CFTC Commitments of Traders – Bets on Crude Oil Trimmed on Both Sides
According to the CFTC Commitments of Traders report for the week ended March 30, NET LENGTH for crude oil futures jumped +8 255 contracts to 531 310 for the week. Speculative long position fell -11 857 contracts, while shorts declined -20 112 contracts. For refined oil products, NET LENGTH...
CFTC Commitments of Traders – Bets on Lower Euro Soared on Rising US Yields and Renewed Lockdowns
As suggested in the CFTC Commitments of Traders report in the week ended March 30, NET LENGTH of USD index futures added +343 contracts to 5 726. Speculative long positions gained +2 667 contracts while shorts added +2 324 contracts. Concerning European currencies, NET LENGTH in EUR futures slumped...
Dollar Retreats after Jobless Claims, Sluggish Pre-Holiday Trading Elsewhere
Dollar retreats mildly in early US session after weaker than expected job data. Also, treasury yield is retreating mildly while stocks point to higher open, in particular NASDAQ. Pre-holiday trading in the currency markets is generally mixed. Aussie tumbled earlier today but has recovered a large part of the...
Aussie Tumbles in Pre-Holiday Markets, Dollar Awaits ISM
Dollar is generally firm today while selling focus turned to Australian Dollar, and other commodity currencies. It's unsure what's the exact catalyst for the selloff in Aussie. But recent pull back in copper price is likely one of the reasons at least. Euro, Yen and Swiss Franc, recover, except...
Crude Oil Remained Under Pressure although Inventory Surprisingly Increased
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.35 mmb to 1290.33 mmb in the week ended March 26. Crude oil inventory slipped -0.88 mmb (consensus: -0.1 mmb) to 501.84 mmb. Stockpile decreased in 3 out...
Gold Price Pressured as Upbeat Data and Less Dovish Fed Support Yields
Rising Treasury yields continue to weigh on gold. The Comex gold contract is on the way to record a second consecutive week of decline. Encouraging economic data and a less dovish Fed are the key factors pressuring the yellow metal.
US economic data have been upbeat. Consumer confidence jumped +19.3...
Sterling and Loonie Rises, Dollar Shrugs ADP and Awaits Biden
Yen remains generally weak in early US session today. But buying focuses against the Japanese currency has somewhat turned from Dollar to Sterling and Canadian. Both the Pound and Loonie were lifted slightly be better than expected GDP data. On the other hand, Dollar's rally is losing some momentum....
China’s Economic Activities Expanded Strongly in March. Trade Frictions and Pandemic Remain Key to Outlook
China’s official data suggest that the country’s economy recovered significantly in March. PMI readings for all of manufacturing, services and construction activities improved strongly. While seasonal factor (low base effect in February) played a role, the strong first quarter reading signals that economic recovery remains underway. Key risks are...
Selloff in Yen and Franc Continues, Euro also Weak
Selloff in Yen and Swiss Franc remain a main theme in the markets in Asia today, while Euro is also weak. Dollar is staying firm but it's struggling to extend gain against commodity currencies and Sterling for now. Indeed, Aussie and Loonie are now trying to reverse some of...
Dollar Surges on Renewed Rally in Yields, Yen and Gold Tumble
Dollar rides on renewed rally in US treasury yields and trades broadly higher today. The greenback's strength is quite overwhelming for now. On the other hand, Yen and Swiss Franc are trading as the weakest ones, followed by commodity currencies. The stock markets are having little reactions so far,...
Yen Drops Broadly as Yields Rose on Optimism
Yen trades generally lower today following surging treasury yields and some firmness in stock markets. While it's not yet a full risk-on market, sentiments are positive for now. Swiss Franc, Euro and Dollar also turn slightly softer. On the other hand, commodity currencies and Sterling are trading generally higher.
Technically,...
Sterling Rises in Quiet Markets, Lifted by Buying Against Euro and Franc
Sterling trades generally higher today, with much help from buying in crosses against Euro and Swiss Franc. Australian and New Zealand Dollar are also firmer even though overall market sentiments are mixed. Canadian Dollar, on the other hand, remains a softer one, followed by Euro and then Swiss Franc....
Canadian Dollar Mildly Lower in Quiet Markets, Following Oil Retreat
The markets open a holiday-shortened week in a quiet note. Canadian Dollar is trading mildly lower, following retreat in oil prices. The giant container that blocks the Suez Canal, Ever Given, is finally starting to refloat, partly thanks to higher-than-usual spring tides. Elsewhere in the forex markets, Dollar and...
CFTC Commitments of Traders – Net Length for Commodity Currencies Declined
As suggested in the CFTC Commitments of Traders report in the week ended March 23, NET LENGTH of USD index futures dropped -454 contracts to 5 383. Speculative long positions gained +1 271 contracts while shorts added +1 725 contracts. Concerning European currencies, NET LENGTH in EUR futures rose...
CFTC Commitments of Traders – Traders Increased Bets on Lower Precious Metal Prices
According to the CFTC Commitments of Traders report for the week ended March 23, NET LENGTH for crude oil futures declined -2 387 contracts to 523 055 for the week. Speculative long position gained +2 507 contracts, while shorts rose +4 894 contracts. For refined oil products, NET LENGTH...
Risk Sentiments Turned On Again, But Euro Likely to Stay Weak on Third Wave
After staying cautious for most of the week, risk sentiments were turned on again towards the end, bringing DOW and S&P 500 to new record highs. Aussie, Kiwi and Sterling staged a strong come back while Yen and Swiss Franc were deeply sold off. Yet, Dollar ended as the...
Yen Tumbles Broadly as Risk Appetite Returns
Yen is sold off broadly today as risk appetite returns to the markets. European indices are all trading in black at the time of writing, while US futures also point to a rebound. Additionally, US 10-year yield is also trading higher. Swiss Franc, Dollar and Euro are trading as...
Sterling Rebounding as Risk Sentiments Improved, Swiss Franc and Yen Drop
Overall risk sentiments continue to drive the forex markets. Yen, Swiss Franc and Dollar softer following rebound in US and Asian stocks. On the other hand, Australian Dollar is leading commodity currencies and Sterling higher. Still, for the weak, Dollar and Yen remain the biggest gainers while Aussie and...
Swiss Franc Decline Slows after SNB, Dollar Attempting Rise after Jobless Claims
Sterling trades mildly higher in rather quiet market today while Euro and Yen turn softer. Dollar is attempting to extend this week's rally after better than expected jobless claim data. But no follow through buying is seen in the greenback yet. Swiss Franc's selloff slowed mildly after SNB upgraded...
SNB Appears Less Concerned about Franc’s Strength, Raises Inflation Forecasts
The SNB left all its monetary policy measures unchanged. It kept the policy rate and interest on sight deposits at −0.75% and pledged to continue intervening the FX market if necessary. While leaving the growth outlook intact, the central bank upgraded slightly the inflation forecasts.
In the accompanying statement, the...