IFC Markets - Analytics

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    USD Net Longs Rise to Six Week High

    The report of the Commodity Futures Trading Commission (CFTC) covering data up to July 21 showed the value of US dollar net long position increased to $29.77 billion from $27.29 billion in the previous week, reaching a six-week high. The economic reports during the week indicated inflation rose 0.1% year over year in June compared to 0% percent inflation recorded in the previous month, with core inflation climbing 1.8% against 1.7% increase in May. The housing market showed signs of impressive recovery as housing starts jumped 9.8% after 10.2% fall in the previous month. At the same time Federal Reserve Chair Janet Yellen testified to Congress and Senate lawmakers and confirmed the plans to raise interest rates, boosting US dollar. As is evident from the Sentiment table, the sentiment deteriorated for all major currencies except for British Pound and Swiss Franc. All currencies are still held net short, with the Swiss franc the only currency held net long against US dollar.

    The euro sentiment continued to deteriorate. The net short bets in euro widened $0.6bn to $15.4bn, with euro comprising about 52% of long US dollar position. The euro net short position rose as investors increased both gross longs and gross shorts.

    The Japanese yen sentiment deteriorated after improving for three weeks with net short position widening $1.48bn to $6.2bn as investors increased gross shorts and gross longs. The Japanese yen still has the second highest short bets against US dollar, making up 21% of aggregate US dollar long position. The British pound net short bets widened $0.27bn to $2.0bn with investors cutting both gross longs and gross shorts.

    The sentiment toward the Canadian dollar deteriorated at a slower pace with net short position widening $0.16bn to $3.3bn. Investors increased both gross longs and gross short positions. The Australian dollar net short bets continued to deteriorate and widened by $0.5bn to $3.0bn as investors cut gross longs and increased gross shorts. The Swiss franc net longs increased by $38 million to $0.4bn as investors increased both gross longs and gross shorts.

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