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A review of the CFTC positioning from the previous week indicates that sentiment remains strong in commodity currency.
The Canadian Dollar is now at a neutral position, something we have not seen since June of last year. The report shows continued buying in the AUD as well. Which over the past few weeks has already seen a lot of buying.
The big leader has been the Japanese Yen. The Net Long Position continues to increase in the pair, and is the largest held Net long against the USD.
The Euro remains positioned to the short side, however position sizes are decreasing.
Though my view on the GBP remains that Brexit fears are exaggerated, CFTC data shows bearish positioning in the pair increasing. It is the single currency that is showing increasing bearish sentiment against the USD.
Overall, positioning in the USD remains Net long, however the levels have dropped to where we were back in the 2nd quarter of 2014.
CFTC data is delayed, and often at bottoms and tops, net positioning is the highest, therefore it is not always a reliable indicator. It does however provide a bit of heads up on when trading counter trend.
Based on the data:
Most Bearish: GBP
Most Bullish: JPY
The Canadian Dollar is now at a neutral position, something we have not seen since June of last year. The report shows continued buying in the AUD as well. Which over the past few weeks has already seen a lot of buying.
The big leader has been the Japanese Yen. The Net Long Position continues to increase in the pair, and is the largest held Net long against the USD.
The Euro remains positioned to the short side, however position sizes are decreasing.
Though my view on the GBP remains that Brexit fears are exaggerated, CFTC data shows bearish positioning in the pair increasing. It is the single currency that is showing increasing bearish sentiment against the USD.
Overall, positioning in the USD remains Net long, however the levels have dropped to where we were back in the 2nd quarter of 2014.
CFTC data is delayed, and often at bottoms and tops, net positioning is the highest, therefore it is not always a reliable indicator. It does however provide a bit of heads up on when trading counter trend.
Based on the data:
Most Bearish: GBP
Most Bullish: JPY
