IFC Markets - Analytics

    IFC Markets

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    USD Net Longs Decline to Nine Month Low

    According to the report of The Commodity Futures Trading Commission (CFTC) covering data up to May 12 the net long US dollar position fell to $ 29.13 billion from $32.25 billion. Investors reduced positive bets on the US dollar for the seventh week in a row, bringing it to the lowest level in nine months. As is evident from the Sentiment table, the broad based improvement in sentiment toward major currencies continued from the past week and the reduction in euro’s net short bets contributed the most to the fall of US dollar net long position, while only the British Pound net short position increased. The bullish US dollar sentiment continued softening as April jobs report showed nonfarm payrolls rebounded after the previous month’s slump but average hourly earnings fell, providing no sign for build up of inflation expectations. The Swiss franc and Australian dollar continue to be held net long against US dollar with every other currency held net short against the US dollar. The euro bearish sentiment moderated further as net short position narrowed $1.50bn to $25.1bn, with euro comprising about 84% of the aggregate US dollar longs. The narrowing of euro net short position resulted mainly from short covering while investors cut also gross long positions for the second week in a row. The Japanese yen net short position narrowed $0.8bn to $2.5bn, led by short covering as investors reduced also gross long positions. Net short bets in Japanese yen are now the third highest among the major currencies. The British pound net short bets widened $0.6bn to $3.0bn as investors increased both gross shorts and gross long positions, making the Pound net short bets the second highest among the major currencies. The sentiment towards Australian dollar and Canadian dollar continued to improve as their net short positions narrowed by $0.3bn and $0.5bn respectively with Australian dollar held net long with $0.3 bn position while the Canadian dollar net short bets fell to $0.3bn. While investors reduced gross shorts and increased gross long bets in Australian dollar, the change in net short bets in Canadian dollars came mainly from short covering.

    commitment of traders

    commitment of traders net long short

    commitment of traders weekly change

    market sentiment ratio long short positions


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