Scotiabank FX Strategy Research notes that data from the latest IMM report (covering up to Tuesday May 23 & were released Friday May 26) showed that the EUR net long has climbed to a fresh multi-year high, reaching $9.1bn on the back of a $3.9bn (fourth consecutive) w/w build driven by a combination of short covering ($2.1bn) and a build in longs ($1.7bn).
On GBP, ScotiaFX notes that short covering in GBP has continued for a fifth consecutive week, driving the bulk of this week’s $0.7bn narrowing in the net short to $1.9bn
On CAD, ScotiaFX notes that market participants pared CAD risk into Wednesday’s BoC, reducing both gross long and gross short position, delivering a modest $0.1bn w/w build in the net CAD short to a fresh $7.3bn record.
“CAD positioning is extended and shorts are vulnerable,” ScotiaFX argues.
Source: Scotiabank Research
The article is published by one of the foremost sources of Forex trading information. Link to the original article above.
from Online Forex Trading Resource
View thesource article here