COT: Pre-G20 buying of dollars and bonds COT: Pre-G20 buying of dollars and bonds COT: Pre-G20 buying of dollars and bonds

COT: Pre-G20 buying of dollars and bonds

Forex 6 minutes to read
Ole Hansen

Head of Commodity Strategy

Summary:  US dollars were in high demand ahead of the G20 summit, with the combined dollar long rising to an almost two-year high in the week to November 27.


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 November 27, click here.

To download your copy of the Commitment of Traders: Financials report for the week ending November 27, click here.

Ahead of the G20 meeting and dovish rate comments from Fed chairman Powell, speculators had further increased bullish dollar bets against nine IMM currency futures. In the week to November 27 they the combined dollar long rose by $1.2 billion to 30.2 billion, a near two-year high.

The dollar buying primarily occurred at the expense of the euro with the net-short rising 7.8k lots to 55.1k lots, the largest bearish position since March 2017. Elsewhere the sterling short was reduced to the lowest since July while seven weeks of Aussie buying reduced the net-short by a quarter to 54k lots.
In fixed income leveraged funds were net-buyers across the yield curve with 5’s being the exception. This in response to falling yields as crude oil plunged and the market reduced expectations for Fed rate hikes next year. 
Funds positioning in financials

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article


Business Hills Park – Building 4,
4th Floor, office 401, Dubai Hills Estate, P.O. Box 33641, Dubai, UAE

Contact Saxo

Select region

UAE
UAE

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.