The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Head of Commodity Strategy
Summary: Speculators cut bullish dollar bets against ten IMM currency futures by $2.1bn to a near three-month low at $29.2bn. Buying was concentrated in CHF where heightened market uncertainty and volatility led the a near one-third reduction in the net-short.