Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
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.