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CFTC Commitments of Traders – Traders Bet on Higher Euro as ECB Shrugged Off its Strength

As suggested in the CFTC Commitments of Traders report in the week ended January 19 NET SHORT of USD Index futures +370 contracts to 14 277. Speculative long positions gained +1 492 contracts, and short positions increased +1 862 contracts. The greenback’s correction proves to be short-lived. The ECB meeting contained a slight hawkish tweak. Meanwhile, policymakers did not appear too concerned about euro’s strength. These added momentum to the euro, pressuring the dollar. Concerning European currencies, NET LENGTH in EUR futures rose +7 576 contracts to 163 466. NET LENGTH of GBP futures added +763 contract to 13 705. On safe-haven currencies, NET LENGTH on CHF futures dropped -2 555 contracts to 9 420. By contrast, NET LENGTH on JPY futures dropped -506 contracts to 50 014. Concerning commodity currencies,  NET LENGTH of AUD futures slipped -596 contracts to 4 860. Separately, NZD futures’ NET LENGTH increased +1 276 contracts to 15 983 during the week. Meanwhile, NET LENGTH for CAD futures decreased -1 747 contracts to 10 326 contracts.

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