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- USD longs slip, EUR shorts leap higher – Rabobank
USD longs slip, EUR shorts leap higher – Rabobank
According to CFTC Commitment of Traders Report, USD net longs slipped for the first time since the middle of August, though levels remain elevated, note analysts at Rabobank.
- “In the spot market the EUR has been reclaiming some ground vs. the USD since the start of the month.
- Net EUR short positions leapt higher last week. Some members of the Governing Council pushed back against the easing package announced at the September policy meeting.
- Net short GBP positions dropped back for a fourth consecutive week.
- JPY net positions have been back in positive ground for ten straight weeks on safe-haven demand, but longs have been dropping back for four weeks.
- Latest data show CHF net shorts edging lower. Despite its safe-haven status, signs that the SNB is prepared to intervene in the FX market have distorted demand for the CHF.
- CAD net long positions edged lower last week. The fall back in oil prices since the middle of September has weighed on the CAD.
- AUD net shorts dropped back last week. The AUD’s role as a proxy for confidence in China suggests that trade talks between the US and China are providing direction. The RBA cut rates again this month.”
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