US Greenback, EUR/USD, GBP/USD, COT Report –Analysis
- USD Brief Protecting Persists
- AUD/USD Longs Slashed, Bears to Have interaction at 0.7700
- Outsized GBP Pullback on Place Squaring
US Greenback Bear Exit Persists, GBP/USD, AUD/USD Longs Slashed – COT Report
It’s a well-known story within the G10 house with the most recent CFTC positioning replace exhibiting one other spherical of USD brief protecting as web shorts had been lower by $2.17bln, with general brief USD bets on the lowest since Might 2020. The one forex to be purchased in opposition to the buck had been the Japanese Yen with web shorts decreased by $170mln. That mentioned, given the squeeze in bullish JPY bets, the forex stays closely oversold and thus I don’t rule out an extension within the reversal seen in spot JPY over the previous week with USDJPY again under 109.
The biggest positioning change on an open curiosity adjusted foundation had occurred within the Australian Greenback as web longs had been lower by 2/3. Going ahead, as positions are squared, dangers stay tilted to the draw back for AUD with a transfer to 0.7700 prone to entice Aussie bears.
Elsewhere, one other forex that traders are notable bullish on is the Pound, though, it’s price maintaining in thoughts that final week’s underperformance will possible be mirrored in subsequent week’s launch. As I’ve talked about beforehand, pullbacks are prone to be exacerbated by positioning, which seems to be to have been the case in current periods, significantly in EUR/GBP. Nonetheless, with the UK easing lockdown measures additional whereas Europe extends restrictive measures, the current place filter could current a possibility to reload on EUR/GBP pullbacks.
| Change in | Longs | Shorts | OI |
| Day by day | 5% | 11% | 7% |
| Weekly | 38% | -13% | 12% |
Weekly FX Positioning
Supply: CFTC, DailyFX (Covers as much as April 6th, launched April 9th)
The Analytical Skills of the COT Report
The best way to Learn the CFTC Report
US Greenback Positioning
Supply: Refinitiv, DailyFX
GBP/USD Positioning
Supply: Refinitiv, DailyFX
AUD/USD Positioning
Supply: Refinitiv, DailyFX
If you need to obtain the total COT FX breakdown, contact IG.
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