Dollar long cut by the most in 16 months ahead of FOMC

Forex 5 minutes to read

Ole Hansen

Head of Commodity Strategy

Summary: Speculators cut bullish dollar bets by the most in 16 months ahead of last week’s FOMC meeting, which helped send the greenback to the biggest weekly loss since February 2018.

Saxo Bank publishes two weekly Commitment of Traders reports (COT) covering leveraged fund positions in commodities, bonds and stock index futures. For IMM currency futures and the VIX, we use the broader measure called non-commercial.

To download your copy of the Commitment of Traders: Forex report for the week ending June 18, click here.

To download your copy of the Commitment of Traders: Financials report for the week ending June 18, click here.

The gross dollar long against ten IMM currency futures was cut by 28% to a four-month low with more than half of the $8 billion reduction to $20.8bn being due to a 40% reduction in the EUR short to the lowest since February. The JPY short was trimmed by 63% or $3.3bn, a one-year, low while GBP and the commodity currencies were sold.

Financials:

Who is holding positions across the US yield curve?

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Dollar long cut by the most in 16 months ahead of FOMC

Ole Hansen

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