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CFTC Commitments of Traders – Rebound in USD Prone to be Short-lived

As suggested in the CFTC Commitments of Traders report in the week ended January 12, NET SHORT of USD Index futures fell -1 045 contracts to 14 952. Speculative long positions dropped -941 contracts, and short positions decreased -1 986 contracts. USD rebounded as talks about Fed’s balance sheet tapering rekindled. However, we do not expect this to happen anytime soon, given the still fragile recovery. Meanwhile, the US has just reported discovery of a new coronavirus variant, casting doubt on the effectiveness of vaccines. Concerning European currencies, NET LENGTH in EUR futures rose +12 899 contracts to 155 890. NET LENGTH of GBP futures gained +9 277 contract to 12 942.

On safe-haven currencies, NET LENGTH on CHF futures added +2 603 contracts to 11 975. By contrast, NET LENGTH on JPY futures added +330 contracts to 50 520. Concerning commodity currencies,  AUD futures drifted to NET LENGTH of 5 456 contracts. Separately, NZD futures’ NET LENGTH increased +2 711 contracts to 14 707 during the week. Meanwhile, NET LENGTH for CAD futures decreased -2 451 contracts to 12 073 contracts.

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