IMM Report: Largest Bet Against USD Since 2012, Largest CAD long Since 2013

Scotiabank FX Strategy Research comments on the latest IMM report (covering up to Tuesday Aug 1 and were released Friday Aug 4).

Overall, ScotiaFX notes that aggregate bear bet on the USD, expressed via the major currencies, rose by USD1.3bn in the week to total just over USD11bn, the largest bet against the USD overall since 2012.

In addition, ScotiaFX notes that the gross CAD shorts are covering but gross CAD longs are adding to exposure strongly with the net long CAD position reflects the most bullish the market has been on the CAD since 2013.

Finally, on the EUR front, ScotiaFX notes that the longs were trimmed very lightly last week and a bit more aggressively this week, perhaps reflecting market concerns that the EUR rally had run on too far, too fast.

Source: Scotiabank Research

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews

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