The below summary highlights futures positions and changes made by speculators across forex, bonds and stocks up until last Tuesday, March 31. This period tracked the aftermath of the March 23 announcement of ‘open ended’ QE by the US Federal Reserve. A decision which saw stocks rise, credit recovered while the dollar weakened.
In forex the net dollar short against ten IMM currency futures and the Dollar Index continued to climb. This time the selling was, as opposed to the previous few weeks, supported by broad-based dollar weakness. Once again the main driver was continued buying of the euro as the net-long rose by 21% to reach 74k lots, the highest level since mid-June 2018.