CFTC Commitments of Traders – Bets Trimmed on Crude Oil Futures amidst OPEC+ Uncertainty.
According to the CFTC Commitments of Traders report for the week ended June 29 NET LENGTH for crude oil futures fell -1 442 contracts to 522 490 for the week. Speculative long position decreased -5 113 contracts, while shorts slipped -1 442 contracts. For refined oil products, NET LENGTH...
Focus Might Turns to Euro Selling While Dollar Rally Capped by Strong Risk Appetite
Dollar ended as the strongest one last week but Friday's steel fall after solid non-farm payroll job reports suggests that it's rally is already losing steam. It's still a bit early to call a bearish reversal for the greenback. Yet, strong risk-on sentiments could cap Dollar's upside attempts ahead,...
Dollar Struggles to Ride on Strong NFP, Retreating Mildly
Dollar struggles to ride on stronger than expected non-farm payroll growth, and it's indeed retreating notably in early US session. Stocks are also not too enthusiastic so far, with DOW futures up only around 0.2% at the time of writing. Still, the greenback is more likely to finish as...
Dollar Resuming Rally as Focus Turns to Non-Farm Payrolls
Dollar's rally resumes after brief consolidation as focus now turns to non-farm payroll report. While some Fed officials might sound optimistic on their expectation on tapering later this year, it's certain that Fed won't move unless upbeat outlook is realized in economic data. Successive solid job growth for a...
Indecisive OPEC+ Gives Further Boost to Crude Oil
After delaying the meeting to discuss output quota for a day, the OPEC+ still fails to reach a deal regarding production increase for the coming months. News headlines suggest that the increase could eventually be below market expectations. Crude oil prices jumped with the front-month WTI contract rose to...
Dollar Soars Against Yen, But Retreats Elsewhere
Dollar surges sharply against Yen today and maintains gain after better than expected job data. Though, the greenback is retreating mildly against other major currencies, as traders are probably lightening up their positions first ahead of tomorrow's non-farm payrolls. Comments from ECB and BoE officials gave Euro and Sterling...
Dollar Rally Taking Shape One Step at a Time
Dollar's rally continues to make progress, one step at a time. Solid job report overnight helped lift the greenback through near term resistance against Euro and Yen. Nevertheless, reaction in stocks were subdued. Focus will now turn to ISM manufacturing today for more inspirations. Meanwhile, commodity currencies and Swiss...
US Crude Inventory Sank Much More than Expected
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.58 mmb to 1278.28 mmb in the week ended June 25. Crude oil inventory slumped -6.72 mmb (consensus: -4.69 mmb) to 452.34 mmb. Stockpile decreased in 4 out...
Dollar Up on ADP Job Data, Sterling Lifted by BoE Haldane
Dollar and Loonie rise in early US session after better than expected economic data. Sterling follows closely after hawkish comments from BoE chief economist. As for today, Swiss Franc is currently the worst performing, followed by New Zealand and than Australian Dollars. The greenback is surviving the first data...
Gold Rarely Declines with Real Yield. This Time Due to USD Strength
Gold price got dumped, falling to the lowest level in over 2 months. Losing over -7% against USD in June, the selloff this time has been driven by strong US dollar, rather than higher yields. The greenback is darling of the market recently, thanks to strong economic data, a...
Dollar Consolidating Gains as Focus Turns to ADP Employment First
Dollar and Yen are consolidating this week's gains in Asian session today. There is no clear sign of topping in both Dollar and Yen. Yet, there is also no follow through buying to push Dollar through main near term resistance against other major currencies. Fed looks on track to...
Dollar and Yen Surge, Resuming Near Term Rally
Dollar rises sharply today and takes the Japanese Yen higher too. There is no clear stimulus for the moves as other markets are mixed. The technical development suggests that this week's retreat has completed already. New Zealand and Australian Dollar are currently the worst performing. But Euro and Sterling...
Sterling Turning Lower against Dollar and Yen
Dollar and Yen are currently the mildly strong ones this week so far. US stocks ended mixed as S&P 500 and NASDAQ made new record highs, but DOW refused to follow and closed lower. Asian markets are also generally in red. Australian and New Zealand Dollars are notably weaker...
Dollar Buying Picking Up Momentum, Swiss Franc Softens
Dollar is pick up some upside momentum as markets enter into US session. Overall trading is rather subdued though. Economic calendar is near empty today while central bankers' comments are largely ignored. Sterling is currently a firmer one together with the greenback. Swiss Franc is the worst performing one,...
Japanese Yen Prone to be Worst Performer against US Dollar in 1H21
Japanese yen is the worst performing major currency against US dollar in 1H21. A more hawkish Fed and actual inflation (divergent monetary policy), widening yield differential and inflation expectations are the key drivers to yen’s depreciation. After price correction, persistence of these drivers could further strengthen USDJPY, though to...
Yen Mildly Higher in Quiet Asia, Heavy Weight Data in the Week
Yen trades mildly higher in quiet Asia today, while trading is also subdued in other markets. Sterling is trying to recover some of last week's losses, but momentum is relatively limited. On the other hand, Swiss Franc and Euro are turning softer, partly due to retreat in crosses against...
Yen and Dollar Drops on Return on Risk Appetite, Sterling Looking Technically Vulnerable
Yen and Dollar ended the week as the worst performing ones, as US stock markets came back with strong rally. Risk-on sentiments pushed commodity currencies broadly higher. Yet, Yen crosses are also held below recent highs despite the rebounds. Dollar's pull back was also relatively weak. Some more time...
CFTC Commitments of Traders – Major Currencies Weakened against USD on Hawkish Fed
As suggested in the CFTC Commitments of Traders report in the week ended June 22, NET SHORT of USD index futures decreased -1 793 contracts. Speculative long positions slipped -1 114 contracts while shorts were down -2 907 contracts. The greenback gained ground after the Fed turned more hawkish...
CFTC Commitments of Traders – Gold’s Net Length Slumped on USD Strength
According to the CFTC Commitments of Traders report for the week ended June 22 NET LENGTH for crude oil futures gained +2 205 contracts to 526 161 for the week. Speculative long position increased +5 615 contracts, while shorts added +3 410 contracts. For refined oil products, NET LENGTH...
Dollar Weakens as PCE Inflation Surged by Missed Expectations
Dollar weakens in early US session, in particular against Yen. PCE inflation showed notable acceleration in May but fell short of expectations slightly. Nevertheless, Sterling is the worst performing ones for today, extending post BoE selloff. The Pound is also pressured by uncertainties over resurgence of coronavirus infections. Commodity...