IMM FX Futures Positioning: Non-commercial traders net sell EUR In the week ending September 1, non-commercial traders net purchased a modest $0.7bn USD after net sales of $2.2bn USD the previous week. Both asset managers and leveraged funds contributed to the net purchases of Dollars. Non-commercial traders mainly net sold EUR, after eight consecutive weeks...
IMM FX Futures Positioning: Non-commercial traders net sell EUR In the week ending September 1, non-commercial traders net purchased a modest $0.7bn USD after net sales of $2.2bn USD the previous week. Both asset managers and leveraged funds contributed to the net purchases of Dollars. Non-commercial traders mainly net sold EUR, after eight consecutive weeks...
Well the Euro managed to pierce 1.20 yesterday morning and get a nice, optically noticeable new high on the record. That was the good news for bulls. The bad news was pretty much everything else that happened after that, which included a sudden, sharp fall immediately after the highs that never really relented. After the London close, ECB’s Lane helped the Euro...
Well the Euro managed to pierce 1.20 yesterday morning and get a nice, optically noticeable new high on the record. That was the good news for bulls. The bad news was pretty much everything else that happened after that, which included a sudden, sharp fall immediately after the highs that never really relented. After the London close, ECB’s Lane helped the Euro...
In the week ending August 25, non-commercial traders net sold $2.2bn USD after net purchases of $0.4bn USD the previous week. Leveraged funds appear to have driven the net outflow, while asset managers net purchased Dollars. The bulk of the net sales were against continued net purchases of EUR, while flows were once again more muted against other currencies in...
In the week ending August 25, non-commercial traders net sold $2.2bn USD after net purchases of $0.4bn USD the previous week. Leveraged funds appear to have driven the net outflow, while asset managers net purchased Dollars. The bulk of the net sales were against continued net purchases of EUR, while flows were once again more muted against other currencies in...
The EUR had already traded back below the 1.1915 pivot well before the latest set of FOMC minutes saw a further flurry of dollar buying. The result is a clear failure of the topside break and some licking of wounds this morning. We have certainly not abandoned the medium term bullish view but, this being August, we can’t rule out a further correction either....
The recent steady rise in the EUR finally gave way to an acceleration through key resistance at 1.1915/20 yesterday and, whilst the extension didn’t remotely threaten the psychological 1.20 level, it also did little wrong in holding above the former level for the rest of the day. We added to long-held longs on that break but will be looking to trim those back...
EURGBP closed above the necklace and confirmed a inversed head shoulder bottom. Next target 0.9128/50 at least. Will consider to reduce below 0.9000. Below 0.8968 will resume the downtrend.
I guess it should come as little surprise that yesterday’s trading day, being bang in the middle of August, provided us with our lowest volume day of 2020 (thanks, ecommerce team). However, the dollar drifted lower during that session, and again overnight, pushing EUR towards the top of its recent consolidation phase as we open this morning. Often repeated...
The dollar is lower over the past 24 hours and the major mover has been USD JPY, breaking below 106.40 and 105.80 supports and now trading sub-105.50 in early London trading. This move has gone further and faster than we expected and, with this momentum, an immediate test of key 105.30 support looks likely. Local names, previously buyers on such dips, have...
EUR longs increase again For the week ending August 11, USD shorts increased again (up 23K to -208K). EUR longs continued to trend higher to a new record-high of 200K. Meanwhile, JPY longs were pared back by 4K to 27K. GBP shorts were cut back from -15K to -3K. CHF longs increased from 12K to 17K . CAD shorts increased by 6K to -30K. AUD shorts rose...
There’s little to add to our recent message on the EUR. That is that we are in a 1.17-1.19 consolidation phase that is currently into its third week but we expect the eventual break to be to the topside and for the trend of the last few months to reassert itself at that point. In the meantime, hold core longs and look to add on dips towards 1.1700. Above...
Having two weeks off is never a bad thing but this past fortnight seems to have been even more opportune than normal, with both cable and EURGBP trading in listless fashion for the duration. What’s also unchanged is our broadly bullish EURGBP view that sees us looking to buy dips to 0.8950/75. However, drumming up any client enthusiasm right now is a challenge...
USDJPY failed on three occasions to break above 107.00 last week, so it’s unsurprising to see the pair retreat as we start to the new week. 106.40/50 is the first support level on this retracement and it’s where we are opening this morning. A break below 106.40 would open up a move to 105.80/106.00, where we would look to buy, certainly on the first attempt....
There appears to be a growing consensus for a CAD catch up trade to EUR, AUD and the last piece of the puzzle should be a technical break below 1.3200 in USDCAD. EURUSD remains well bid, which should keep the USD on the back foot, so it is starting to feel like a matter of time. Short term resistance should come in towards 1.3270, with 1.3335/50 the level...
Tuesday’s move lower was attributed to the rise in U.S. yields, therefore, with EURUSD opening at the lows yesterday and yields ticking higher once again, one could be forgiven for thinking that the pair would take a look under 1.1700 . Not so! The rally seen yesterday then was another example of the sustainability of the current move. I have noted before that...
Another leg higher in equities yesterday has kept risk on the front foot, with the dollar broadly lower across G7. GBP notably underperformed with EURGBP pushing back to the mid 0.90s on what looked a like flow driven move, the positive June GDP number unable to outweigh the sense that the UK still has a long way to go to recovery given the large fall in YoY...