian dollar net short bets are now the third highest against the US dollar as investors increased steeply their gross short positions.

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