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20 Apr 2015
USD long positions slip – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, comments on the CFTC weekly sentiment data for USD, noting that the net long positions in the dollar have narrowed again to $39, 20% narrower than November highs.
Key Quotes
“Traders are increasingly cautious with their broad based bullish USD view. The net long USD positioned narrowed again and now sits at $39bn, (compared to its November position of $49.4, it is 20% narrower). In addition, MXN, NZD and CHF are now all held net long, having shifted from short positions earlier in the year.”
“Finally, all other positions have experienced at least some form of profit taking. Accordingly sentiment has shifted, it remains bullish the USD, but is no longer as strong as it was.”
Key Quotes
“Traders are increasingly cautious with their broad based bullish USD view. The net long USD positioned narrowed again and now sits at $39bn, (compared to its November position of $49.4, it is 20% narrower). In addition, MXN, NZD and CHF are now all held net long, having shifted from short positions earlier in the year.”
“Finally, all other positions have experienced at least some form of profit taking. Accordingly sentiment has shifted, it remains bullish the USD, but is no longer as strong as it was.”